The No Accountability for Bank Fraud Blues

By: Thursday November 1, 2012 7:45 am

I noted yesterday that the Federal Energy Regulatory Commission planned to fine Barclays Bank for its role in manipulating US energy markets. The fine came out and it was a record, a $470 million penalty. After the London market had closed, the Federal Energy Regulatory Commission announced the scale of the fine – $435m, plus [...]

FERC Set to Announce Fines on Barclay’s Bank for Energy Trading Manipulation Today

By: Wednesday October 31, 2012 8:30 am

Barclays Bank, the only bank to date to settle in the Libor scandal, could face more regulatory probes down the line on a number of other issues, including an energy trading scandal in the US.

Former UBS Traders Offered Deal in Libor Investigation

By: Thursday August 9, 2012 8:15 am

Several former traders at UBS have been offered a deal by federal prosecutors in the unfolding Libor scandal, which if we had a criminal justice apparatus dedicated to accountability would be a moment of hope for the potential of going up the chain and indicting those who authorized the rate-rigging. Under the deal, the US [...]

The Real Reason for the Romney London Visit: Banker Money

By: Thursday July 26, 2012 2:50 pm

Mitt Romney is apparently not having the best time in Britain thus far. But things will get significantly better when he attends a big fundraiser tonight populated by many executives from Barclays Bank, the firm at the heart of the Libor scandal. While Bob Diamond, the former CEO, has dropped out of the event, Patrick [...]

Geithner Raked Over the Coals in House Committee About Libor

By: Wednesday July 25, 2012 9:35 am

Tim Geithner is testifying before the House Financial Services Committee on a number of issues today. It looked like he would skate by without questions on the Libor scandal until Scott Garrett, an unlikely source, tore into him: Garrett’s anger was different. Why? Because he was most upset that Geithner had four years, and meeting [...]

Prosecutors Set to Make Arrests in Libor Case

By: Monday July 23, 2012 7:35 am

Reuters, which has been generally pretty solid on the Libor story, reports that arrests are imminent in the rate-rigging scandal. Prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal. Federal prosecutors [...]

Banks Caught Up In Libor Scandal Seek Group Settlement

By: Friday July 20, 2012 7:04 am

As regulators and law enforcement officials around the world begin to dig into the Libor scandal, the 15 or so banks who know they’re responsible for the massive rate-rigging are trying to limit the damage. That’s right, it’s time for another round of: let’s have a global settlement! A group of banks being investigated in [...]

Libor Revelations Reflect Badly on Everyone Involved

By: Tuesday July 17, 2012 7:35 am

Speaking of bank fraud, the British Parliament continued their investigation into Barclays Bank and the Libor scandal this week, and it’s just getting worse and worse for everyone involved. Yesterday, Jerry del Missier, the former COO of Barclays, testified that he was instructed by CEO Bob Diamond to manipulate the Libor down in 2008, to [...]

Libor Prosecutions: The October Surprise for Bankster Accountability?

By: Sunday July 15, 2012 10:36 am

The New York Times quotes anonymous government officials saying that the Justice Department is in the midst of building criminal cases in the Libor rate-rigging scandal. As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center [...]

Barclays Employee to NY Fed, 2008: “we know that we’re not posting um, an honest Libor”

By: Saturday July 14, 2012 1:14 pm

As part of the release of data from the New York Federal Reserve Bank yesterday, a phone transcript revealed that a Barclays employee admitted to the regulatory body that their submissions of the interest rate benchmark, Libor, were fraudulent, and that they assumed all other banks engaged in the same practice. Here’s the transcript of [...]

Libor Scandal: Let’s Give Regulators Some of the Blame

By: Tuesday July 10, 2012 11:03 am

As the Libor scandal intensifies, some of the scrutiny has shifted from the role of the banks to the role of the regulators who potentially either actively ignored the rate-rigging happening under their noses, or outright encouraged it. This was the accusation leveled by former Barclays Bank CEO Bob Diamond (who stands to still get [...]

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