iOS app Android app

Libor

16 Major Banks Slammed With Lawsuit

Reuters | Posted 03.14.2014 | Business

NEW YORK (Reuters) - The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of collusively suppressin...

The Sixth-Grader Test

Peter A. Georgescu | Posted 03.14.2014 | Business
Peter A. Georgescu

This happened for two reasons: greed and fear. Banks were manipulating their estimate of these rates in order to make money on tiny fractional differences: to the tune of millions of dollars per day.

Can We Escape Bank Regulation by Lawsuit?

John Fullerton | Posted 02.20.2014 | Business
John Fullerton

When banking is so powerful that the very business the banks are chartered to serve cannot discipline its business unfriendly behavior through market pressure, we are in a serious state of affairs. What to do?

OMG: Goldman May Ban Some Online Chatting

Reuters | Posted 03.26.2014 | Business

Jan 23 (Reuters) - Goldman Sachs Group Inc may stop traders from using certain chat messaging services to protect internal conversations that are la...

Big Bank Cracks Down On Chat Rooms

Reuters | Posted 02.16.2014 | Business

LONDON, Dec 17 (Reuters) - JP Morgan Chase, the biggest U.S. bank by assets, is banning the use of multi-dealer online chat rooms and the use of suc...

Untangling the Libor and Forex Scandals

Andrew Verstein | Posted 01.23.2014 | Business
Andrew Verstein

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.

Big Banks May Block Traders From Online Chatrooms

Reuters | Posted 01.23.2014 | Business

Nov 11 (Reuters) - Big banks are considering disabling online chat rooms that link traders across many financial institutions over c...

What Is Libor and Why Should I Care?

Andrew Verstein | Posted 01.23.2014 | Business
Andrew Verstein

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.

Shahien Nasiripour

New York Fed Chief Levels Explosive Charge Against Big Banks

HuffingtonPost.com | Shahien Nasiripour | Posted 11.08.2013 | Business

The head of the Federal Reserve Bank of New York said Thursday that some of America’s largest financial institutions appear to lack respect for the ...

Fannie Mae Is Basically Suing EVERYONE

AP | By MARCY GORDON | Posted 01.23.2014 | Business

WASHINGTON (AP) — Fannie Mae sued nine major banks Thursday, alleging the banks' participation in the rigging of a key global interest rate cost the...

CEO Resigns Over Libor Scandal

Reuters | Posted 01.23.2014 | Business

AMSTERDAM, Oct 29 (Reuters) - U.S. and European regulators ordered Dutch lender Rabobank to pay $1.07 billion to settle allegations it aided a schem...

Report: The Libor Scandal May Be Heating Up Again

Posted 10.20.2013 | Business

FRANKFURT (Reuters) - Deutsche Bank has started talks with some 50 employees as part of its investigation into possible manipulation of the Libor benc...

Business Leaders as our Missing Middle?

Judith Samuelson | Posted 01.23.2014 | Business
Judith Samuelson

What has become of our center? If history is any guide, business leaders themselves have a critical role to play.

Ex-Brokers Face Criminal Charges Over Libor Scandal

Reuters | Posted 11.25.2013 | Business

WASHINGTON, Sept 25 (Reuters) - Three former brokers at ICAP Plc, the world's biggest interdealer-broker, face criminal charges in the United States...

13 Banks Sued Over Libor Manipulation

Reuters | Karen Freifeld | Posted 11.24.2013 | Business

NEW YORK, Sept 23 (Reuters) - A U.S. credit union regulator on Wednesday sued 13 banks over alleged manipulation of LIBOR, claiming credit unions lost...

The Cost of Nearly Everything Is Rigged, Enriching the Bank Fixers

Raymond J. Learsy | Posted 10.11.2013 | Business
Raymond J. Learsy

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!?

Commodities Are Different (in a "Full World"): Part 3

John Fullerton | Posted 09.29.2013 | Business
John Fullerton

Commodity market manipulation is fundamentally different and far more dangerous than the garden-variety manipulation of financial markets such as in single stock pump and dump schemes, or even the brazen manipulation of LIBOR. Nobody eats LIBOR.

Goldman Sachs, JP Morgan Chase: Pulling an Enron With Commodities

Joseph A. Palermo | Posted 09.20.2013 | Business
Joseph A. Palermo

Goldman Sachs is doing to aluminum exactly what Enron did to energy in the late 1990s and early 2000s: create phony bottlenecks to restrict supply to rip off consumers and skew markets in their favor for things society vitally needs.

Building a More Trustworthy Financial Industry That Better Serves Society

John D. Rogers | Posted 08.19.2013 | Business
John D. Rogers

Markets around the world are beginning to recover from the financial crisis, for which we can all be thankful, but now is not the time to count our bonuses and pat ourselves on the back.

Ex-Trader Charged In Libor Investigation

AP | DANICA KIRKA | Posted 08.18.2013 | Business

LONDON — Britain's Serious Fraud Office has charged a former trader with conspiracy to defraud in the rigging of a benchmark interest rate. The...

Report: Scandal-Plagued Libor Likely To Be Replaced

Reuters | Posted 05.13.2013 | Business

(Reuters) - A dual-track system, including survey-based lending rates along with transaction-linked indices, is likely to replace scandal-hit London i...

Of Bad Bankers and Mad Men

Lisa Longo | Posted 07.08.2013 | Business
Lisa Longo

When I was growing up the leaders in our community were the local politicians, the mayor, and the bankers. I can remember how my grandfather, who was ...

Ghosts of Enron

Mike Lux | Posted 07.03.2013 | Politics
Mike Lux

The ghosts of the Enron Corporation are haunting us still, and they are a lot scarier than any horror movie ghosts because, unlike the Hollywood variety, these ghosts still have enough substance to cause an economic nightmare.

Shahien Nasiripour

U.S. Authorities Push To Kill Libor

HuffingtonPost.com | Shahien Nasiripour | Posted 04.25.2013 | Business

WASHINGTON -- U.S. regulators led by the Treasury Department have targeted an oft-criticized benchmark interest rate as a risk to financial stability,...

Mark Gongloff

Banks Win Big, Though Libor War Is Far From Over

HuffingtonPost.com | Mark Gongloff | Posted 04.01.2013 | Business

Banks have won a major legal battle against Libor lawsuits, though the war is far from over. Late on Friday, a federal judge dismissed Libor lawsui...