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 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 [...]

Barclays Whistleblower: Diamond Knew About Libor Fixings

By: Sunday July 8, 2012 1:52 pm

A whistleblower from Barclays Bank makes the obvious point that former CEO Bob Diamond had to know about the various fixings of the Libor benchmark inter-bank lending rate before he claims to have found out: Speaking on condition of anonymity, the banker says that senior Barclays bosses would have been told about Libor concerns because [...]

The Victims in the Libor Scandal Include Local Governments and Local Taxpayers

By: Thursday July 5, 2012 1:35 pm

As we absorb the Libor banking scandal, one of the things that will drive it is a recognition of who this hurt, at whose expense Barclays and a host of other banks made profits by manipulating the benchmark lending rate. Kevin Drum argues that it’s limited to floating-rate interest note investors, traders on futures exchanges [...]

Ex-Barclays CEO Diamond Testifies Before Parliament in Libor Scandal

By: Wednesday July 4, 2012 8:42 am

It’s not July 4 in Britain (almost caught ya!), and normal midweek business continues. That means a closely watched Parliamentary hearing with Bob Diamond, the former CEO of Barclays Bank who resigned after the scandal of bank employees rigging the benchmark Libor inter-bank lending rate. The Guardian liveblog is the best place to follow this [...]

Barclays CEO Bob Diamond Succumbs to Pressure, Resigns in Libor Scandal

By: Tuesday July 3, 2012 6:45 am

Barclays Bank CEO Bob Diamond, who initially resisted resignation over his bank’s fraudulent manipulation of the benchmark Libor inter-bank lending rate (as well as Euribor, the euro equivalent), has now resigned, a day before testifying before Parliament. The Bank of England and the Financial Services Authority, the two top regulators in Britain, reportedly encouraged him [...]

Elite Accountability Inaction: Barclay’s CEO Refuses to Resign After Scandal

By: Friday June 29, 2012 10:37 am

I’ve sort of missed all the hubbub surrounding Barclay’s Bank interest rate manipulation troubles. As I understand it, the bank was fined a fairly trivial amount by the CFTC and the Justice Department, compared to what they reaped in profits, on the fraudulent use of the LIBOR. The charges revolved around Barclays’ submissions to the [...]

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