Posts Tagged ‘LIBOR rigging’
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…)
Tags: center of the Libor scandal, fraud on Wall Street, is Thomas Hayes talking, Libor fraud, Libor manipulation, LIBOR rigging, Libor scam, Libor scandal, manipulation of Libor, Thomas Hayes Rainman, Thomas Hayes Wall Street career, who is Thomas Hayes Rainman, who is Tom Hayes
Posted in fraud, General, Libor | 4 Comments »
Posted by Larry Doyle on February 7th, 2013 6:19 AM |
What does it mean when news that one of the world’s largest financial firms pays a $612 million fine for behaviors that clearly smack of racketeering and nobody even blinks?
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…)
Tags: companies do not commit frauds people do, crony capitalism, fraud on Wall Street, Libor, Libor fraud, Libor manipulation, LIBOR rigging, Libor scandal, manipulation of Libor, RBS Libor scandal, Royal Bank of Scotland Libor fine, Stephen Hester RBS
Posted in General, Libor, Wall Street Washington Incest | 4 Comments »
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…)
Tags: betting on Wall Street, Deutsche Bank Libor rigging made huge bet, Deutsche Bank Libor whistleblower, Deutsche Bank profit on Libor rigging, Deutsche Bank went all in, Libor manipulation, LIBOR rigging, Libor scandal, Mark Williams Federal Reserve examiner
Posted in General, Libor | 4 Comments »
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…)
Tags: Barney Frank calls for prosecutions, Barney Frank letter to Department of Justice, Barney Frank letter to Eric Holder, Barney Frank time for prosecutions, Barney Frank to Eric Holder, Barney Frank writes to Eric Holder, crony capitalism, Libor manipulation, Libor manipulation what did Washington know, LIBOR rigging, Libor rigging to recapitalize banks, Libor scandal, US Treasury knew about Libor manipulation, Washington knew abut Libor rigging
Posted in General, Libor | 18 Comments »
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…)
Tags: aiding and abetting a fraud, financial fraud on Wall Street, how would exectives know about Libor rigging, inter dealer brokers involved with riggingLibor, LIBOR rigging, Libor scandal, Libor scandal how executives must have known, manipulating Libor, manipulating of Libor, regulators and Libor rigging, the greatest fraud of all time, Thomas Hayes, trading desk management, trading management on Wall Street, UBS Libor scandal, wwhere were the regulators in Libor rigging
Posted in General, Libor | 6 Comments »
Posted by Larry Doyle on December 13th, 2012 2:00 PM |
With news leaking that Union Bank of Switzerland is poised to pay a $1 billion fine for its involvement in the manipulation of Libor, we once again are led to the conclusion that, for those involved in running the major global financial institutions, “CRIME PAYS.”
It is insulting to those who have even an ounce of decency in their body to think that institutions such as Barclays, UBS, and certainly many more can engage in the “biggest financial fraud of all time” and simply write a check for their complicity.
The “biggest financial fraud of all time,” LD? Yes, I have defined this price rigging racket in just such a fashion many times. Those are not merely my words today. Who else joins me and echoes those sentiments? (more…)
Tags: Adrian Blundell-Wignall, Barclays Libor Scandal, biggest financial fraud of all time, crime pays, Deutsche Bank Libor scandal, everybody was doing it excuse, failure of supervision on Wall Street, LIBOR rigging, Libor scandal, manipulation of Libor, neither admit nor deny, paying fines for crimes, paying fines on Wall Street, Rabobank Groep Libor scandal, RBS Libor scandal, UBS Libor scandal
Posted in General, Libor | 2 Comments »
Posted by Larry Doyle on July 27th, 2012 10:03 AM |
When did the scandalous manipulation of the London Interbank Overnight Rate, that is Libor, really begin?
I have posed that question often over the course of the last month. E-mails emanating from Barclays point to manipulation of Libor back in 2005.
The industry and regulators would clearly like to keep the focus of this scandal to the crisis period of 2008. Why is that? The excuse of, “We were trying to save the system” would seem to provide a very wide cover for all parties involved. But, again I ask, when did it really begin? (more…)
Tags: Bob Diamond career at Morgan Stanley, bob Diamond Libor manipulation, Douglas Keenan commentary in Financial Times, Douglas Keenan Morgan Stanley trader, Douglas Keenan writess of Libor manipulation in 1991, financial regulatory capture, is Wall Street a racket, Larry Doyle Libor scandal, LIBOR rigging, Libor scandal, My Thwarted Attempt to Tell of Libor Shenanigans, regulatory capture, rigging of LIBOR, when did Libor manipulation start, when did Libor price fixing begin, when did Libor rigging start, who is Douglas Keenan
Posted in General, Libor | 1 Comment »
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Libor Scandal: Trader Highlights Manipulation in 1991
Posted by Larry Doyle on July 27th, 2012 10:03 AM |
I have posed that question often over the course of the last month. E-mails emanating from Barclays point to manipulation of Libor back in 2005.
The industry and regulators would clearly like to keep the focus of this scandal to the crisis period of 2008. Why is that? The excuse of, “We were trying to save the system” would seem to provide a very wide cover for all parties involved. But, again I ask, when did it really begin? (more…)
Tags: Bob Diamond career at Morgan Stanley, bob Diamond Libor manipulation, Douglas Keenan commentary in Financial Times, Douglas Keenan Morgan Stanley trader, Douglas Keenan writess of Libor manipulation in 1991, financial regulatory capture, is Wall Street a racket, Larry Doyle Libor scandal, LIBOR rigging, Libor scandal, My Thwarted Attempt to Tell of Libor Shenanigans, regulatory capture, rigging of LIBOR, when did Libor manipulation start, when did Libor price fixing begin, when did Libor rigging start, who is Douglas Keenan
Posted in General, Libor | 1 Comment »