The NCAA has banned Penn State from college football bowl participation for four years, fined the university $60 million, vacated 110 victories from 1998 to 2011, and enabled all football scholarship athletes at the school to transfer without having to sit out a year. Except for banning, this is perhaps the most that could otherwise be done in the wake of the Jerry Sandusky sex abuse scandal.
|By: David Dayen Monday July 23, 2012 10:08 am|
|By: David Dayen Monday July 23, 2012 8:03 am|
Reuters, which has been generally pretty solid on the Libor story, reports that arrests are imminent in the rate-rigging scandal. It’s not clear whether the arrests will go beyond a few traders and reach into senior management who provided the cover.
|By: Peterr Monday July 16, 2012 3:30 pm|
Since last November, when the Jerry Sandusky saga propelled Penn State into the headlines, I’ve wondered about Penn State’s former president, Graham Spanier. After reading the Freeh Report in its nauseating detail, I did more than wonder — I started digging for Spanier’s own words on what it means to be a university president.
What I found does not make for a pretty picture.
|By: David Dayen Sunday July 15, 2012 11:50 am|
A former prosecutor did suggest to me last month that the Administration wouldn’t have thrown together a financial fraud task force, and revive it earlier this year, if they didn’t have some prosecutions waiting on the runway. Libor could be those prosecutions. It wouldn’t surprise me at all.
|By: Peterr Thursday July 12, 2012 1:54 pm|
Louis Freeh’s long-awaited report is out on the institutional handling of the Jerry Sandusky affair at Penn State, and it is brutal. More than anything, it comes down hard on the climate of Penn State that denied the need for accountability and oversight.
|By: David Dayen Friday July 6, 2012 9:48 am|
In Britain, the investigations into Barclays Bank manipulating the benchmark Libor rate have begun in earnest. Parliament approved an official inquiry into the Libor scandal, though only at the Parliamentary level rather than an independent investigation.
|By: David Dayen Monday July 2, 2012 1:30 pm|
Along with Barclay’s Bank, sixteen other major financial institutions are implicated in the scandal. In the simplest terms, Barclays admitted to manipulating the inter-bank lending interest rates to cash in on derivatives and also mask weaknesses in its balance sheet. But the LIBOR (which stands for London Inter Bank Offered Rate) is used as a benchmark lending rate all over the world. Adjustable-rate mortgages were calculated using the LIBOR. The exposure on this could be enormous.
|By: David Dayen Friday June 29, 2012 11:49 am|
I’ve sort of missed all the hubbub surrounding Barclay’s Bank interest rate manipulation troubles. As I understand it, the bank was fined a fairly trivial amount by the CFTC and the Justice Department, compared to what they reaped in profits, on the fraudulent use of the LIBOR.
|By: masaccio Wednesday June 27, 2012 5:00 pm|
The only people who have to worry about the federal government prosecutors are insider traders trying to steal a few million bucks.
|By: Kevin Gosztola Tuesday June 26, 2012 6:15 pm|
The American Civil Liberties Union (ACLU) points out, “On June 26, 1987, exactly twenty-five years ago, the Convention Against Torture became binding upon the nations that had ratified it.” So, today is not just some international day the United States and other powerful countries in the world will pay lip service to. Twenty-five years ago, an anti-torture convention was passed that the US then disregarded and violated explicitly when Bush was in power.