asterisk2a + fsa   38

Mario Draghi in der Kritik: "Die Geldpolitik macht den Kapitalismus kaputt" - SPIEGEL ONLINE
Danach kamen die Übertreibungen am US-Immobilienmarkt, im Süden der Eurozone und auf den Rohstoffmärkten. Wir haben es mit einer Kette wandernder Blasen zu tun, die von der Geldpolitik getrieben werden. Die neue Blase bildet sich nie dort, wo zuvor die alte geplatzt ist. Die Regierungen reagieren auf einen Crash mit schärferen Regeln, aber die Spekulation ist ihnen immer einen Schritt voraus.
GFC  recovery  economic  history  ZIRP  NIRP  QE  ECB  BOE  Fed  USA  UK  Europe  European  Union  PIGS  secular  stagnation  household  debt  consumer  car  loan  student  credit  card  private  Austerity  IMF  OECD  Dodd-Frank  self-regulation  Regulation  regulators  FSA  BaFin  speculation  speculative  ROI  productivity  output  gap  inflation  targeting  monetary  policy  fiscal  Schuldenbremse  Pact  inequality  capital  assets  gini  Coefficient  Super  Rich  1%  10%  Plutocracy  Oligarchy  bank  bailout  zombie  NPL 
february 2017 by asterisk2a
Brex and the City – Brexit podcast | Politics | The Guardian
BREXIT SENDS SIGNAL YOU ARE NOT WELCOME. // Financial Services 70bn for Treasury (Philip Hammond), not including the english law services, (international) consulting, and all the contractors, shops, consumption coming from good salaries. London is biggest exporter, if ther would be no London, trade deficit £ would be twice as big. // http://www.bankofengland.co.uk/pra/Pages/authorisations/passporting/default.aspx
Brexit  London  Philip  Hammond  current  account  deficit  trade  banking  financial  services  passporting  rights  BOE  FSA  regulation  self-regulation  GFC  economic  history  FDI  underinvestment  regulators  bank  bailout 
february 2017 by asterisk2a
Brexit has allowed the banks to get off Britain's naughty step | Business | The Guardian
The even better news for the banks is that they are no longer hated. Far from it. Much of the concern about how the UK will survive outside the EU has centred on the future of the City. For years, the banks have been trying to find a way of getting themselves off the public’s naughty step. Brexit has provided them with an opportunity that has been seized with relish. The City has played the post-referendum game masterfully. [...] The recession that the banks caused and the austerity that resulted created the sense of “them and us” – the notion of an unbalanced and unequal Britain – that led to Brexit. [...] constant demands that the government secures passporting rights to allow UK authorised institutions to operate freely across the EU27.
Brexit  banking  London  The  City  GFC  bank  bailout  corporatism  crony  neoliberalism  profit  maximisation  self-regulation  Regulation  regulators  BOE  FSA  trade  deal  UK  USA  Austerity  Finance  Services  economic  history  recovery  HMRC  tax  evasion  avoidance  capitalism  Lobby 
january 2017 by asterisk2a
Gordon Brown - Where Did It All Go Wrong ? - YouTube
Crash Gordon ( The Financial Crisis) - youtu.be/NL8A2fi3ols - the city generated 1/4 of all corporation tax income at its height! the city as a cash cow, that money was being redistributed into public & social services during the heyday. public spending increased from 40% of GDP to 48 (supported by the city cash cow). & the illusion 2 have a grip on boom & bust. convinced by 10 years of non-inflationary growth of the economy (thinking that labour made it). // BOE gov king was more concerned with the moral hazard of bailing out bad players (northern rock at this time) than with financial stability. northern rock was taken into public ownership under gordon brown. // 3 of the 5 largest banks in the world are British banks & each of them has a balance sheet larger than the uk economy. we are talking 5 times the British economy being the responsibility of the British tax payer. // & leading up to that infamous G20 meeting mervynking said there is no fiscal space 4 expansion
