asterisk2a + libor   103

Politicking: Matt Taibbi on America's 'Injustice System' - YouTube
worship culture of success. [...] jail is for poor people. [...] securities fraud go jail free w fine, and do benefit/welfare fraud, go straight to jail! // For Profit Bail System - on YouTube Vice Channel. //&! Matt Taibbi, "The Divide" - youtu.be/k4CohXkdR0w //&! Matt Taibbi: Minding the Wealth Gap - youtu.be/KiRe1PK3zkM //&! Too Big To Fail, Too Big To Jail: Matt Taibbi, Bernie Sanders Town Hall 2013 - youtu.be/d-nh8DYJvlM //&! Matt Taibbi: The Conspiracy To Destroy Our Pensions - youtu.be/ZIDfyfXDGME //&! Matt Taibbi explores US criminal injustice with Bill Maher - youtu.be/uS9LHBPTM7A //&! The Divide: American Injustice in the Age of the Wealth Gap (w/ Matt Taibbi) - youtu.be/iFl-o7qJHaY
white-collar  crime  mandatory  minimum  sentences  Beschaffungskriminalität  post-racial  America  racial  profiling  economic  justice  injustice  System  Law  &  Career  Politicians  War  on  Drugs  Precariat  deprivation  poverty  trap  USA  Gini  coefficient  prison–industrial  complex  inequality  meritocracy  meritocratic  American  Dream  education  policy  social  mobility  income  mobility  health  inequality  mental  health  mental  illness  chronic  stress  poverty  book  compassion  empathy  Greed  welfare  state  stigma  plutocracy  oligarchy  Super  Rich  1%  Fraud  securities-fraud  social  safety  net  Food  Stamps  Food  Bank  public  sentiment  prejudice  bias  downward  mobility  trickle-down  economics  neoliberalism  neoliberal  neoconservatism  neoconservatives  financial  accounting  scandal  corporate  scandal  lobbyist  lobby  Lobbying  interest  groups  vested  interest  too  big  to  jail  money  laundering  bribery  corruption  DOJ  SEC  presidency  barackobama  GFC  financial  product  economic  history  squeezed  middle  class  working  poor  wage  stagnation  libor  rigging  scandal 
february 2016 by asterisk2a
Deutsche Bank plant grundlegenden Konzernumbau - SPIEGEL ONLINE
Überraschend kommen die Reformpläne nicht: Der seit Juli amtierende neue Co-Chef John Cryan hatte einen Umbau bereits in Aussicht gestellt. Mit dem Konzernumbau reagiert Cryan auf die seit Jahren anhaltende Krise der Bank. Immer wieder hatten Finanzskandale das Institut erschüttert und die Gewinne schrumpfen lassen. [...] Cryan hatte gleich zu seinem Amtsantritt einen harten Sparkurs angekündigt. Vor wenigen Tagen hatte die Bank angekündigt, sie erwarte für das dritte Quartal einen Rekordverlust von rund sechs Milliarden Euro. Gründe dafür sind gigantische Abschreibungen vor allem auf den Wert der Tochter Postbank, von der die Deutsche Bank sich trennen will, und das nicht mehr so lukrative Investmentbanking. Zudem belasten hohe Rückstellungen für die zahlreichen Rechtsstreitigkeiten die Bilanz.
Deutsche  Bank  corporate  scandal  investment  banking  libor  rigging  scandal 
october 2015 by asterisk2a
Volkswagen Congress Hearing: Emissions scandal - watch live - YouTube
VW USA subsidiary CEO Michael Horn. // 'VW the people's car.' 36:40 - I had no understanding what a defeat device is & that it could be installed to cheat emission tests. [<< Symptom of being a conglomerate! Corporate Culture & Values.] min 38:09 - Is hardware, software & even has to do something with the fuel tank. In some models (gen 2) its just software & a sensor. // 49:20 - framing of the answer with EPA (influenced?), cars on the road right now, even they are not passing emissions test, "are legal & safe to drive for the owners." // min 57 NOx, air pollution. 'compensation will be part of discussion'. 40 times than allowable limit. // 1:11:00 - according to him, @ the current state of investigations, this was out of the engine-drivetrain-engineering/software/emissions department within VW. Was not a corporate executive decision from the top. [My 2 cents: more likely decision was made within those departments due to pressure from top to make the test pass happen. << 1:51:00]
VW  Volkswagen  conglomerate  corporate  culture  corporate  values  air  pollution  libor  rigging  scandal  banking  crisis  investment  banking  self-regulation  regulation  regulators  accountability  Wall  Street  shareholder  value  profit  maximisation  retail  banking  PPI  mis-selling  scandal  bank  crisis  CDO  CDS  pharmaceutical  industry  pharma  big  pharma  corruption  bribery  Petroleum  automotive  autoindustry  carbonemission  carbonfootprint  emissions  white-collar  crime  Justice  System  Law  &  Justice  corporate  state  corporate  media  Positioning  Meat  Egg  Dairy  food  industry  lobbyist  lobby  Lobbying  revolving  door  conflict  of  interest  fiduciary  responsibility  exploitation  mainstreet.org  ethics  ethical  machine  democracy  Career  Politicians  No  Representation  double  standard  Abgas-Affäre  Interestrateswap  corporate  social  responsibility  corporate  scandal  Chemical  Fashion  deception  PR  spin  doctor  monopsony  oligopol  madoff  Enron  Worldcom  BP  accounting  accounting  scandal  tax  evasion  tax  avoidance  crony  capitalism  TBTF  too  big  to  jail  too  big  to  bail  Ego  arrogance  Monsanto  Protection  Act  patent  troll  intellectual  property  willful  ignorance  willful  negligence  DeepwaterHorizon  tax  code  consumer  fraud  Protection 
october 2015 by asterisk2a
What the VW scandal means for diesel cars - Newsnight - YouTube
"we will find other manufactures that installed defeat devices." // lax regulation and regulators, conflict of interest (partially financed by car manufacturers) with European Regulator/Test Center. // EU manufacturers focused R&D on Diesel. Japan and USA focused their R&D on Hybird and Electic technology. Could be long-term bet gone horribly wrong for EU manufacturers, especially for VW. Costing (long-term) shareholders and jobs (local, german economy). This saga will not end in 2-3 years. This has long-term implications, future sale, future models, outdated technology ie range of hybrid and electric cars. Competitiveness undermined long-term on many vecotrs. //&! youtu.be/3Pgdl9gsGeQ &! youtu.be/7DIGh7lNUoE &! youtu.be/hOTKIZgppbs - Volkswagen Cheating Scandal: How It Was Exposed &!
