asterisk2a + barclays   43

Verdacht von CDS-Absprachen: EU verschärft Ermittlungen gegen Banken - SPIEGEL ONLINE
Die EU-Kommission droht zahlreichen internationalen Großbanken mit empfindlichen Geldstrafen. Sie wirft unter anderem der Deutschen Bank verbotene Absprachen bei Geschäften für Kreditausfallversicherungen vor. >> /watch?v=u84NhfiGJ7o "Banks in the dock over CDS"
value  at  risk  OTC  trust  cartel  CDS  Corruption  accounting  jpmorgan  confidence  GoldmanSachs  transparency  deutschebank  trustagent  VAR  banking  crisis  too  big  to  jail  Barclays  toobigtofail  bank  crisis 
july 2013 by asterisk2a
UK banking shortfall mostly patched up | ForexLive
The FT is out with a sensational headline saying ‘PRA to expose £26bn bank funding gap’ but the details of the story show that the numbers don’t account for measures already taken this year or are scheduled over the next 18 months. The Royal Bank of Scotland, Lloyds and Barclays account for 90% of the shortfall but each has only about £1-2bn more to raise.
liquidity  debtoverhang  trust  GFC  UK  confidence  RBS  creditcrunch  capital  Lloyds  trustagent  liquid  assets  greatdepression  banking  crisis  deleveraging  Barclays  bank  crisis  creditcrisis  Funding  for  Lending  Scheme  greatrecession  balance  sheet  recession 
june 2013 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
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
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
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
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
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
Two Down, Many More To Go - Bank Of America Sued For $31 Billion In Mortgage Losses | ZeroHedge
FHFA Sues Barclays over mortgage securities over losses for $4.9 billion: RTRSFHFA Sues Merrill Lynch Bank of Americal over mortgage securities over losses for $30.85 billion: RTRS
Federal housing finance agency sues Barclays PLC BARC.L - court filing Federal housing finance agency sues Barclays over losses on $4.9 billion rmbs Federal housing finance agency sues Bank of America Corp BAC.N - court    filingFederal housing finance agency sues Bank of America Corp over losses on more    than $6 billion securitiesFederal housing finance agency sues bank of America's Merrill Lynch unit over    losses on $24.85 billion securitiesFederal housing finance agency sues Nomura Holdings Inc 8604.T - court    filingFederal housing finance agency sues Nomura over losses on more than $2    billion securitiesFederal housing finance agency sues Citigroup Inc C.N - court filing Federal housing finance agency sues Citigroup Inc over losses on $3.5 billion    securities
FHFA  barclays  merrylllynch  bofa  mortage  securities-fraud  fraud  CountrywideFinancial  citigroup  2011 
september 2011 by asterisk2a
RBS Slides to Loss as Greek Writedown Adds to Burden of Insurance Redress - Bloomberg
RBS has cut 27,500 jobs since Hester took over from Fred Goodwin in 2008. HSBC pledged this week to eliminate 30,000 jobs by 2013 and Barclays said it will cut about 3,000. In all, European banks have slashed 230,000 jobs since the start of the financial crisis in 2007, according to Bloomberg Industries.
PIIGS  banking  employment  downsizing  2011  consolidation  sector  interbank  exposure  sovereign  debt  crisis  GFC  jobcut  RBS  barclays  HSBC  London 
august 2011 by asterisk2a
Toxic Barclays bankers bag 85m - Telegraph
own people holding management and company hostage
banking  barclays  2011  protium 
may 2011 by asterisk2a
Barclays faces protests over role in global food crisis | Business | The Guardian
Along with Goldman Sachs and Morgan Stanley, BarCap has pioneered new kinds of financial products that have enabled pension funds and other investors traditionally barred from commodities exchanges to bet on food prices.
Deborah Doane, director of the World Development Movement (WDM), accused Barclays of making excessive profits at the expense of millions in poor countries. "First, it was sub-prime mortgages, now it's food commodities," she said. "The lack of transparency in these markets bears worrying resemblance to the behaviour that led to the 2008 financial crash. Like any irrational asset bubble, the investors pile their money in for short-term profits, in spite of the consequences."
commodities  barclays  goldmansachs  morganstanley  financialmarket  2011 
april 2011 by asterisk2a
WHAT THE OTHER PAPERS SAY THIS MORNING | City A.M.
BANKS SERVED LIBOR SUBPOENASRegulators probing alleged manipulation of a key interbank lending rate have focused their demands for information and interviews on five global banks, according to people familiar with the investigation. UBS, Bank of America, Citigroup and Barclays have received subpoenas from US regulators probing the setting of the London interbank offered rate, or Libor, for US dollars between 2006 and 2008.
BofA  UBS  citigroup  barclays  libor  2011  SEC  CFTC  fraud  investigation  regulation 
march 2011 by asterisk2a
Banks Like Barclays Find Loophole on Dodd-Frank Capital Rule - WSJ.com
Banks Like Barclays Find Loophole On Dodd-Frank Capital Rule (WSJ)In November, Barclays PLC quietly changed the legal classification of the U.K. bank’s main subsidiary in the U.S. so that the unit would no longer be subject to federal bank-capital requirements. Several other banks based outside the U.S. are considering similar moves, according to people familiar with the matter.
barclays  2011  Dodd-Frank  regulation  Basel3  fraud 
february 2011 by asterisk2a
Lehman Pushed Goat Poo Securities, J.P. Morgan Says - Deal Journal - WSJ
J.P. Morgan Chase, in a lawsuit against Lehman, cited emails it says suggest Lehman knowingly misled J.P. Morgan into keeping “goat poo” securities, reported Deal Journal colleague Joseph Checkler.
jpmorgan  lehmanbrothers  FinancialCrisisInquiryCommission  2011  securities  barclays 
february 2011 by asterisk2a
RBS Will Be Biggest Loser From Britains Pay Accord - Bloomberg
Project Merlin - unintended consequences.
- RBS limited in bonuses - deal makers leave in droves
- RBS sell , stock on a downtrend
- will cost taxpayer as RBS was bailed out
Merlin  RBS  2011  HSBC  barclays  davidcameron  UK  competition  competitive  competitiveness  bailout 
february 2011 by asterisk2a
Barclays to Pay $298 Million for Violating Trade Law - NYTimes.com
Barclays has agreed to pay $298 million to settle accusations that the bank facilitated illegal transfers of dollars for countries that were sanctioned by the United States including Iran, Cuba, Libya, Sudan and Myanmar, according to documents filed Monday in federal district court in Washington.
For more than a decade, Barclays would strip information from wire transfers funneled through the United States that identified the money as coming from sanctioned countries and entities, according to the court complaint.
Barclays would follow instructions from banks in the sanctioned countries not to use the banks’ names in messages that traveled through the United States. It also routed the payments to conceal the connection to sanctioned countries, amended messages to remove information that identified sanctioned entities, and used a less transparent method of payment messages.
Barclays funneled about $500 million in illegal payments from 1995 through 2006
Barclays  fraud  banking  2010  banks  UK  SEC  FDIC 
august 2010 by asterisk2a
Investment Banking Buoys HSBC and Barclays - NYTimes.com
“The underlying trend is rising bad debts and there are still at least one or two more quarters to come,” said Julian Chillingworth, chief investment officer at Rathbone in London.
.
HSBC and Barclays joined banks like Credit Suisse and JPMorgan Chase in benefiting from a strong performance by their investment banking units even as loan-loss provisions climbed. Demand for investment banking services rose because more companies were seeking to sell shares and bonds to raise capital.
.
HSBC  barclays  2009  trend  investment  banking  capital  companies  bonds  ubs  profit 
august 2009 by asterisk2a