GordonBrown  GFC  bank  bailout  Labour  Party  economic  history  political  economy  political  error  political  theory  UK  NorthernRock  Career  Politicians  MervynKing  BOE  FSA  Positioning  Tories  Conservative  Party  George  Osborne  Vince  Cable  austerity  fiscal  policy  fiscal  stimulus  monetary  policy  monetary  theory  G20  tax  evasion  tax  avoidance  expense  scandal  Westminster 
january 2016 by asterisk2a
Campylobacter: tests fail to show organic chicken has higher infection rate | Environment | The Guardian
Results from the year-long testing programme [...] nearly three in four birds were contaminated, a fifth heavily so. It also found that 7% of packaging tested positive for campylobacter. [...] “Our survey has shown that levels of campylobacter on UK chickens are too high, regardless of whether they are organic, free-range, or conventionally produced,” [...] The agency now names and shames retailers. The worst offender in 2014-15 was Asda, with 80% of chickens contaminated, 30% heavily so, and 12% of packaging contaminated. However, no major retailers came out well. [...] Chicken contamination with campylobacter accounts for about four in five cases of the most common form of food poisoning. Although the bacteria can be killed through cooking, they make about 280,000 people in the UK sick each year, with thousands needing hospital treatment, and about 100 people a year dying. &! bit.ly/1ODVRts < nutritionfacts.org food poisoning //&! wash hands after supermarket - bit.ly/1KDAVij
food  borne  illness  food  industry  Meat  UK  FSA  food  poisoning 
september 2015 by asterisk2a
FAZ.NET-Fernsehkritik: Alles, was wir privat nannten, ist jetzt weg - FAZ.NET-Frühkritik - FAZ
„Alles, was wir einmal Bürgerrechte oder Privatsphäre nannten: Das ist alles weg.“ Ein fulminanter Satz. In historischer Perspektive bedeutet das nichts anderes als den Verlust dessen, was unsere Vorfahren seit der Aufklärung als die Essenz der bürgerlichen Gesellschaft erkämpft haben. Gerade die Bundeskanzlerin, wie auch der Bundespräsident, sollten als ehemalige DDR-Bürger wissen, was das bedeutet. [...] Ihr „Nullsprech“ mag politisch opportun sein, wäre aber nichts anderes als die Bankrotterklärung Europas vor seiner eigenen Geschichte. [....] >> https://www.facebook.com/monitor.wdr/posts/576794722359472 "eine solche Opposition hat keine Chance gegen eine Kanzlerin, die im politischen Niemandsland alleine durch Schweigen ihre Mehrheit sichert." + http://www.faz.net/aktuell/feuilleton/debatten/ueberwachung/offener-brief-an-angela-merkel-deutschland-ist-ein-ueberwachungsstaat-12304732.html
Bürgerrechte  angelamerkel  XKeyScore  Constitution  julianassange  Europe  accountability  JoachimGauck  transparency  liberty  barackobama  History  individual  liberty  political  folly  career  politician  Edward  Snowden  civil  society  democracy  Julian  Assange  policy  error  policy  folly  political  theory  2013  Tempora  Orwellian  State  UK  political  error  GCHQ  PRISM  Glenn  Greenwald  liberal  democracy  election2013  civil  liberty  FBI  USA  surveillance  civil  rights  general  election  FSA  liberal  conservative  Whisteblower  Germany  BND  presidency 
july 2013 by asterisk2a
Could eating burnt toast stunt your unborn baby's growth? | Mail Online
clear link between acrylamide in food and the health of newborn babies.

