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Posts Tagged ‘manipulating Libor’

Libor Scandal: How Executives Must Have Known

Posted by Larry Doyle on December 20th, 2012 9:03 AM |

The intrigue surrounding the greatest financial fraud “of all time” could fill many a book and many a movie theatre. While the intrigue may make for riveting reading and viewing, the simple fact is this fraud comes with an exceptionally high cost for investors, consumers, and society as a whole.

How did the web of this manipulation grow so large? Where were the regulators and internal compliance people to snuff it out and bring some semblance of order to what can only be defined as “organized racketeering?”

While little focus has yet been shone on the regulators or those in compliance at the banks involved, we now begin to see some cracks in the Libor rigging foundation in terms of addressing the fact that senior executives were aware and involved in this manipulation. (more…)

Barclays’ Libor Scandal: Prison Will Remedy

Posted by Larry Doyle on July 2nd, 2012 7:11 AM |

Many executives on Wall Street and in The City, London’s central business district, have reason to be VERY NERVOUS this morning.

Their sweaty palms have nothing to do with the ongoing crisis in Europe or this week’s likely weak employment report here in the United States. The nerves have everything to do with the fallout from the Libor-manipulation story that has been centered on Barclays but likely encompasses every major bank in the global markets.

The industry would like to take one large broom and sweep this story back under the rug. The weekend ‘execution’ of Barclays chairman Marcus Agius is an attempt to do just that.  (more…)






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