The European Union Catches the Banks Holding Hands

By: Saturday December 14, 2013 2:38 pm

Early in the summer of 2012, Bob Diamond was an American banker with a talent for making numbers say what he wanted them to say. He was legit and was sitting in the catbird seat at Barclays Bank UK. He’d made $100 million over the previous six years.

A few weeks later, in early July, the world had flipped. Instead of sitting at his desk at Barclays Diamond was answering questions from a Parliamentary committee investigating LIBOR rate-fixing in 2008. A week after that he was out of work.

 

National Credit Union Administration Sues Wall Street Banks For Fraud In Mortgage Market

By: Tuesday September 24, 2013 8:35 am

The National Credit Union Administration (NCUA), a government regulator, has filed a lawsuit against Morgan Stanley, Barclays, JPMorgan, Credit Suisse, Royal Bank of Scotland Group, and UBS for selling fraudulent mortgage-backed securities to credit unions. The sales of these securities amounted to $2.7 billion. Goldman Sachs, Wachovia, Wells Fargo, and Ally Securities also allegedly sold faulty securities according to one of the credit unions involved in the lawsuit.

Fatster’s News Roundup from August 12, 2012

By: Monday August 13, 2012 6:16 am

Fatster rounds up news items from across the known galaxy, including stories about American troops in Afghanistan, Hezbolla in Syria, Arab League, Egypt’s military, France, Barclay’s, UK Central Bank, all-women cities, off-shore bank accounts, DNC, Chevron fire, local post offices as banks, and much more.

JP Morgan, Barclays, Other Banksters Investigated for Manipulating Electricity Markets

By: Wednesday July 4, 2012 9:30 am

The Financial Times reported yesterday that the Staff of the Federal Energy Regulatory Commission (FECR) was investigating a number of electric power marketing affiliates owned by major banks — including JP Morgan Chase, Barclays and others, on charges of manipulating prices. Immediately, reporters starting wondering whether this is like Enron’s antics back in the early 2000s, which ripped off California consumers and decimated California’s flawed electricity markets. I don’t think so . . .

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