study, published in the peer-reviewed Environmental Health Perspectives journal,

Researchers say the largest source of acrylamide in the Bradford mums-to-be diet was chips.

‘Our advice to them is to replace crisps and chips with vegetables and fruit. The food industry must also explore effective ways of reducing acrylamide levels in its products.’

Unfortunately, this poison forms naturally in carbohydrate-rich, starchy foods when they’re fried, baked, grilled, toasted or roasted at temperatures greater than 120c.

Crisps and chips are the worst offenders, but crispbreads, many breakfast cereals, biscuits, coffee and bread also contain acrylamide, albeit in lesser amounts, so, too, does burnt toast.

the U.S. Environmental Protection Agency considers acrylamide so toxic that it has set the safe level for human consumption at almost zero.
endocrinology  endocrine  system  FSA  FDA  cancer  carcinogen  Food  Industry  health  crisis  diet  acrylamide 
october 2012 by asterisk2a
BBC News - HBOS banker Peter Cummings fined by regulator
A former HBOS executive has been fined £500,000 by the UK financial regulator over his role in the bank's collapse.

Lloyds TSB was pushed into taking over HBOS in 2008, following a run on its shares.

This later led to Lloyds having to be bailed out and part-nationalised by the government.

"The FSA considers that Mr Cummings' standard of conduct during the relevant period fell below that which would have been reasonable in all the circumstances.

"The aggressive growth strategy, which had a specific focus on high risk, sub-investment grade lending was pursued despite known weaknesses in the control framework, which meant that there was a failure to provide robust oversight and challenge to the business."
UK  greatrecession  GFC  FSA  HBOS  loydstsb 
september 2012 by asterisk2a
BBC News - Barclays: FSA regulator criticises 'culture of gaming'
What for many will be the most striking element of Mr del Missier's testimony was his clear recollection that Bob Diamond... had passed on an instruction from the Bank of England to lie about the interest rates Barclays was paying.

"He [Bob Diamond] said that he had a conversation with Mr Tucker of the Bank of England, that the Bank of England was getting pressure from Whitehall around Barclays, the health of Barclays as a result of Libor rates and that we should get our Libor rates down and that we should not be outliers.

"I passed the instruction on to the head of the money market desk... At the time it did not seem an inappropriate action given that this was coming from the Bank of England." Mr del Messier said. ...
PaulTucker  BOE  bobdiamond  LIBOR  rigging  scandal  barclays  FSA 
july 2012 by asterisk2a
Skandal um Libor: Deutsche Bank beantragt Kronzeugenregelung - SPIEGEL ONLINE
Im Skandal um manipulierte Zinssätze versuchen mehrere Banken, die drohenden Strafen abzumildern. Die Deutsche Bank hat nach SPIEGEL-Informationen bei der EU-Kommission und in der Schweiz eine Kronzeugenregelung beantragt. Ärger könnte aus den USA drohen.

"In der Deutschen Bank herrscht Nervosität", heißt es im Umfeld des Instituts.

US-Justizbehörden bereiten angeblich mehrere Klagen vor

Seit die Behörden weltweit ermitteln, setzte 2011 ein Wettlauf der Banken um Immunität ein. In Brüssel etwa haben auch die UBS und Barclays Kronzeugenstatus. Nur die erste Bank, die kooperiert, genießt Immunität, zwei weitere können auf mildere Urteile hoffen. Doch in den USA und London sicherten sich andere Banken den Schutz.
BBA  SEC  CFTC  FSA  SFO  DOJ  barclays  UBS  deutschebank  LIBOR  rigging  scandal 
july 2012 by asterisk2a
Insight: PFGBest regulator known for inexperienced auditors | Reuters
What does the decade long fraud behind closed doors @PFGBest and the LIBOR rigging scandal have in common??!!

***

NFA - is Industries self-regulating body
National Futures Association (NFA) is the industrywide, self-regulatory organization for the U.S. futures industry

BBA - is Industries self-regulating / oversight body
British Bankers’ Association
"The BBA is the leading trade association for the UK banking and financial services sector. We speak for over 200 member banks from 60 countries on the full range of UK and international banking issues."

***

Industry bodies, regulating its own Industry (including revolving door between companies and regulator) is (looks very much to be) the weakest link in regulating/overseeing any industry.

Another example is the FDA (USA) where most safety studies are funded by the companies itself and the existence of a revolving door. Also a lack of expertise and personal is apparent too.
confidence  trustagent  trust  policy-makers  policy  folly  policy  error  Politics  capitalism  FDA  Industry  Regulation  accountability  transparency  oversight  banking  crisis  bank  crisis  greatrecession  GFC  regulators  FSA  BaFin  SEC  CFTC  misconduct  fraud  LIBOR  rigging  scandal  PFGBest  BBA  NFA 
july 2012 by asterisk2a
Investmentbanker: Was der Libor-Skandal bei Barclays verändert hat - SPIEGEL ONLINE
Der Schock des Libor-Skandals trifft das Finanzzentrum London besonders hart. Dort hatte die Politik den Bankern immer besonders lange Leine gelassen, weil das Land außer der Finanz- nun mal nicht mehr viel andere Industrie hat. Dass dieses Vertrauen so missbraucht wurde ...

Der "Tobacco Moment" der Finanzindustrie

Jede weitere Enthüllung wird die Reste des Vertrauens in die Banker zerstören - und den Regulierungswillen der Politiker stärken. Der britische "Economist" spricht angesichts der Ausmaße des Skandals von einem "Tobacco Moment" für die Finanzindustrie - einer Situation, in der sich die gesellschaftliche Stimmung gegen eine Branche wendet und diese Branche mit harten Sanktionen belegt wird, wie einst bei der Zigarettenindustrie.

