Regulators in the United States, Hong Kong, Singapore, the United Kingdom, Switzerland and elsewhere are investigating potential manipulation of the market for foreign currency, sometimes called FX or foreign exchange.
Rabobank's $1.1 billion dollar settlement can serve as an opportunity to take stock again of what the Libor manipulation represents and where it stands.
What has become of our center? If history is any guide, business leaders themselves have a critical role to play.
Hello Congress, Federal Reserve, Commodities Futures Trading Commission, Federal Trade Commission, Department of Justice, 1600 Pennsylvania Avenue, is anybody listening? Or do the Big Boys just get to play while we pay and pay!?
The question is, do taxpayers want to have their public monies in a bank that has been proven to be defrauding them?
What does "evidence of a major digital attack looming" look like? There are no convoys to see from a spy plane, no fleet heading sailing towards Hawaii. Without an idea of what this evidence is, the guidelines seem to justify preemptive attacks against just about anyone at any time.
When what you do is make money from money, it seems as if breaking or avoiding laws and rules create victimless crimes. It's all a big game, where each person is trying to out-hustle the other. It's him or me so what does it matter if we both cheat a bit?
That regulators condone the continued use of VAR models and get pushed around on tougher capital and liquidity limits can only mean one thing: they have concluded that it's simply too dangerous to the system to reveal that the emperor has no clothes.
Where is Phil Gramm hiding? The former Republican senator from Texas has not been heard from since his bank got nailed by the G-men. Or, as the Times put it, UBS now has the distinction of being "the first big global bank in more than two decades to have a subsidiary plead guilty to fraud."
It's a good thing we have all decided not to care about the Libor scandal, or Tim Geithner might be looking kind of silly right now.
To my knowledge, no one has taken a look at the symptomatology leading up to the 2008 crash from the perspective of Wall Street's prevailing corporate culture, with the insights only these two authors can provide.
We just keep learning new ways that everybody on earth, aside from Tim Geithner, knew of the risk of Libor manipulation years and years ago.
One of Mitt Romney's biggest bundlers makes money representing predatory lenders and fraudulent mortgage servicers who want to prevent Congress from curtailing their corrupt practices. What would Romney do?
Instead of raising fares and proposing to charge riders a fee when they have to purchase a new Metro Card, the MTA should be looking to recoup millions of dollars that the big banks may have improperly charged them.
The biggest financial scandal in history has gotten all of zero minutes' air time on the ABC and NBC nightly news broadcasts and only a little more time than that on CBS and the major cable news channels.