Posts Tagged ‘Libor scandal’
Posted by Larry Doyle on September 20th, 2012 9:08 AM |
Dean Smith was a master practitioner as basketball coach at the University of North Carolina.
While many fans of the game may not have appreciated the style of ball played by Coach Smith, he was focused on one thing. Winning. What was Coach Smith’s signature style offensive strategy toward the end of games? The four corners.
College basketball during a large part of Coach Smith’s tenure operated without a shot clock so the team in possession of the ball often would spread the floor and run the clock down during the final stages of the game. The North Carolina Tar Heels under Coach Smith ran this “keepaway” style to perfection.
We see a very similar version of this offensive “running the clock out” currently on Wall Street. How so? Let’s navigate and address current developments in what I view as the largest financial scandal in history, that is the Libor scandal. (more…)
Tags: CFTC Libor scandal, Dean Smith North Carolina, developments with Libor scandal, DOJ Libor scandal, Justice Department Libor scandal, Larry Doyle Sense on Cents, Libor scandal, Libor scandal Wall Street banks, Libor scandal will wall street run out the clock, tolling agreement Libor scandal, what is a tolling agreement
Posted in General, Libor | 3 Comments »
Posted by Larry Doyle on August 16th, 2012 9:37 AM |
One might only guess that New York Attorney General Eric Schneiderman and his colleague NY Department of Financial Services’ superintendent Benjamin Lawsky are not on the distribution list for the Wall Street-Washington Incestuous Regulatory Relationship mailings. That is a good thing.
Hopefully other state regulators and attorneys general might take a cue from these two.
On the heels of Lawsky playing hardball with the Standard Chartered – Iranian Laundromat, we now see Schneiderman doing the same with seven Wall Street heavyweights implicated in the largest financial scandal in history, that is, the manipulation of Libor. Which heavyweights? (more…)
Tags: Eric Schneiderman George Jepsen Libor probe, Financial Times Seven Banks in NY Libor Probe, Libor scandal, Libor scandal Ben Bernanke, Libor scandal Eric Holder, Libor scandal Eric Schneiderman, Libor scandal Gary Gensler, Libor scandal Mary Schapiro, Libor scandal Rick Ketchum, Libor scandal Schneiderman and Jepsen, Libor scandal subpoenas, Libor scandal Tim Geithner, Libor scandal use of Martin Act, Libor subpoenas Martin Act, Standard Chartered Iranian laundromat, Wall Street-Washington incest
Posted in General, Libor, Wall Street Washington Incest | 7 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 »
Posted by Larry Doyle on July 22nd, 2012 6:41 AM |
I continue to maintain that the overwhelming percentage of people working on Wall Street are good and decent people trying to make an honest living in what has become an increasingly challenged industry.
I also maintain, and always will, that the spirit of capitalism that drives Wall Street is a necessary and vital engine if our economy and country are to recover.
I rail so hard on the failures and captures within our financial system for the very simple reason that I believe a healthy country needs healthy markets. Neither our country nor our markets are anywhere close to being healthy right now. In fact, with the news surrounding the Libor scandal taken in conjunction with word of massive money laundering within HSBC, the question begs, “Have banks become criminal enterprises?”
(more…)
Tags: Antonio Maria Costa UNODC, banking criminal enterprises, banking scandals, criminal activity within banks, criminal activity within Wall Street banks, David Aufhauser of UBS Settles ARS, does self-regulation work on Wall Street, drug trafficking in Wall Street banks, drug trafficking money laundering at Wachovia, For UBS A Record of Averting Prosecution, has criminal activity overtaken banking, have banks become criminal enterprises, how did drug trade penetrate banking, HSBC money laundering, JP Morgan electric scandal, JP Morgan Libor scandal, Libor scandal, Money Laundering Taken to the Cleaners, the state of banking 2012, Too Big to Beahave Not Too Big to be Punished, UBS, UBS New York Times July 21 2012, Union Bank of Switzerland, Wachovia money laundering, Wachovia money laundering scandal, Wall Street and drug trafficking, Wall Street-Washington incest
Posted in General, Wall Street Washington Incest | 12 Comments »
Posted by Larry Doyle on July 20th, 2012 10:24 AM |
We are losing our nation and our future literally right before our eyes. WAKE UP, America!!
Who is involved in the greatest theft ever undertaken on American soil? All those involved in the scheme and scandal collectively defined as financial regulatory capture. Who are the parties to this scandal?
1. Politicians more concerned with re-election and collecting the needed campaign funding than actually pursuing the truth and principles needed to protect investors and the public at large. (more…)
Tags: coverage of Libor scandal, factors involved in financial regulatory capture, how does financial regulatory capture work, how Wall Street buys off Washington and the media, lack of coverage of Libor scandal, Libor scandal, media complicit with Wall Street, media coverage of Libor scandal, Media Matters coverage of Libor scandal, Wake Up America, Wall Street-Washington incest, where to find coverage of Libor scandal, why hasnt the media covered the Libor scandal
Posted in General, Libor | 7 Comments »
Posted by Larry Doyle on July 17th, 2012 12:40 PM |
Today’s Wall Street Journal lead editorial, New York Fed to Barclays: ‘Mm hmm’, concludes,
. . . if this is really the epic deceit and crime we are now reading about, then either new evidence needs to come to light, or the regulators who smiled and nodded and “Okayed” and “Mm hmmed” through the panic years are complicit with the banks now in the dock. They had ample opportunity to shut down this behavior, but nothing released by the New York Fed or the Bank of England suggests much more than a raised eyebrow at the time.