Investmentbanken

[...] "Die Eigenkapitalrendite kann gut auf eine einstellige Prozentzahl sinken."
- and thus the bonuses and base salary will shrink

***

LIBOR might be the last straw that breaks the neck of "banking"
culture  ethics  toobigtofail  CDS  derivatives  VolckerRule  proptrading  greatrecession  EBA  WallStreet  financialtransactiontax  financialtransactionfee  Europe  BaFin  deutschebank  investment  banking  UK  Politics  transparency  oversight  regulation  regulators  NYFed  BBA  FSA  BOE  LIBOR  rigging  scandal  accountability  confidence  banking  banking  crisis  GFC  bank  crisis  trustagent  trust 
july 2012 by asterisk2a
BoE emails suggest 'concern' over Barclays LIBOR rate (09July12) - YouTube
+ http://www.guardian.co.uk/business/interactive/2012/jul/09/libor-jeremy-heywood-paul-tucker-emails

John Mann MP has released correspondence from 2008 between Paul Tucker of the Bank of England and Jeremy Heywood, then a senior civil servant in the Cabinet Office, ahead of a hearing with Tucker over the Libor scandal at the Treasury select committee.

+ http://www.cityam.com/latest-news/heywood-emails-reveal-rising-panic-key-rates

CABINET secretary Sir Jeremy Heywood was in frequent contact with the Bank of England over the Libor rate during the height of the financial crisis, according to emails revealed yesterday.

Correspondence from 2008 between Sir Jeremy, then principal private secretary to chancellor Gordon Brown; Bank of England deputy governor Paul Tucker, then the central bank’s director for markets; and former Barclays chief executive Bob Diamond shows the extent to which the interbank lending rate was a topic of significant concern for the government.
RBS  UK  Politics  greatrecession  GFC  BBA  FSA  GordonBrown  EdBalls  JeremyHeywood  bobdiamond  LIBOR  PaulTucker  LIBOR  rigging  scandal  barclays  BOE 
july 2012 by asterisk2a
Top Headlines: NY FED Aware of Libor Issues - YouTube
+ http://www.youtube.com/watch?v=pPsP-CnnaaM

“In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and e-mails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with Libor,”

“In the spring of 2008, following the failure of Bear Stearns and shortly before the first media report on the subject, we made further inquiry of Barclays as to how Libor submissions were being conducted,” the statement said. “We subsequently shared our analysis and suggestions for reform of Libor with the relevant authorities in the U.K.”
greatrecession  GFC  NorthernRock  bearstearns  LIBOR  rigging  scandal  barclays  BBA  BOE  FSA  Fed  NYFed 
july 2012 by asterisk2a
The LIBOR affair: Banksters | The Economist
The attempts to rig LIBOR (the London inter-bank offered rate), a benchmark interest rate, not only betray a culture of casual dishonesty; they set the stage for lawsuits and more regulation right the way round the globe. This could well be global finance’s “tobacco moment”.

But this story stretches far beyond Britain. Barclays is the first bank in the spotlight because it offered to co-operate fully with regulators. It will not be the last. Investigations into the fixing of LIBOR and other rates are also under way in America, Canada and the EU. Between them, these probes cover many of the biggest names in finance: the likes of Citigroup, JPMorgan Chase, UBS, Deutsche Bank and HSBC. Employees, from New York to Tokyo, are implicated (see article). http://www.economist.com/node/21558281

this would be the biggest securities fraud in history ... That opens the door to litigation ... The lawsuits have already begun.

unfortunate banker-bashing
http://www.economist.com/node/21558252
culture  greatrecession  GFC  confidence  trustagent  trust  PaulTucker  bobdiamond  FSA  transparency  accountability  oversight  regulation  Fed  NYFed  BOE  SFO  BaFin  DOJ  BBA  barclays  bank  crisis  banking  crisis  banking  EURIBOR  LIBOR  rigging  scandal  LIBOR 
july 2012 by asterisk2a
BBC News - Barclays - a day of unanswered questions
A whistleblower at the Financial Services Authority (FSA) has already told the committee he believes the FSA has e-mail evidence of exchanges between the Barclays and the Bank of England about the Libor rate.

