British Regulators Announce Overhaul of Libor

By: 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.


Lakeside Diner

By: Wednesday September 26, 2012 4:45 am

A variety of links to articles/interviews/speeches/videos on current issues that may be of interest.

Lanny Breuer Takes Care of Corporations

By: Sunday September 16, 2012 11:00 am

Deferred prosecutions for corporations who facilitated billions of dollars in money-laundering cases. Jail for pot smokers. Money rules.

Royal Bank of Scotland Trader: Any Employee Could Change Libor

By: 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.

Fatster’s News Roundup from August 20, 2012

By: Tuesday August 21, 2012 6:10 am

Fatster’s news roundup with links to articles you might have missed, included stories about Todd Akin vs Gynecologists, Condi’s golf score, Tony Perkins hating, Kevin Yoder’s dip, Dem Convention speakers (yawn), Chicago’s decline, Mitt’s taxes, LIBOR, and lots of foreign stuff.

Securitization Fraud Task Force Investigators Promise “Significant Action,” Sometime

By: Thursday August 16, 2012 6:35 am

CNN passes along a “no, really this time, seriously” promise that the RMBS (Residential Mortgage-Backed Securities) working group, tasked with looking into securitization fraud, will soon make a major announcement.

Lakeside Diner

By: Thursday August 16, 2012 4:45 am

A variety of links to articles/interviews/speeches/videos on current issues that may be of interest.

Former UBS Traders Offered Deal in Libor Investigation

By: Thursday August 9, 2012 8:40 am

Several former traders at UBS have been offered a deal by federal prosecutors in the unfolding Libor scandal, which if we had a criminal justice apparatus dedicated to accountability would be a moment of hope for the potential of going up the chain and indicting those who authorized the rate-rigging. Under the deal, the US would waive the traders from criminal charges in exchange for their cooperation in the investigation.

Banks Turn on One Another in Libor Scandal

By: Monday August 6, 2012 10:50 am

It is fun to watch these banks turn on one another. UBS has delivered communications showing culpability by Deutsche Bank, HSBC and the Royal Bank of Scotland. HSBC has provided conflicting documents. Barclays called out HSBC, Deutsche Bank, Société Générale and Crédit Agricole. Citigroup is flipping on all of them, distancing themselves from the wrongdoing and pinning it on Barclays. It’s all great theater.

Lakeside Diner

By: Wednesday August 1, 2012 4:45 am

A variety of links to articles/interviews/speeches on current issues that may be of interest.

Follow Firedoglake
CSM Ads advertisement