air  pollution  Abgas-Affäre  VW  Volkswagen  corporate  fraud  corporate  culture  corporate  governance  corporate  values  self-regulation  regulation  regulators  lobbyist  lobby  Lobbying  emissions  carbonemission  carbonfootprint  public  health  white-collar  crime  revolving  door  Career  Politicians  No  Representation  Wall  Street  shareholder  value  profit  maximisation  conglomerate  libor  rigging  scandal  CEO  Leadership  accountability  Brand  Petrol  Petroleum  Industry  Diesel  climate  change  global  warming 
october 2015 by asterisk2a
Nomi Prins-Federal Reserve Transition to Destruction - YouTube
via - http://schiffgold.com/interviews/former-wall-street-insider-some-form-of-bank-bail-ins-will-come-to-us-video/ ||&! QE and ZIRP bad policy, bank and market cuddeling. no mainstreet recovery! trickle-down failed. Private sector can not carry existing minimal momentum forward. policy has not helped people on the ground. // many bubbles created: junk bond/zombie corps, car loans, student loans, property, ... // transition to destruction, volatility is first sign. // market manipulation! // inflated financial system // rise in NPL! where how will they cover that? another bailout? or bail-in. taking depositors haircut. FDIC can't cover that all.
ZIRP  NIRP  book  QE  reflate  reflation  equity  bubble  credit  bubble  Taper  Richard  Koo  BRIC  China  2015  junk  bond  trickle-down  economics  Super  Rich  1%  property  bubble  household  debt  UK  USA  BOE  Fed  mandate  Fed  Janet  Yellen  Mark  Carney  MPC  monetary  policy  monetary  transmission  mechanism  excess  reserves  retail  banking  secular  stagnation  wage  stagnation  disposable  income  income  distribution  income  inequality  Gini  coefficient  inequality  squeezed  middle  class  job  creation  job  market  labour  market  Niedriglohnsektor  Service  Sector  Jobs  recovery  GFC  benbernanke  alangreenspan  dot.com  speculative  bubbles  bank  bailout  banking  crisis  leverage  margin  trading  Super  Cycle  debt  servitude  private  debt  debt  monetization  debt  monetisation  fiscal  policy  austerity  consumer  debt  credit  card  credit  card  debt  car  loan  debtoverhang  economic  history  zombie  banks  zombie  corporations  zombie  consumer  mainstreet.org  Wall  Street  profit  maximisation  shareholder  value  crony  capitalism  corporate  debt  bubbles  asset  bubble  correction  mortgage  market  libor  rigging  scandal  trust  Career  Politicians  neoliberalism  neoliberal  FX  reserves  hot-money  currency-war  currency  debasement  currency  war  balance  sheet  recession  Niall  Ferguson  financial  repression  distortion  Pr 
october 2015 by asterisk2a
How the banks ignored the lessons of the crash | Joris Luyendijk | Business | The Guardian
Joris Luyendijk spent two years talking to hundreds of City insiders. They revealed how close we came to disaster – and how quickly finance went back to business as usual [...] [Like in cycling, doping ... omerta ... blood brother ] The City is governed by a code of silence and fear of publicity; those caught talking to the press without a PR officer present could be sacked or sued. But once I had persuaded City insiders to talk (always and only on condition of anonymity), they were remarkably forthcoming.
GFC  economic  history  banking  crisis  bank  crisis  shadow  banking  NPL  credit  bubble  recovery  monetary  policy  modern  monetary  theory  TBTF  too  big  to  jail  too  big  to  bail  Oversight  transparency  accountability  CEO  pay  self-regulation  regulation  regulators  lobbyist  lobby  Lobbying  Career  Politicians  No  Representation  fairness  Generationengerechtigkeit  austerity  sovereign  debt  crisis  revolving  door  1%  ZIRP  reflate  reflation  NIRP  QE  Super  Rich  2015  Wall  Street  profit  maximisation  shareholder  value  London  tax  evasion  tax  avoidance  investment  banking  retail  banking  fractional  reserve  banking  excess  reserves  libor  rigging  scandal  bribery  fraud  securities-fraud  corruption 
september 2015 by asterisk2a
Devisenskandal kostet Banken weitere zwei Milliarden Dollar - SPIEGEL ONLINE
Der Skandal um manipulierte Devisenkurse kommt internationale Großbanken immer teurer zu stehen. Neun Geldhäuser müssen im Rahmen eines Vergleichs mit Investoren insgesamt rund zwei Milliarden Dollar bezahlen, teilten Anwälte, die einige der Investoren vertreten, mit. Zu den betroffenen Geldhäusern zählen unter anderen HSBC, Barclays, BNP Paribas und Goldman Sachs. Es wurde zunächst nicht bekannt, welche Summe auf jedes einzelne Kreditinstitut entfällt. Ein Insider sagte, dass Goldman Sachs 129,5 Millionen Dollar auf den Tisch legen müsse. Bei den Banken war zunächst niemand für eine Stellungnahme zu erreichen. Die Einigung ist vorläufig und muss noch von einer US-Richterin bestätigt werden. // &! bbc.in/1HZLsJF
libor  rigging  scandal 
august 2015 by asterisk2a
Libor: the key global rate abused on a wide scale | Business | The Guardian
&! bbc.in/1hjyISg - Libor trial: Have we cleaned up the financial markets? &! bloom.bg/1DnL1qg - DOJ Said to Probe Deutsche Bank on Russia Mirror Trades. And yet another bank, that gets a clap behind its head, because it got caught making 'illegal' business, because its business and it contributes to that profit goal of 15-25% for shareholders (Wall Street) and own pockets. Making money with money. No contribution to society and economy at large. no shared economic interest.
libor  rigging  scandal  financial  market  zombie  banks  distrust  trustagent  trust  antitrust  money  laundering  ethical  machine  investment  banking  banking  crisis  GFC  shared  economic  interest 