related tags

accountability  accounting  adamsmith  AlistairDarling  anti-trust  antitrust  assets  at  BaFin  bailout  balance  bank  banking  bankofamerica  banks  Barcap  barclays  Basel3  BBA  bearstearns  benbernake  big  BIS  bobdiamond  BOE  BoE  bofa  BOJ  bonds  boni  bonus  bonuses  capital  capitalism  cartel  CDS  centralbanks  CFTC  citibank  citigroup  coll  collusion  commodities  companies  competition  competitive  competitiveness  confidence  conflict  consolidation  corporate  Corruption  CountrywideFinancial  credibility  credicrunch  creditcrisis  creditcrunch  creditsuiss  crisis  culture  davidcameron  debt  debtoverhang  deleveraging  deutschebank  Dodd-Frank  DOJ  double-standard  downsizing  ECB  economic  economic-thought  EdBalls  employment  EURIBOR  europe  exposure  FAQ  FDIC  Fed  FHFA  FinancialCrisisInquiryCommission  financialmarket  financialmarkets  for  fraud  free  FSA  Funding  game  GeorgeOsborne  GFC  goldmansachs  gordonbrown  governance  greatdepression  greatrecession  henrypaulson  history  HSBC  ignorance  interbank  interest  investigation  investment  jail  JeremyHeywood  jobcut  jpmorgan  justice  lehmanbrothers  lending  libor  liquid  liquidity  Lloyds  lobby  London  manipulation  market  market-failure  market-mechanism  Merlin  merrylllynch  MervynKing  misconduct  moral  moralhazard  morganstanley  mortage  negligence  NorthernRock  NYFed  of  oligopol  OTC  oversight  PaulTucker  PIIGS  politics  profit  protium  RBS  recession  regulation  rigging  risk  scandal  Scheme  SEC  sector  securities  securities-fraud  SFO  sheet  society  sovereign  supervision  theory  timeline  timgeithner  to  too  toobigtofail  transparency  trend  trust  trustagent  ubs  UK  USA  value  VAR  WallStreet  Willful 

Copy this bookmark:



description:


tags: