Experts Warned CFTC About Potential Libor Rigging 15 Years Ago

By: Thursday September 6, 2012 10:59 am

The Commodity Futures Trading Commission has led the investigation into the Libor rate-rigging scandal. They have pursued civil charges, and worked with the Justice Department on criminal ones. But when the CFTC first learned about how banks could easily implement rate-rigging, they ignored it – when the agency was under the executive branch of President [...]

Damages From Libor Could Reach Tens of Billions

By: Wednesday September 5, 2012 12:29 pm

Libor has sort of faded into the background as an issue because of the salience of the political campaign, but investors burned by the rate-rigging scandal still see it as a fertile opportunity to collect. That’s probably the extent of the damage that the banks will feel for rigging the benchmark interest rate, but some [...]

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: [...]

Securitization Fraud Task Force Investigators Promise “Significant Action,” Sometime

By: Thursday August 16, 2012 6:18 am

CNN passes along a “no, really this time, seriously” promise that the RMBS working group, tasked with looking into securitization fraud, will soon make a major announcement. A joint federal and state probe into mortgage-backed securities fraud is close to “significant action,” with a possible announcement in coming weeks or months, according to a source [...]

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 [...]

Banks Turn on One Another in Libor Scandal

By: Monday August 6, 2012 8:15 am

So here come the banks finger-pointing on the Libor scandal. Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum. With billions of dollars and their reputations on the line, financial institutions have been spreading the blame [...]

Deutsche Bank, UBS Look Next to Fall in Libor Scandal

By: Wednesday August 1, 2012 11:36 am

Two major European banks have increased their litigation reserves and even acknowledged involvement in the unfolding Libor scandal, recognizing that this will drag on for perhaps years. First, Deutsche Bank and UBS increased their expected costs as a result of the scandal. Both banks are caught up in the scandal around the alleged manipulation of [...]

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 [...]

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 [...]

British Bankers’ Association Got Weekly Calls About Libor Rigging

By: Thursday July 26, 2012 9:35 am

It’s really getting difficult to take the entire global financial regulatory apparatus seriously in the wake of the Libor scandal. The British Bankers’ Association was given weekly warnings in 2008 that the process of setting the Libor interest rates was being distorted. A former member of the Libor compilation team at Thomson Reuters says it [...]

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