august 2015 by asterisk2a
Deutsche Bank: Aktionäre strafen Jain und Fitschen ab - SPIEGEL ONLINE
http://www.spiegel.de/wirtschaft/unternehmen/deutsche-bank-anshu-jain-und-der-maertyrer-rainer-neske-a-1034985.html // Zusammengefasst: Die Hauptversammlung der Deutschen Bank zeigt, wie sehr Co-Chef Anshu Jain in die Defensive geraten ist. Aktionäre kritisieren öffentlich seine Rolle bei den jüngsten Skandalen im Investmentbanking und bejubeln den scheidende Gegenspieler Rainer Neske. Offiziell ist Jains Macht dennoch gewachsen, weil er künftig auch für die Strategie der Bank zuständig ist. &! http://www.spiegel.de/wirtschaft/unternehmen/deutsche-bank-versprechen-gebrochen-kommentar-a-1034001.html "Die Deutsche Bank Chart zeigen steht heute so schlecht da wie selten zuvor: Milliarden-Strafen belasten das Image und den Gewinn der Bank. Im Streit um die neue Strategie hat sich die Führung so zerstritten, dass Privatkundenvorstand Rainer Neske hinschmeißt - einer der wenigen, der nicht in Skandale verwickelt war."
Deutsche  Bank  deutschebank  libor  rigging  scandal  investment  banking 
may 2015 by asterisk2a
The Real Looting of Baltimore... - YouTube
- same with mortgages linked to forex/different currency than your country of residence. // // abuse of existing instruments, not using it for intended purpose // and mis-selling of instruments and products - also see PPI ( Payment Protection Insurance ) mis-selling - http://www.bbc.co.uk/news/business-30695720 // and mis-selling forex linked loans (ie to Swiss Franc) to local governemnts and cities called Interest Rate Swap Mis-selling that got exorbinant expensive following the GFC actions (NIRP) by Central Banks (black swan) // all driven by managers meeting targets, getting and wanting bigger bonuses, wanting the bosses job, ... etc driven by cottage industry of analysts 'forecasting' that profit has to rise X% etc etc. // add also For Profit Schools! in the USA targeting Veterans & other rather financially illiterate :: youtu.be/P8pjd1QEA0c // biggest debt kind - mortgage and student loan debt // financial literacy also include gambling & lottery
Baltimore  Ferguson  mortgage  market  subprime  predatory  lending  practices  ninja  mortgage  UK  USA  Capitalism  crony  profit  maximisation  shareholder  value  foreign  currency  mortgage  bailout  corruption  abuse  of  power  CDS  MBS  lobbyist  lobby  Lobbying  revolving  door  Washington  GFC  toobigtofail  too  big  to  jail  TBTF  Gini  coefficient  financial  literacy  plutocracy  income  inequality  inequality  social  mobility  income  mobility  Western  World  Thomas  Piketty  economic  history  democracy  social  cohesion  libor  rigging  scandal  PPI  scandal  bonuses  bonus  Wall  Street  Payment  Protection  Insurance  mis-selling  Interest  Rate  Swap  banking  investment  banking  banking  crisis  American  Dream  Payday  Loans  debt  bubble  Super  Cycle  student  loan  debt  StudentLoans  lottery  gambling  downward  mobility 
may 2015 by asterisk2a
Der Crash ist die Lösung | SWR1 Leute - YouTube
banks still TBTF, Systemrelevant. << enabled by Own Lobby influencing Career Politicians. haftungsgarantien von ECB are no more capitalism. +++ &&& +++ If even Germany - Wirtchaftslokomotive - export meister - does still have a budget deficit, while being that country that produces more than it consumes, who else if not Germany? But still doesn't. +++ "Die Zeit der Rendite ist vorbei." +++ Schulden zu haben, man ist nicht frei. Frueher hat man das sich gekauft was man sich leisten konnte, ohne kreditkarte, ohne dispo, ohne bankkredit. +++ NEW crash will come of even bigger proportion and even more rubble to clear up afterwards than 2008/9 - GFC. +++ Always buy in tranches, dispersed over time. +++ fractional reserve banking leads to this UBER crash as we live on a planet with finite resources. Current GDP fetish needs to stop. Change of mind, thinking, course. << this is the same with Mobile Creative, future workforce, Software eats the world, UK's productivity gap.
book  GFC  Debt  Super  Cycle  jubilee  sovereign  crisis  liquidity  trap  investigative  journalism  journalismus  monetization  private  consumer  bubble  monetisation  public  household  balance  sheet  recession  PIGS  Europe  lostdecade  lost  decade  lost  generation  greatrecession  greatdepression  toobigtofail  TBTF  OTC  derivatives  systemrelevant  Systemrelevanz  toobigtojail  Career  Politicians  accountability  transparency  Politics  Democratic  Process  democracy  short-term  thinking  long-term  thinking  financial  industry  LIBOR  rigging  scandal  trust  trustagent  confidence  corporatism  crony  capitalism  Lobbying  lobbyist  lobby  revolving  door  IMF  IWF  centralbanks  economic  history  capitalism  Thomas  Piketty  ECB  EZB  OMT  faultlines  budget  deficit  structural  deficit  Impediments  structural  imbalance  history  financial  repression  New  Normal  ZIRP  NIRP  QE  Beton  Gold  property  bubble  fragile  world  fagile  financial  system  external  shock  balckswan  monetary  stimulus  hunt  for  yield  speculative  bubbles  growth  round  equity  bubble  credit  bubble  asset  bubble  bond  bubble  Island  Agentina  Japan  UK  fractional  reserve  banking  GDP  economic  model  fiat  currency  fiat  money  USA  academia  acade 
june 2014 by asterisk2a
Free Vegas Trips, Cocaine And Hookers: A Peek At Real Banker Life | Zero Hedge
U.S. and British authorities believe that brokers' eagerness to please trading clients played a key role in the Libor scandal.
libor  rigging  scandal 
may 2013 by asterisk2a
Trader Who Made Billions For Deutsche Manipulating Libor, Has $53 Million In Bonus Clawed Back | Zero Hedge
plus http://www.zerohedge.com/news/deep-lieborgate-rabbit-hole-swiss-hedge-fund-link source http://www.bloomberg.com/news/2013-01-25/deutsche-bank-trader-fired-over-rate-rigging-loses-53-million.html