At the very least we need Tucker's written account of his own side of that conversation. So far he has volunteered no account and has been screened behind the Bank of England's press operation, which says they can't comment on anything not in the FSA judgment.

At the level of Barclays' senior management we need to know - and this is the critical question: why did Jerry del Missier form the opinion that Tucker had ordered the rigging of Libor?

If that were me, and I was ordered to breach my professional and industry rules, I would be checking the exact meaning with the boss I have just spoken to. We need to know what Del Missier actually did.

Bob Diamond, so far, he has not admitted culpability - only responsibility.

*
SFO, FSA and DOJ (USA) need to start bringing charges.
confidence  2012  2008  creditcrunch  greatrecession  GFC  bank  crisis  banking  crisis  manipulation  DOJ  SFO  transparency  accountability  trustagent  trust  Willful  ignorance  misconduct  fraud  politics  AlistairDarling  EdBalls  gordonbrown  USA  Fed  NYFed  MervynKing  UK  BBA  FSA  bobdiamond  barclays  EURIBOR  LIBOR  LIBOR  rigging  scandal  BOE  PaulTucker 
july 2012 by asterisk2a
Beyond Barclays: Laying out the Libor Investigations - ProPublica
...
The Serious Fraud Office in Britain is considering a criminal investigation and the Justice Department could also potentially bring charges against individuals at the bank.

So who else is being investigated?
· UBS, Citigroup, Royal Bank of Scotland, Bank of America, JPMorgan Chase, Credit Suisse, HSBC, Last fall, European regulators seized documents from Deutsche Bank and others regarding manipulation of the Euribor.
- BaFin, the German regulator, is conducting a “special investigation” into Deutsche Bank, according to Reuters.
- The Serious Fraud Office (SFO) has confirmed that it has formally launched an investigation into the rigging of the inter-bank lending rate, Libor.

Private lawsuits over Libor are already underway. Last summer, Charles Schwab filed a suit alleging anti-trust violations against many Libor-setting banks and at least one class action has been filed alleging that Libor manipulation meant banks paid “unduly low interest rates to investors.”
LIBOR  rigging  scandal  BaFin  anti-trust  antitrust  deutschebank  HSBC  creditsuiss  jpmorgan  bankofamerica  BofA  citigroup  citibank  UBS  GFC  banking  crisis  bank  crisis  USA  UK  DOJ  SFO  fraud  misconduct  investigation  2012  BOE  CFTC  SEC  BBA  FSA  FAQ  EURIBOR  LIBOR  barclays 
july 2012 by asterisk2a
Libor scandal rocks banking - YouTube
The banking system is in the spotlight again amid rising political and public anger over the Libor scandal. Philip Augar, a former investment banker and author, and Patrick Jenkiins the FT's banking editor, discuss the case for structural and cultural reform in the banking sector with analysis editor Frederick Studemann.
fraud  misconduct  Willful  ignorance  moralhazard  toobigtofail  shareholder  corporate  governance  greed  capitalism  greatrecession  GFC  2012  banking  crisis  FSA  regulation  bank  crisis  BBA 
july 2012 by asterisk2a
Diamond lets loose over Libor - FT.com
Mr Diamond quit after the governor of the Bank of England, Sir Mervyn King, and the head of the Financial Services Authority, Lord Turner, in effect called for his departure in late night phone calls on Monday to Marcus Agius, Barclays chairman.

But Barclays soon dragged Paul Tucker, deputy BoE governor, and “senior Whitehall figures” from the previous government into the controversy by publishing a document suggesting they may have known of – and even condoned – the bank’s repeated “lowballing” of its submissions to the rate-setting process during the financial crisis.
The bank released Mr Diamond’s contemporaneous notes of a 2008 conversation – one of only three “notes to file” he has written in his career – in which he wrote that Mr Tucker had passed on concerns from Whitehall about Barclays’ Libor submissions, adding that “it did not always need to be the case that we appeared as high as we have recently”.
AlistairDarling  EdBalls  gordonbrown  MervynKing  GeorgeOsborne  davidcameron  UK  politics  culture  negligence  misconduct  fraud  creditcrunch  bank  crisis  banking  crisis  FSA  BBA  greatrecession  GFC  BoE  2012  2008  EURIBOR  LIBOR  PaulTucker  barclays  bobdiamond 
july 2012 by asterisk2a
Libor scandal: Bob Diamond resigns as Barclays chief executive | Mail Online
Memo from Barclays implies Bank of England knew about Libor-rigging scam

'Bob Diamond did not believe he received an instruction (to fix rates) from Paul Tucker or that he gave an instruction to Jerry del Missier.
'However, Jerry del Missier concluded that an instruction had been passed down from the Bank of England not to keep Libors so high and he therefore passed down a direction to that effect to the submitters.'
The FSA investigated Jerry del Missier but closed the investigation without taking any enforcement action, Barclays added.

***
My Take::
During the hight of the financial crisis 2008; everything seemed to be on the table to stabilise the markets and safe the banks and rebuild confidence.

***

http://www.bbc.co.uk/news/business-18688417 (3 July 2012)

Behold, the British establishment, panicked
The chairman resigns to save the CEO. The CEO makes a public threat to drag the central bank into the mire. And the previous government. And the Treasury.
misconduct  negligence  capitalism  corporate  governance  Barcap  2012  2008  lehmanbrothers  AlistairDarling  bank  crisis  banking  crisis  GeorgeOsborne  davidcameron  UK  politics  CFTC  SEC  NYFed  Fed  centralbanks  culture  BIS  trustagent  trust  confidence  collusion  creditcrunch  greatrecession  GFC  BBA  FSA  PaulTucker  BOE  barclays  EURIBOR  LIBOR 
july 2012 by asterisk2a
Bob Diamond's daughter comes out fighting for her beleaguered father with offensive Tweet directed at Osborne and Miliband | Mail Online
'George Osborne and Ed Miliband you can go ahead and #HMD': Bob Diamond's daughter comes out fighting for her beleaguered father with offensive Tweet

Nell Diamond works as an analyst at Deutsche Bank
#HMD is Twitter slang for 'hold my d***'
Mr Diamond to appear before Treasury Select Committee tomorrow
Osborne: 'Diamond resignation was right for Barclays and the country'
The American, 60, expected to receive 13.2million shares worth £22.9million
Barclays chief operating officer Jerry del Missier also resigns
Chairman Marcus Agius - who also announced he was standing down yesterday - will stay on to find new chief executive
Agius revealed he has known about Libor fixing for 'more than two years'
MPs will vote tomorrow on plans to set up a full judge-led inquiry into the bank rate-rigging scandal
Barclays release memo which points finger at Bank of England and Whitehall
*

Regulators turned blind eye on matter, knowing to stabilise market, everything is on the table.
culture  banking  crisis  bank  crisis  accountability  confidence  trustagent  trust  2012  2008  creditcrunch  FSA  fraud  collusion  Fed  NYFed  PaulTucker  greatrecession  GFC  BOE  BBA  EURIBOR  LIBOR  bobdiamond  barclays 
july 2012 by asterisk2a
Is The Bank Of England About To Be Dragged Into Lie-borgate, And Which US Bank Is Next | ZeroHedge
was it in the nations interest to look over LIBOR manupulation?
http://www.bbc.co.uk/news/business-18665080

*
http://zerohedge.blogspot.com/2009/01/this-makes-no-sense-libor-by-bank.html

January 22, 2009 when the market was crashing every single day, when the world's central banks would do anything to halt the collapse in risk and asset prices, up to an including telling their host banks to lie about funding conditions, before the real QE1 was announced back in the middle of March, in which we made just this speculation.

*

Three and a half years later the puzzle is no more: it was all one big epic fraud, pardon, no fraud, as the CFTC and SEC settlements never admitted or denied fraud. Let's just call it benign market manipulation of a [$350-$500] trillion market.

... many have been warning for years, the biggest market manipulation fraud in history.

*

Lack of integrity left and right ...
trustagent  trust  bank  crisis  banking  crisis  banking  accountability  transparency  moralhazard  NYFed  benbernake  henrypaulson  governance  Fed  market-mechanism  market-failure  fraud  manipulation  collusion  centralbanks  BIS  GFC  Barclays  CFTC  SEC  FSA  BBA  PaulTucker  BOE  EURIBOR  LIBOR 
july 2012 by asterisk2a
Libor affair shows banking’s big conceit - FT.com
http://www.ft.com/indepth/libor-investigation

[LIBOR scandal exposes] a big conceit at the very heart of the modern banking world.