I am highly confident that there is plenty of supportive evidence of deceit and conspiratorial activity in the many thousands of e-mails and communications which officials have indicated they already hold. That said, I am also confident — and let’s not discount for even a second — that the regulators were complicit with the banks now in the dock. Why so confident? (more…)
Tags: Banking Industry Tobacco Moment, Barclays Libor Scandal, Barclays Libor Scandal Bank of England, Barclays Libor Scandal equated to Tobacco Litigation, Barclays Libor scandal failure of regulators, cut the head off, did regulators look the other way in the Libor scandal, how regulators failed to protect in Barclays Libor scandal, lack of regulatory oversight in the Libor scandal, Libor scandal, Libor scandal complicit regulators, Libor scandal what about the regulators, Manipulating Libor like lying about tobacco, New York Fed to Barclays: 'Mm hmm', rigging Libor like tobacco, Wall Street Journal editorial July 17 2012, Wall Street-Washington incest, were regulators complicit in the Libor scandal, where were regulators in the Libor scandal
Posted in General, Libor, Wall Street Journal, Wall Street Washington Incest | 14 Comments »
Posted by Larry Doyle on July 10th, 2012 8:10 AM |
The London Interbank Overnight Rate, aka Libor, is the referenced benchmark rate for only some multiple hundreds of trillions of dollars worth of securities and contracts. As such, the rate is of enormous importance to the markets and global economy. I personally recall beginning almost every day as a trader on Wall Street by inquiring of an individual on the finance desk, “Where’s Libor?”
With the manipulation of this rate rocking the markets, everybody wants to know who’s to blame. There is certainly plenty of blame to go around.
If we were to listen to Bob Diamond, former CEO of Barclays, we would be inclined to believe that the blame in that organization rested merely within a very small group of individuals. How convenient. Do you think the CEOs of other banks would also like to ring fence this issue to a small group of expendable individuals on selected trading desks? No doubt. (more…)
Tags: Alan Greenspan, Arthur Levitt, Barclays Libor Scandal, Barclays Libor Scandal who is really to blame, Brooksley Born CFTC, Charles Ferguson Inside Job, Commodity Futures Modernization Act, Inside Job, lack of regulation of derivatives, lack of regulation of derivatives market, Larry Summers, Libor scandal, Phil Gramm, Robert Rubin, who is guilty of Libor scandal, who is to blame for Libor scandal
Posted in General, Libor | 3 Comments »
Posted by Larry Doyle on July 9th, 2012 11:36 AM |
The scandal centering on the rigging of Libor has the potential to rock the entire financial industry like no other scandal in our lifetime. While I have witnessed some industry insiders and others on the periphery attempt to downplay the impact of this scandal, they are mistaken in their analysis.
I would love to be privy to the conversations currently ongoing between individuals at the Fed, Treasury, Department of Justice, the CFTC, SEC, FINRA and their counterparts at the Bank of England, the FSA, other central banks, and regulatory authorities. While I have no doubt that selected financial fiascoes have been conveniently kept under the rug, I do not think there is a rug large enough to cover up this mother-of-all-scandals.
As this scandal continues to unfold, I think it may very well have a significant negative impact on the overall equity markets. Why? As investors hear and learn more about this scandal, they will be inclined to sell the market as a vote of no confidence and no trust in the overall system.
For added flavor I highly recommend these two recently released video clips. The first runs just over 9 minutes and is especially hard-hitting. The latter, not quite 7 minutes, addresses the magnitude of this scandal. (more…)
Tags: Barclays Libor Scandal, Dennis Kelleher, Libor scandal, Lie-more, liemore, Limor
Posted in General, Libor | 2 Comments »
Posted by Larry Doyle on July 3rd, 2012 11:06 AM |
When the proverbial “you know what” has hit the fan on Wall Street over the last few years, the defense of those occupying executive offices has consistently been, “the regulators were all over the firm and did nothing.”
With the industry in full defense mode over the fallout from the Libor price-fixing scandal, we catch a strong and overpowering sense of this stench filtering into the public domain once again. Bloomberg highlights as much in a short must-view video clip, Bad Bankers May Face Criminal Charges,
“Fraud is a crime in ordinary businesses, why shouldn’t it be so in banking?” (more…)
Tags: Barclays, Barclays Libor Scandal, did regulators know of Libor price fixing scandal, financial regulation Libor price fixing, Libor market manipulation, Libor price-fixing scandal, Libor scandal, self-regulation Libor price fixing
Posted in General, Libor | 6 Comments »
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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 »