asterisk2a + misconduct   20

BBC News - Met pays £425,000 to mother of undercover policeman's child
There are 12 other legal claims relating to undercover officers still being fought. But Jules Carey of Bindmans lawyers, acting for Jacqui, said the legal battles so far suggested Scotland Yard wanted to maintain a "never say never" stance to sexual relations after the Met's lawyers argued there could be a hypothetical extreme situation where such a tactic was needed. Mr Carey said: "The Metropolitan Police are prepared to criticise the conduct of an individual officer, Bob Lambert. They are even prepared to be critical of the unit he was from - but they refuse to condemn the practice itself. "It is time for the commissioner of Metropolitan Police to publicly commit to seeing the end of this shameful and abusive practice".
abuse  misconduct  policestate  accountability  oversight  governance  morality  ethics  abuse  of  power 
october 2014 by asterisk2a
Do you even...? | never a straight line
via https://news.ycombinator.com/item?id=8229239 " Let's communicate that this sort of behavior is unacceptable, and let's do it by calling it out. People won't learn unless we tell them." [...] Also, I take issue with the idea that hitting on someone is the primary reason to "[talk] to females." <<< THIS! +++ http://youtu.be/NswJ4kO9uHc +++ http://youtu.be/8xAbAeZ-Gog << No Representation & False Representation in all Media, Beauty Standard, Sexual objectification, judgement, making women into things. Objects rather than human beings. Thus the Patriarchy (and Religion) are enabled to justify rape through slut shaming or deciding on women's reproductive rights. as it were just a "thing," an immaterial object readily replaceable. It's a process of constant dehumanization over time and violence (against women, race, homo- and transphobia) & discrimination is inevitable because the fringe, readily, buys into it. always. bc its easy bc it was always so. & http://youtu.be/Uy8yLaoWybk
everyday  sexism  sexism  sexismus  Misogynie  misogyny  Women  in  Tech  STEM  masculinity  Patriarchy  white  male  privilege  straight  white  male  entitlement  privilege  Privileged  male  privilege  gender-based  discrimination  gender  discrimination  discrimination  society  culture  jock  culture  Campus  prejudice  bias  No  Representation  Hollywood  Entertainment  Industry  Silicon  Valley  diversity  pluralism  Sexual  objectification  objectification  beauty  beauty  sickness  beauty  standard  racial  discrimination  homophobic  Homophobia  Transphobic  transphobia  Supremacy  alpha  male  Female  Founders  womens  sport  Women  Zivilcourage  Zivilgesellschaft  civil  courage  civil  society  civic  life  civic  society  physical  abuse  abuse  of  power  abuse  code  of  conduct  code  of  social  conduct  misconduct 
august 2014 by asterisk2a
BBC Radio 4 - Today, 27/08/2014, Martin Amis: I will "maybe" move back to England
"America isn't a successful post-racialist society. The racial situation in America is as bad as its been post-Civil War. America is not colour blind." But everyday proclaiming it around the world.
Justice  System  incarceration  rate  racial  discrimination  racial  profiling  Police  Brutality  code  of  conduct  misconduct  abuse  of  power 
august 2014 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
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
David Bagley: HSBC chief quits in front of U.S. Senate committee as bank is accused | Mail Online
The head of compliance at HSBC resigned in front of a US Senate subcommittee today after it emerged the bank had exposed the US to billions of dollars worth of money laundering, drug trafficking, and terrorist financing.

The revelations are another blow to the reputation of the banking industry following the current scandal over the manipulation of the Libor inter-bank lending rate.

Stepping down: David Bagley quit his post before the Homeland Security and Governmental Affairs subcommittee in Washington today

An explosive report claims a 'pervasively polluted' culture at HSBC led it to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria.

*
That banks sometimes have been looking over the issue of murky business (ethically and morally). It is no new news. But that some higher up has to quit - is a first.

http://www.bbc.co.uk/news/business-18867054
moralhazard  ethics  Willful  ignorance  misconduct  accountability  trustagent  trust  HSBC  oligopol  drug  cartel  banking  crisis  bank  crisis  banking 
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
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
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
Full PFG CEO Suicide Note | ZeroHedge
"I have committed fraud. For this I feel constant and intense guilt...
The forgeries started nearly twenty years ago...
Should I go out of business or cheat...
I guess my ego was too big to admit failure..."

***

Inept regulators

http://www.reuters.com/article/2012/07/13/us-pfgbest-ceo-arrested-idUSBRE86C0YM20120713

The prolonged nature of the fraud is sharpening criticism of regulators like the National Futures Association, the industry group that had first-line responsibility for overseeing non-exchange brokers like PFG. MF Global, by contrast, is believed to have tapped into client funds in a desperate bid to keep itself afloat during its final days.

*

How PFGBest Differs From MF Global, Lehman
http://online.wsj.com/article/SB10001424052702303740704577521113453471438.html

*
regulators are looking red-faced and inept
http://www.dailyfinance.com/2012/07/13/pfgbest-this-aint-no-mf-global/
2012  Peregrine  Financial  confidence  trustagent  trust  accountability  Willful  ignorance  misconduct  fraud  GFC  MFGlobal  regulators  CFTC  NFA  PFGBest 
july 2012 by asterisk2a
Did Peregrine Insiders See the Storm Coming? - YouTube
WSJ's Geoffrey Rogow visits Mean Street with new revelations that indicate Peregrine Financial founder Russell Wasendorf and company insiders may have seen trouble coming resulting in the company declaring bankruptcy.

***
"Inner Circle" knew.
Same as with LIBOR rigging scandal, where there is an inner circle <- my assumption.
confidence  trustagent  trust  regulators  NFA  MFGlobal  misconduct  larceny  Segregated  Funds  CFTC  fraud  Russell  Wasendorf  Peregrine  Financial  PFGBest 
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 - 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
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
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

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