So to summarize:
Deutsche tells an internal prop trader to invest billions in the Libor market,but tells him: "do everything legally and by the book or else."
Bittar colludes with virtually everyone else under the sun (for a full roster of names all of which point to one place: Switzerland, and secondly Singapore, see here), to generate billions in profits;
Bittar makes tens if not hundreds of millions of bonuses for himself;
Finally, DB no longer can hide the deception and claws back a portion of Bittar's bonuses, while washing its hands of the full affair;
Scapegoat punished, life goes on.

!!! nothing changes. !!!
trustagent  transparency  libor  rigging  scandal  banking  crisis  trust  banking  bank  crisis  accountability  confidence  corporate  governance 
january 2013 by asterisk2a
Europe's Largest Insurer Allianz Not Amused That Central Banks Are Involved In Liborgate | ZeroHedge
"Europe's biggest insurer, Allianz, is worried about the role central banks may have played in an interest rate rigging scandal that has enveloped some leading international lenders, the insurer's chief financial officer said on Friday. "We do not find it funny, what has happened, in particular the arising implication that it is not just the banks but central banks being involved in this," Oliver Baete told a conference call with analysts. "That really gives us cause for concern," Baete added." Of course, neither the ECB nor the FED could care much, considering that Allianz would be immediately insolvent if the same central banks who manipulated Libor stopped manipulating interest rates... which is implicitly what Allianz is unhappy about.

http://www.reuters.com/article/2012/08/03/allianz-libor-idUSL6E8J3P9720120803
policy  folly  policy  error  unintended  consequences  deleveraging  debtoverhang  balance  sheet  recession  lostdecade  greatrecession  GFC  reflation  sovereign  debt  crisis  bond  bubble  ponzischeme  PIMCO  MarioDraghi  PaulTucker  collusion  banking  crisis  bank  crisis  MervynKing  timgeithner  Fed  BBA  BOE  NYFed  ECB  centralbanks  Stockholm  Syndrome  LIBOR  rigging  scandal 
august 2012 by asterisk2a
Macquarie Sees $176 Billion In Lieborgate Losses, $88 Billion Hit To Libor Panel Banks | ZeroHedge
From Macquarie:

