Snowden Reveals America and Britain Spied On G20 Members

By: Monday June 17, 2013 5:36 am

Something tells me the State Department staff are not Edward Snowden fans. The first set of Guardian leaks came right before the Sino-American summit on cybersecurity where the United States was preparing to take a firm line with China regarding alleged cyber-attacks. Now the Guardian is reporting that documents disclosed by Snowden reveal that British [...]

Austerity Still Taking a Bite Out of Europe

By: Wednesday December 5, 2012 8:30 am

While debating how much austerity outside of the magic no-budgetary-impact spending on the Pentagonto enact, the United States could take a lesson from, well, from the rest of the developed world. The relative lack of austerity in the US compared to Britain and the rest of Europe led to better economic performance (and it’s important [...]

Eurozone Officially Falls Into Double-Dip Recession

By: Thursday November 15, 2012 2:49 pm

The Eurozone experienced its second straight quarter of negative growth in the third quarter of 2012, fulfilling the technical conditions of a recession. This recession is so far mild, with a -0.1% quarter following a -0.2% quarter. This is actually a bit larger than it looks because Europe doesn’t annualize its GDP numbers, so in [...]

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.

We Don’t Have an American Foreign Policy Debate

By: Tuesday October 23, 2012 7:03 am

Here’s what the 1972 candidate for President, the late George McGovern, said on the Senate floor in 1970, during the debate over the McGovern-Hatfield Amendment to End the War in Vietnam: Every senator in this chamber is partly responsible for sending 50,000 young Americans to an early grave. This chamber reeks of blood. Every Senator [...]

British Regulators Announce Overhaul of Libor

By: Friday September 28, 2012 10:03 am

The Financial Services Authority, the top regulator of the banking industry in Britain, announced its changes to how the Libor, the benchmark interest rate which undergirds hundreds of trillions of dollars in financial products, will be derived. As expected, the British government will take responsibility for setting the Libor away from the British Bankers’ Association. [...]

Royal Bank of Scotland Trader: Any Employee Could Change Libor

By: Friday August 24, 2012 6:15 am

The Royal Bank of Scotland is not having a good week. Earlier in the week they became the latest to be subject to investigation on the grounds of money laundering. Now they are embroiled in the Libor scandal, with one trader claiming that anyone at RBS had the opportunity to rig the benchmark interest rate: [...]

Economists Abandon George Osborne As UK Continues Austerity Policies

By: Thursday August 16, 2012 12:19 pm

Before long, we’ll have Europe in the news again, as soon as everyone comes back from vacation (Hey America, remember vacation?). Greece, which is destined to be the first member state to exit the euro, requested a two-year extension of their austerity program, which would allow the government to temper it somewhat and get in [...]

New York Financial Regulator Doing His Job, Upsetting His Counterparts in US and Britain

By: Friday August 10, 2012 8:55 am

This Standard Chartered Bank story has become really intriguing, mainly because New York Department of Financial Services head Benjamin Lawsky committed the unpardonable sin of doing his job. The story so far: this week, the DFS cited Standard Chartered with $250 billion in illegal money-laundered transactions with the government of Iran. It’s only the latest [...]

Libor Could Be Scrapped By British Regulators

By: Tuesday July 31, 2012 8:55 am

Global financial regulators will review whether to scrap the Libor system, and I think they’ll actually make the correct call here. The reputational risk from this scandal has been massive, not only to the banks but to the regulators. And at the heart of it is the simple question: why is the benchmark lending rate [...]

Libor Manipulation a Two Decade-Old Problem, According to One Trader

By: Friday July 27, 2012 9:35 am

Bloomberg reports that indictments are coming in the Libor rate-rigging case, at least from the US. The U.S. Justice Department is preparing to file charges this fall against traders from several banks in the global probe of interest rate-rigging. Meanwhile, U.K. prosecutors haven’t even decided whether they have a case. The U.K. Serious Fraud Office [...]

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