Archive

Posts Tagged ‘libor’

Obama’s Justice Department Rushes to the Rescue of LIBOR Criminals


Friday, 20 July 2012

‘The Justice Department has launched a flurry of phony investigations in the LIBOR scandal, with the ultimate aim of protecting the banks from the consequences of their crimes. That’s the same role the Obama administration played in the “robo-signing” scandal: immunizing the criminals. In the LIBOR scheme, Attorney General Holder and his crew will try to shield the banksters “from legal action by a host of other government agencies and, ultimately, from the global universe of parties that have been harmed by the bankster’s schemes.’

Read more: Obama’s Justice Department Rushes to the Rescue of LIBOR Criminals

Banking Scandal: How Document Trail Reveals Global Scam

July 2, 2012 1 comment

Monday, 02 July 2012

‘The interest rate rigging scandal that has engulfed Barclays was the result of a coordinated attempt at collusion by traders working for a coterie of leading banks over at least five years, according to a series of lawsuits and legal rulings filed in courts in Asia and North America.

The lawsuits allege the fraud was extensive, spanning at least three continents and involving trades worth tens of billions of pounds. The allegations raise further serious questions about the banks’ ability to police themselves and the role of senior management in monitoring the activities of their employees.

In a 28-page statement of facts relating to last week’s revelation that Barclays had been fined a total of £290m, the US Department of Justice discloses how a network of traders working on both sides of the Atlantic conspired to influence both the Libor and Euribor interest rates – the rates at which banks lend to each other. It was, in effect, a worldwide conspiracy against the free functioning of the market.’

Read more: Banking Scandal: How Document Trail Reveals Global Scam

Barclays Settles Regulators’ Claims Over Manipulation of Key Rates


By BEN PROTESS and MARK SCOTT
 
A branch of Barclays in London.Andy Rain/European Pressphoto AgencyA branch of Barclays in London.
 
Barclays has agreed to pay more than $450 million to resolve accusations that it attempted to manipulate key interest rates, the first settlement in a sprawling global investigation targeting many of the world’s biggest banks

The British bank struck a deal with regulators in Washington and London, as well as the Justice Department. The settlement is seen as the first in a series of potential cases against other major financial firms.

“When a bank acts in its own self-interest by attempting to manipulate these rates for profit, or by submitting false reports that result from senior management orders to lower submissions to guard the bank’s reputation, the integrity of benchmark interest rates is undermined,” said David Meister, the enforcement director of the Commodity Futures Trading Commission, the American regulator involved in the Barclays case.

Read more : http://dealbook.nytimes.com/2012/06/27/barclays-said-to-settle-regulatory-claims-over-benchmark-manipulation/