Something tells me the State Department staff are not Edward Snowden fans. The first set of Guardian leaks came right before the Sino-American summit on cybersecurity where the United States was preparing to take a firm line with China regarding alleged cyber-attacks. Now the Guardian is reporting that documents disclosed by Snowden reveal that British and American intelligence services spied on other countries at the G20 summit in London in 2009 which comes as Britain hosts the 39th G8 summit beginning today.
|By: DSWright Monday June 17, 2013 6:40 am|
|By: David Dayen Wednesday December 5, 2012 12:35 pm|
While debating how much austerity outside of the magic no-budgetary-impact spending on the Pentagonto enact, the United States could take a lesson from, well, from the rest of the developed world. The relative lack of austerity in the US compared to Britain and the rest of Europe led to better economic performance (and it’s important to say “relative,” because US fiscal policy turned negative for growth at the federal level in 2010, and at the state and local level it’s been full-speed ahead for austerity since 2008).
|By: David Dayen Wednesday October 31, 2012 12:35 pm|
Barclays Bank, the only bank to date to settle in the Libor scandal, could face more regulatory probes down the line on a number of other issues, including an energy trading scandal in the US.
|By: David Dayen Tuesday October 23, 2012 9:10 am|
While Mitt Romney hid behind Barack Obama and displayed about as much independent thought as a college student who didn’t cram enough the night before the test and spent the whole time looking at his neighbor’s paper, his neighbor Barack Obama reflected so strongly the smoldering wreck that is this nation’s foreign policy consensus.
|By: David Dayen Friday September 28, 2012 11:24 am|
The Financial Services Authority, the top regulator of the banking industry in Britain, announced its changes to how the Libor, the benchmark interest rate which undergirds hundreds of trillions of dollars in financial products, will be derived. As expected, the British government will take responsibility for setting the Libor away from the British Bankers’ Association. They did not name a replacement for the BBA, but said they would appoint one sometime in the next year. Data providers like Bloomberg and Thomson Reuters have already shown interest in taking over.
More interesting, Martin Wheatley, the head of the FSA, said that he wants to make Libor rigging a criminal offense, to provide more of a deterrent.
|By: David Dayen Friday August 24, 2012 6:49 am|
The Royal Bank of Scotland is not having a good week. Earlier in the week they became the latest to be subject to investigation on the grounds of money laundering. Now they are embroiled in the Libor scandal, with one trader claiming that anyone at RBS had the opportunity to rig the benchmark interest rate.
|By: David Dayen Friday August 10, 2012 11:20 am|
The story so far: this week, the DFS cited Standard Chartered with $250 billion in illegal money-laundered transactions with the government of Iran. It’s only the latest in a series of money laundering revelations at the world’s major financial institutions, something that can only be described as epidemic. These have been resolved by global financial regulators by either ignoring it or setting up some predetermined settlement. But Lawsky didn’t get the memo. He filed the complaint and set up a court date for next week with Standard Chartered, with the ultimate goal of taking away their ability to do business in the state.
|By: David Dayen Friday July 27, 2012 10:08 am|
We knew that the banking industry was corrupt. We didn’t know how corrupt, and for how long. But we’re beginning to get the picture. And the solution cannot be to arrest a couple marginal traders and let it end. A dismantling of this corrupt financial system is the only recourse — unless you want to tolerate an economy based on fraud.
|By: David Dayen Thursday July 26, 2012 4:50 pm|
Mitt Romney is apparently not having the best time in Britain thus far. But things will get significantly better when he attends a big fundraiser tonight populated by many executives from Barclays Bank, the firm at the heart of the Libor scandal. While Bob Diamond, the former CEO, has dropped out of the event, Patrick Durkin, the top lobbyist at Barclays US operation, is a co-host (and also a major bundler for Romney). All the attendees are US citizens who either live in London or who traveled for the event.
|By: David Dayen Wednesday July 25, 2012 7:45 am|
I think we have enough data to close down the years-long human experiment into whether austerity hurts economies in recovery. With last quarters result in, this is the first double-dip recession for Britain since the 1970s, and the longest and biggest since quarterly record keeping began after World War II. In addition, the British economy is now smaller than it was when Conservative Prime Minister David Cameron took office in May 2010.