Most notably, in recent decades large investment banks in the City of London and Wall Street have increasingly wrapped their activities with an evangelical adherence to the rhetoric of free markets; whenever they have wanted to justify
sky-high profits, wacky innovations or, most recently, the need to prevent a new regulatory drive, they have invariably cited the ideals of Adam Smith.

[...]

[T]he real issue was that Libor was never organised as a proper market in the first place, which is precisely why the manipulation continued unchecked on such a wide scale for so long.

[...] the market has been dominated by a small clique of powerful banks, which also controlled the BBA.
CFTC  free  market  economic-thought  economic  history  financialmarkets  interbank  lending  interbank  oligopol  competition  toobigtofail  adamsmith  accountability  transparency  WallStreet  greatrecession  GFC  banking  banking  crisis  SEC  BBA  FSA  manipulation  barclays  EURIBOR  LIBOR 
june 2012 by asterisk2a
Barclays bank fined $453m for market fixing - YouTube
- great report ! about things going forward and the questions asked.

Barclays share price has plunged by 17 per cent after the UK bank was hit by record fines for distorting key interest rates.

The rates concerned play a major role in international financial markets and affect how businesses and consumers borrow money.

Barclays agreed to pay $453m for using underhand tactics, including price-fixing, to rig the markets.

Other British banks also slumped on reports that the scandal was set to engulf HSBC, Lloyds Banking Group and Royal Bank of Scotland.
CFTC  BBA  greatrecession  GFC  banking  crisis  manipulation  FSA  SEC  2012  collusion  EURIBOR  LIBOR  justice  barclays 
june 2012 by asterisk2a
Breakingviews: Did Barclays leave blood in its wake? - YouTube
June 28 - Antony Currie and Breakingviews columnists discuss who may have been hurt by the UK bank's Libor lies.
CFTC  collusion  coll  manipulation  SEC  FSA  2012  EURIBOR  LIBOR  barclays 
june 2012 by asterisk2a
BBC News - Barclays: Cameron says bank faces 'serious questions'
"Barclays was fined £290m ($450m) after an investigation into claims that several banks manipulated the Libor rate at which they lend to each other.

"The Chancellor George Osborne confirmed that HSBC, RBS, Citigroup and UBS are also under investigation.

"The scandal hit Barclays shares, which ended Thursday trading down 15.5%.

"Other banks shares fell as well, with RBS losing 11.5%, Lloyds down 3.9%, and HSBC giving up 2.6%.

"Investigators say that Barclays' traders lied to make the bank look more secure during the financial crisis and, sometimes - working with traders at other banks - to make a profit.

***
What I am still baffled about is, that not one trader has been charged with criminal behaviour and collusion. Because in the end for their 'stellar' performance, they got a bonus.
***

"The US Department of Justice also said criminal investigations into "other financial institutions and individuals" were ongoing.
CFTC  culture  toobigtofail  moralhazard  moral  justice  accountability  transparency  oversight  trust  trustagent  banking  crisis  banking  greatrecession  GFC  manipulation  2012  BBA  FSA  SEC  EURIBOR  LIBOR  barclays 
june 2012 by asterisk2a
Barclays paying $453 million to settle Libor probe | Reuters
- FSA says the bank's misconduct was 'serious and widespread' and extended over several years including through the 2008 financial crisis
- Other banks face probes too but Barclays is the first major financial institution to settle with regulators
- Watchdog says Libor submissions were reduced due to concerns over media image during financial crisis - reducing the amount of interest paid when the bank borrowed and increasing it when it lent
- Mr Diamond has apologised and said the behaviour wasn't consistent with the bank's 'values'. He and three other executives will give up their bonuses

more
http://uk.reuters.com/article/2012/06/27/uk-barclays-libor-emails-idUKBRE85Q1K220120627

Most of the world's biggest banks are under investigation as regulators from Europe, North America and Japan attempt to prove banks rigged rates. Barclays is the first to settle

On one occasion, a manager said if Barclays submitted its correct rate, "It's going to cause a shit storm," ...
CFTC  barclays  greatrecession  GFC  manipulation  EURIBOR  LIBOR  FSA  SEC 
june 2012 by asterisk2a
Financial transaction tax on City would help rebalance Britain's economy | Business | The Guardian
Financial transaction tax on city would help rebalance Britain’s economy

With Germany, France , Italy and Spain all in favour of the FTT, George Osborne ‘s assumption is that such a tax could raise costs in those countries and drive business into London…

***

Britain could have cut up rough about a so-called Tobin tax, but Osborne has decided that the aggro is not worth it. His assumption is that a financial transaction tax (FTT) will raise costs in Frankfurt, Paris, Milan and Madrid, and so drive business to the City.

The chancellor is also dubious about claims that the money will be spent on "good causes" such as development aid or helping poor countries adapt to climate change. In the event that an FTT does prove to be a cash cow, Osborne thinks hard-up European governments will use it to reduce their budget deficits.

*
also in the article, imbalances of UK economy, and that a FTT will make the imbalance worse.
davidcameron  economic-thought  economic  model  2012  economy  greatrecession  GFC  economics  comparative  advantage  MervynKing  BoE  FSA  GeorgeOsborne  UK  tobin-tax  financialtransactionfee 
june 2012 by asterisk2a
Vickers Report implementation useless and flawed because of opaque accounting of banks
The report, launched in the wake of the financial crisis, recommended separating banks' retail business from their investment business.

Mr Cable said the government would proceed with separating the banks.

But the recommendation about the amount of capital banks should hold has been diluted, the BBC has learned. The chancellor will address MPs on Monday.

http://www.bbc.co.uk/news/business-16235636
http://www.bbc.co.uk/news/business-16237692

opaque accounting of banks; hedges, credit risk, CDS, derivatives, contracts, counterparty risk, non market to market accounting
and because of basel2/3 which sees sov debt as risk free asset which is used to state capital hold. but is not liquid as cash etc. etc etc.
and sov debt is not risk free
banking  UK  transparency  VickersReport  RBS  accounting  reform  regulation  FSA  BoE  2011  Glass-Steagall  Basel3 
december 2011 by asterisk2a
Goldman Caught Manipulating Brent/WTI Spread: Penalty: $40,340 | zero hedge
"On 28 January 2011 the Exchange’s monitoring detected six notable “price spikes” in the April11 Brent/WTI spread, between 14:26 hours and 14:31 hours UK time. These were investigated and found to be the result of a limit order and several large market orders placed in quick succession by a GSF trader...In relation to the events described above, the Exchange alleged that GSF had breached the following Rule: "It shall be an offence for a trader or Member to engage in disorderly trading whether by high or low ticking, aggressive bidding or offering, or otherwise."

"Having examined the instant messenger logs of the communication between the GSF trader and their client, the Committee found no evidence of intentional manipulation of the market; nevertheless it considered the breach to be of a serious nature." 

Bottom line: the fine for Goldman Sachs: £25,000
FSA  goldmansachs  fraud  settelment  oil  oilprice  commodities  jpmorgan  manipulation  LIBOR 
june 2011 by asterisk2a
MB Trading attains FSA registration, all US forex brokers now also registered elsewhere | Forex Magnates
Just as OANDA did not so long ago, MB Trading too attained FSA authorization and is preparing to launch within few months. In fact, MB attained authorization back in April 2011 while OANDA in May.MB Trading European operations will be conducted under the name MBT Financial UK LTD, using the www.tradembt.eu website, and spearheaded by one Ila Jehl – formerly CEO and President of TradeOptimizer Group Inc and Director at NASDAQ OMX Futures Exchange (NFX).
Unlike OANDA, which received permissions to deal with just about every asset possible, MB’s permissions are limited to offering retail forex only.Evyerthing I said about OANDA’s FSA situation obviously applies to MB’s case as well:

offer non-US clients more flexible conditions, such as higher leverage. Secondly it’s a safe house in case forex regulation in the US gets even more strict ...

FXCM, Gain (Forex.com), Alpari, OANDA, MB, GFT, FXDD, AMIFX, ...
Saxo Bank, CitiFX, BarclaysX, Schwab, tdwaterhouse,
forex  broker  Dodd-Frank  UK  USA  FSA 
june 2011 by asterisk2a
Britain Scrutinizes High-Frequency Trades - NYTimes.com
The Financial Services Authority is in talks with some investment banks, hedge funds and asset managers to assess how high-frequency trading is affecting equity markets, it said Monday. The talks are at an early stage and do not constitute a formal inquiry, the agency said.
highfrequencyorders  high-volume  financial  market  regulation  oversight  uk  SEC  FSA 
august 2009 by asterisk2a

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