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HomeLibor Scam/Tom Hayes: Goes Much Higher Than Me
Posted by Larry Doyle on February 8th, 2013 9:04 AM |
I have long maintained that senior executives on Wall Street were very much aware of the collusive racketeering in the Libor rigging scandal. Why so? When a trader ‘makes it rain,’ that is, he is connected to a P/L that generates hundreds of millions of dollars, you better believe that the execs up the chain of command will want to know how the money is being made.
To think otherwise would display a level of naivete not found in these markets.
What evidence do we learn this morning that supports my premise that senior execs on Wall Street were aware that Libor was being manipulated? Let’s navigate as the WSJ writes about the “Rain-Man” >>>>>>>> (more…)
Libor Scandal: “Companies Do NOT Commit Fraud, People Do”
Posted by Larry Doyle on February 7th, 2013 6:19 AM |
I will tell you what it means. It means that free market capitalism is losing, and cronyism in the financial system is simply becoming more deeply embedded. Do you disagree? (more…)
Libor Scandal: Deutsche Bank Went ‘All In’
Posted by Larry Doyle on January 10th, 2013 8:51 AM |
“Investment capital goes where it’s welcome and stays where it’s appreciated.” Maine governor Paul LePage
The more information one holds, the better positioned he is to take increased risk. If that information were to include the ability to influence if not outright manipulate a game/market, then one’s risk profile —that is, the size of one’s position — is likely to really increase.
Can you imagine if you were playing the tables in Vegas and you had knowledge as to what the dealer held and what he was likely to pull, what would you do? (more…)
Barney Frank to Eric Holder: Time for Prosecutions . . . Really?
Posted by Larry Doyle on December 21st, 2012 9:24 AM |
The American public in totality is not stupid, although they are often treated that way by many in Washington.
Scandalous behavior within major Wall Street institutions has run rampant over the last decade — and likely a lot longer than that — and been addressed almost uniformly with token fines (relative to revenues generated) that are little more than a cost of doing business. Why does such scandalous behavior persist? (more…)
Libor Scandal Update: More Evidence from Mid-1990s
Posted by Larry Doyle on November 21st, 2012 10:00 AM |
Headlines this morning highlight the fact that SAC’s “portfolio manager A”, aka Steven A. Cohen, is linked to the largest insider trading scandal brought to date by the US Attorney’s Office in New York.
This $276 million scandal and the fact that Stevie-boy might finally be hooked is sure to create ooh’s and aah’s across Wall Street and the nation. If proven, Cohen and other conspirators deserve what they get in terms of hard time.
Meanwhile in the adult pool little attention is paid to the fact that the “institutional” Libor manipulation scandal had bombshell developments yesterday. Let’s navigate. (more…)
Barack and Mitt: America’s Unfinished Business
Posted by Larry Doyle on September 6th, 2012 1:08 PM |
Should we even have to remind them?
Do the crowds on both sides of the political aisle think Americans are this naive? Well, actually, on that note, the pols from both sides are right. Many Americans remain exceptionally naive regarding far too many issues, financial and otherwise.
The media is clearly of little help in exposing the ugly underside of the Wall Street – Washington conspiracy. That said, many Americans are now far savvier than they were a few short years ago when it comes to appreciating the rackets being run by BOTH political parties, their cronies on Wall Street, and the puppets ensconced within too many of our regulators. (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…)