Libor: a $176bn risk. We lower our target prices by an average of 12%

Our analysis highlights clear evidence that Libor was “low-balled” during the financial crisis. We estimate that investors in Libor-linked assets potentially incurred losses of $176bn. Including both regulatory fines and possible civil class action liabilities, we think the eventual bill for Libor panel banks could total $88bn.
LIBOR  rigging  scandal 
august 2012 by asterisk2a
Li(e)bor: The Cartel Emerges | ZeroHedge
http://www.spiegel.de/international/business/the-libor-scandal-could-cost-leading-global-banks-billions-a-847453.html

-

seriously sums up the story so far ... really a tobacco moment for financials. years or litigation and new regulation to follow.
collusion  cartel  LIBOR  rigging  scandal 
august 2012 by asterisk2a
Deutsche Bank streicht 2000 Stellen vor allem im Investmentbanking - SPIEGEL ONLINE
Insgesamt will die Bank 1900 Stellen streichen, 1500 davon soll im Investmentbanking wegfallen (~10%).

Zusätzlich kündigte Jain Gehaltskürzungen an, die ebenfalls vor allem die Boni-verwöhnten Investmentbanker treffen dürften: Die Bank habe die Bezahlung bereits gesenkt und werde ihre Vergütungsgrundsätze weiter überprüfen, sagte Jain. Dabei gehe es sowohl um die absolute Höhe der Bezahlung als auch um das Verhältnis von Gehältern zu den Ausschüttungen an die Aktionäre.

Der Aufsichtsratschef spricht Jain vom Verdacht in der Libor-Affäre frei

"Nach aktuellem Stand der Untersuchungen war kein amtierendes oder früheres Mitglied des Vorstands auf irgendeine unangemessene Weise in die untersuchten Vorgänge um Referenzzinssätze verwickelt", heißt es in dem Brief an die Mitarbeiter.
2012  bank  crisis  banking  crisis  investment  banking  LIBOR  rigging  scandal  deutschebank 
july 2012 by asterisk2a
Deep Into The Lieborgate Rabbit Hole: The Swiss Hedge Fund Link? | ZeroHedge
it appears that the bankers who were allegedly involved in Libor manipulation in some capacity in their previous lives working for banks, decided to quietly depart under mutually acceptable conditions and find new lives, still trading Libor and IR derivatives, in some of the best known, and even less regulated, Swiss hedge funds and private banks.

Our question then is the following: while much has been said about Lieborgate as being purely associated with the 16 BBA USD fixing member banks, just who else made money, and is the traditionally quiet and always under the radar Swiss financial community about to be exposed for having profits far more from Lieborgate than any of the BBA member banks?

- Followed up with: http://www.zerohedge.com/news/first-casualty-liborgates-swiss-expansion-has-arrived-michael-zrihen-no-longer-trading
collusion  LIBOR  rigging  scandal 
july 2012 by asterisk2a
Zinsmanipulationen: BaFin will Deutsche Bank schärfer kontrollieren - SPIEGEL ONLINE
Der Skandal um Zinsmanipulationen hat Folgen für deutsche Banken: Die Finanzaufsicht BaFin will die Kontrolle der Institute verschärfen und droht mit Sonderprüfungen. Bundesfinanzminister Wolfgang Schäuble bringt für europäische Großbanken zudem die Abspaltung des Investmentbankings ins Spiel.

Wie der SPIEGEL berichtet, mussten acht Kreditinstitute, die an der Ermittlung des Referenzzinses Euribor beteiligt sind oder waren, bis zum vergangenen Donnerstag schriftlich ihre internen Prozesse zur Berechnung des Zinses und ihre Überwachungsmechanismen offenlegen. Betroffen sind unter anderem die Landesbanken WestLB, BayernLB und LBBW sowie die Commerzbank .
regulation  regulators  BaFin  LIBOR  rigging  scandal 
july 2012 by asterisk2a
Barofsky On Geithner: "We Should See People In Handcuffs" | ZeroHedge
Neil Barofsky continues his vendetta against NYFed/Fed/Tim Geithner

because Fed, NYFed and BOE (and BBA) knew of LIBOR rigging, and they allowed it to happen (and continue) in a system whose very survival is increasingly reliant on rampant criminality (rigging and non-transparent indicators of solvency).

Barofsky says is that Geithner and other regulators who allowed Lieborgate to proceed should not only lose their job but we should "see [Geithner] in handcuffs."
bank  crisis  banking  crisis  greatrecession  GFC  transparency  incentive  accountability  toobigtofail  NYFed  BBA  misconduct  fraud  MervynKing  PaulTucker  BOE  collusion  LIBOR  rigging  scandal  barofsky  timgeithner 
july 2012 by asterisk2a
Lieborgate: Here Come The Arrests | ZeroHedge
Barclays essentially threw years of quiet cartel cooperation under the bus. As a result, regulators, enforcers, and legal authorities, many of whom were in on this manipulation from the beginning, no longer had an excuse to not pursue civil and criminal charges against perpetrators, who until recently were footing the tabs at various gentlemen's venues and ultra expensive restaurants.

+

BBA changed some text on its website. Cover-up!?

-

Exclusive: Prosecutors, regulators close to making Libor arrests

http://www.reuters.com/article/2012/07/22/us-banking-libor-criminal-idUSBRE86L0CC20120722

-

Scandal will almost certainly end up as the biggest financial settlement in history (combined all).
trustagent  trust  banking  crisis  bank  crisis  governance  corporate  governance  BBA  MervynKing  timgeithner  accountability  bobdiamond  PaulTucker  BOE  Fed  NYFed  LIBOR  rigging  scandal  oligopol  cartel 
july 2012 by asterisk2a
Simon Johnson: The Federal Reserve and the Libor Scandal - NYTimes.com
Bernanke on banking scandals: “I think the real issue is too big to fail,” correct, but the market cannot fix this

http://graphics8.nytimes.com/packages/pdf/business/Geithner-Memo-080601.pdf
This New York Fed memo stands out as a model of clear thinking about the deep governance problems that allowed Libor to become rigged.
At the same time, the timing and content of the memo raises troubling questions regarding the Fed’s own involvement in the Libor scandal – both then and now.

http://online.wsj.com/public/resources/documents/enfbarclaysorder062712.pdf

According to the recent order against and settlement with Barclays by the Commodity Futures Trading Commission, the Libor “market” had by 2005 become a hotbed of collusion and price-fixing

*
Fed is responsible 4 the “safety and soundness” of the financial system in the USA, THEY had to make a decision, either to let them fail (GFC) and thus the economy, the people and the world. LIBOR rigging scandal and TBTF is the aftermath et al
lobby  credibility  society  double-standard  WallStreet  corporate  governance  governance  accountability  confidence  trustagent  trust  2012  2008  bailout  BBA  misconduct  fraud  barclays  CFTC  MervynKing  timgeithner  PaulTucker  BOJ  ECB  BOE  Fed  NYFed  bank  crisis  banking  crisis  greatrecession  moral  moralhazard  GFC  toobigtofail  LIBOR  rigging  scandal  benbernake 
july 2012 by asterisk2a
Hugh Hendry: When I Speak On TV It Gives The Impression That I Am Full Of Myself | ZeroHedge
Word that describe the GFC and the LIBOR rigging scandal (which will see central banks, bank bosses and regulators aware of the issue at the hight of the crisis 2008) ::

“We have reached a profound point in economic history where the truth is unpalatable to the political class – and that truth is that the scale and magnitude of the problem is larger than their ability to respond – and it terrifies them.”

[...]

For example, he reckons US government bond yields, already at record lows, will continue to fall. And, although he professes not to be a contrarian, he is more optimistic about the US than many investors and is “long the debt-saddled west and short the vastly over-vaunted and over-owned” Bric quartet of Brazil, Russia, India and China.

He believes that financial markets are single-digit years away from a crash that will present investors with opportunities of a lifetime. “Bad things are going to happen and I still think the closest analogy is the 1930s.”
USA  status  quo  BRIC  Japan  Leverage  HughHendry  debt  jubilee  deleveraging  debt  bubble  debtoverhang  greatrecession  GFC  LIBOR  rigging  scandal 
july 2012 by asterisk2a
BBC News - What are the options for reforming the banks?
LIBOR rigging scandal might have been the last straw that broke the camels back. The "Tobacco Moment" of banks.

UK politics and voters now more than willing to separate banks (deposit and traditional lending business - from investment banking, M&A;, prop trading, etc) and end the 'gambling culture' inside with the risk of need of bailing out if everything hits the fan. And return more to the basics of lending and credit.
reputation  confidence  trustagent  trust  Glass–Steagall  moralhazard  society  banking  greatrecession  GFC  bank  crisis  banking  crisis  regulation  reform  UK  LIBOR  rigging  scandal  VickersReport 
july 2012 by asterisk2a
Bank of England governor claims he only knew of misreporting of Libor TWO WEEKS ago despite US warning in 2008 | Mail Online
Bank of England governor claims he only knew of misreporting of Libor TWO WEEKS ago despite US warning in 2008

Deputy governor Paul Tucker said the warning from the US 'did not set alarm bells ringing'
Emails have emerged showing the close relationship between Mr Tucker and former Barclays boss Bob Diamond
Labour MP claims the emails show the Bank of England 'tried to get banks to lower Libor rate'
Sir Mervyn told MPs that Barclays was in a 'state of denial' over regulatory concerns with the bank
He said the bank sailed 'too close to the wind' several times with regulators and said it was time to create 'a new bank with a new culture'

---
* Obvious that during 2007/08/09 - everything was on the table to save the banks from collapse (the financial system, and global economy) and national bailouts. Obvious that they don't want to admit that they were willing to cross several lines (morally, ethically, and concerning laws). DOJ's & SFO job is to prosecute even at the top now!
confidence  trustagent  trust  2008  banking  crisis  bank  crisis  transparency  accountability  Willful  ignorance  fraud  misconduct  GFC  NYFed  BBA  bobdiamond  BOE  MervynKing  PaulTucker  LIBOR  rigging  scandal 
july 2012 by asterisk2a
Bernanke: Libor System `Structurally Flawed': Video - Bloomberg
July 17 (Bloomberg) -- Federal Reserve Chairman Ben Bernanke testifies before the Senate Banking Committee in Washington about flaws in the Libor system in light of the rate-rigging scandal involving Barclays Plc.
LIBOR  rigging  scandal 
july 2012 by asterisk2a
Alamariu: Massive Political Impact From Libor: Video - Bloomberg
Eurasia Group Comparative Analytics Director Dan Alamariu discusses the political and global repercussions of the Libor-rigging scandal.
LIBOR  rigging  scandal 
july 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
Guest Post: The Real Libor Scandal | ZeroHedge
The latest news completes the picture of banks and central banks manipulating interest rates in order to prop up the prices of bonds and other debt instruments. We have learned that the Fed has been aware of Libor manipulation (and thus apparently supportive of it) since 2008. Thus, the circle of complicity is closed. The motives of the Fed, Bank of England, US and UK banks are aligned, their policies mutually reinforcing and beneficial. The Libor fixing is another indication of this collusion.

Unless bond prices can continue to rise as new debt is issued, the era of rigged bond prices might be drawing to an end. It would seem to be only a matter of time before the bond bubble bursts.
NYFed  Fed  BOE  fraud  collusion  misconduct  bond  bubble  LIBOR  rigging  scandal 
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
Libor scandal: U.S. prepare criminal case against banks that fixed interest rates in global scandal | Mail Online
The investigation into the LIBOR interest rate-rigging scandal is widening as the U.S. Justice Department is expected to file criminal charges against individual employees and at least one bank later this year.
As well as building cases against several banks, the department’s criminal division is also targeting individuals at the center of the scandal, including traders at Barclays, according to government officials who spoke anonymously to The New York Times.

---

SFO - UK's Serious Fraud Office, also going ahead with judicial investigation. Was revealed last week.
SFO  accountability  LIBOR  rigging  scandal  DOJ 
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
Skandal um Libor: Neue Vorwürfe gegen Bank of England - SPIEGEL ONLINE
Die Bank of England hängt mittendrin im vielleicht größten Finanzskandal der vergangenen Jahre. Immer mehr Hinweise deuten darauf hin, dass sie von den mutmaßlichen Manipulationen des Bankenzinses Libor wusste - auch wenn sie dies beharrlich zurückweist.

Der Deutschen Bank drohen Milliardenkosten

Anderen Banken drohen noch höhere Kosten durch die Affäre. Analysten des US-Instituts Morgan Stanley schätzen, dass allein die Bußgelder für die beteiligten Banken zwischen 450 und 850 Millionen Dollar liegen könnten. Hinzu könnten mögliche Schadensersatzzahlungen an Investoren kommen. Hier sieht Morgan Stanley die Deutsche Bank besonders gefährdet. Auf das Frankfurter Institut könnten in den Jahren 2013 und 2014 Kosten von mehr als einer Milliarde Dollar zukommen. In den USA wurden bereits mehrere Sammelklagen eingereicht, ...
deutschebank  barclays  PaulTucker  GFC  2008  BBA  NYFed  timgeithner  MervynKing  BOE  LIBOR  rigging  scandal 
july 2012 by asterisk2a
Geithner to King - Memo about LIBOR - June 2008
NY Fed understood depth of problem with Libor in June 2008, http://t.co/NvC10QBm: did they work with CFTC for immediate corrective action?

---

"1. Strengthen governance and establish a credible reporting procedure

[...]

"6. Eliminate incentive to misreport"

Meaning they knew things were murky with LIBOR, making it a secret secret among the few. Not publicly talking about it, and ignoring media reports about LIBOR.
GFC  2012  2008  PaulTucker  Fed  NYFed  BBA  BOE  timgeithner  MervynKing  LIBOR  rigging  scandal 
july 2012 by asterisk2a
BBC News - Banking scandal: Osborne defends cross-party probe
Chancellor George Osborne has defended the MPs chosen to investigate the banking scandal amid claims it will be a "whitewash".

[...]

The formal name of the inquiry, which is expected to report before the end of the year, will be the Parliamentary Commission on Banking Standards.

It will investigate the professional standards and culture of the UK banking sector, taking account of the regulatory and competitive investigations into the Libor rate fixing scandal.

[...]

The establishment of the committee is subject to a vote in both Houses of Parliament at the beginning of next week.

***
no judicial inquiry into the matter is a political move from the Coalition Government (Conservatives & LibDems) to use the rigging occurrence as political scape goat against Labour in the future.
politicalscience  politics  UK  LIBOR  rigging  scandal 
july 2012 by asterisk2a
FT: Bank’s Libor cost may hit $22bln. | ForexLive
According to Morgan Stanley estimates 12 global banks could face up to $22 bln. in combined regulatory penalties and fines . This along with U.S senators putting pressure on AG Eric Holder and regulators to step up investigations on global banks should keep this story alive and kicking for awhile.

http://www.ft.com/intl/cms/s/0/0231ace4-cc1d-11e1-839a-00144feabdc0.html#axzz20S9xTK5K
LIBOR  rigging  scandal 
july 2012 by asterisk2a
What to watch for in the Fed's Libor doc dump - Decoder - YouTube
The New York Fed plans to release documents showing it took "prompt action" four years ago to highlight problems with the benchmark interest rate known as Libor and to press for reform. Karey Wutkowski offers 3 key things to look for in the paper avalanche. (July 12, 2012)
LIBOR  LIBOR  rigging  scandal  GFC  2008  2007  timgeithner  barclays  Fed  NYFed 
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
BBC News - Tucker denies role in Libor 'cesspit'
The Deputy Governor of the Bank of England Paul Tucker has compared abuse of the inter-bank lending rates (Libor) to a "cesspit" during evidence to the Treasury Select Committee.

He denied any government minister had encouraged him to "lean on" Barclays or any other bank over Libor and denied any knowledge or part in manipulation of interest rates.
AlistairDarling  gordonbrown  EdBalls  accountability  misconduct  Willful  ignorance  manipulation  bobdiamond  barclays  BOE  PaulTucker  LIBOR  rigging  scandal 
july 2012 by asterisk2a
BBC News - Libor scandal: Bob Diamond to receive full salary
Ex-Barclays boss Bob Diamond will receive his salary and benefits worth in excess of £2m, but has given up bonuses worth up to £20m after resigning amid the bank Libor scandal.

Barclay's Chairman Marcus Agius said Mr Diamond had given up his bonus voluntarily.
LIBOR  rigging  scandal  barclays  bobdiamond 
july 2012 by asterisk2a
Bagehot: Simple pleasures | The Economist
(UK) Both parties have an interest in banker-bashing. That is unfortunate

The government, too, has faced two ways in its dealings with the bankers. Attacking them has a certain electoral appeal—bankers were unpopular long before the posh Italians set about persecuting Shylock—but the bankers have been generous to the Tories. According to the Bureau of Investigative Journalism, in 2010 half of the party’s donations came from the City. More important, the government understands the danger of undermining a sector so important to jobs, growth and tax receipts. So it has dealt gently with the banks in, for instance, watering down somewhat last year’s recommendations by the Independent Commission on Banking about how to tighten regulation.

Gov has announced a parliamentary inquiry into the behaviour of the banks, brushing aside Labour’s demands for a judicial inquiry as an attempt to postpone the post-mortem.
greatrecession  GFC  moral  politicalscience  political  economy  2008  2012  gordonbrown  EdMiliband  EdBalls  bank  crisis  banking  crisis  banking  GeorgeOsborne  nickclegg  davidcameron  politics  UK  Labour  Tories  LIBOR  rigging  scandal 
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
Labour reluctantly agrees to Parliament probe into banking scandal as MPs vote against call for judge-led inquiry | Mail Online
My Take
> Yes, because Labour government under Gordon Brown, BOE with Mervyn King and Paul Tucker and the FSA as well as other central banks ie NYFed/Fed and regulators turned a blind eye on the issue back in 2007/8/9 because during the Great Financial Crisis, everything was on the table to stabilise financial markets & minimise damage to the economy, trying to save what to save is.
> One has to question the Gov Coalition (Conservatives&LibDems;) for wanting just an inept Parliamentary Inquiry. Preventing collateral damage on own sides? And was Ed Balls playing game of chicken [game theory] 4 demanding a judicial inquiry knowing the Gov would not run with?!
> On the other side the Gov couldn't care less about the outcome as long as 'we' are able to put the LIBOR scandal under the LABOUR years and are able the win the next election. Thus the Gov forgoes the right thing, a judicial inquiry, for political gains.

http://youtu.be/H9i4hv_A_D0 (P1/2)
http://youtu.be/_7V7Jqw6XOY (P2/2)
davidcameron  GeorgeOsborne  misconduct  Willful  ignorance  trustagent  trust  Politics  game  theory  AlistairDarling  GFC  gordonbrown  UK  EdBalls  PaulTucker  barclays  LIBOR  EURIBOR 
july 2012 by asterisk2a
BOE Minutes Show Tucker Aware Of Libor Fixing Claims In 2007 | ForexLive
BOE Minutes Show Tucker Aware Of Libor Fixing Claims In 2007
- Tucker Chaired Nov 2007 Meeting At Which Libor Rigging Was Discussed

Bank of England Deputy Governor Paul Tucker, long the BOE’s leading internal candidate for the top job when Mervyn King’s
term comes to an end at the middle of 2013, was fully aware from the early days of the financial crisis that market participants believed Libor was being rigged.

The minutes of a money markets group meeting chaired by Tucker himself back up what a participant recalls privately, that there were frank discussions dating back to 2007 involving Tucker about banks submitting Libor rates below actual rates.

“Several group members thought that Libor fixings had been lower than actual traded interbank rates through the period of stress.”

They add a cautionary note, saying “Libor indices need to be of the highest quality given their important role as a benchmark for corporate lending.”

**
Everything was on the table to stabilise markets.
henrypaulson  benbernake  Fed  NYFed  NorthernRock  moralhazard  Willful  ignorance  trustagent  trust  banking  crisis  bank  crisis  credicrunch  GFC  2007  2008  collusion  fraud  misconduct  BBA  BOE  bobdiamond  barclays  PaulTucker  EURIBOR  LIBOR 
july 2012 by asterisk2a
Bankers Cast Doubt On Key Rate Amid Crisis - WSJ.com
One of the most important barometers of the world's financial health could be sending false signals.

In a development that has implications for borrowers everywhere, from Russian oil producers to homeowners in Detroit, bankers and traders are expressing concerns that the London inter-bank offered rate, known as Libor, is becoming unreliable.
GFC  2008  barclays  EURIBOR  LIBOR 
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
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