Libor

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'Banks Around the World' Probed in Currency Scheme

Swiss regulators looking into alleged plot to rig Forex

(Newser) - Is this the next Libor? Switzerland's top market regulator has announced a sweeping investigation into an alleged conspiracy to rig benchmark currency exchange rates, the Wall Street Journal reports. The regulator, Finma, says it's investigating "several" Swiss firms, but is also "coordinating closely with authorities in... More »

NYSE to Buy Scandal-Plagued Libor

But UK will still regulate it

(Newser) - Hey buddy, wanna buy a disgraced financial metric? Because the New York Stock Exchange does. It's struck a deal to buy Libor, the benchmark for global short-term interest rates that became synonymous in recent years with complex stories about financial skullduggery thanks to a scandal in which the world'... More »

RBS to Pay $612M in Latest Libor Fines

Time to fix banking culture: chairman

(Newser) - Royal Bank of Scotland is the latest bank to owe big following the Libor rate-fixing scandal . The British institution has been fined a total of $612 million to US and British regulators: some $325 million to the US Commodity Futures Trading Commission, $150 million to the Justice Department, and the... More »

UBS Will Pay $1.5B in Libor Scandal

Investigators' findings 'do not make for pretty reading'

(Newser) - Swiss banking giant UBS will indeed pay a hefty $1.5 billion in fines in the wake of the Libor rate-rigging scandal —a much larger fine than Barclays had to dole out for its role, and the second largest penalty American and British regulators have ever imposed on a... More »

Libor Scandal to Cost UBS $1.6B: Report

That's 3 times Barclays' penalty

(Newser) - UBS will pay $1.6 billion to settle with US and European officials in the Libor rate-fixing scandal, an insider tells Bloomberg —a penalty more than three times the size of what Barclays ponied up . Meanwhile, US officials are set to charge bankers in the manipulation of Tokyo interbank... More »

UK Arrests 3 in Libor Scandal

Brits questioned over rate-fixing

(Newser) - Britain has made the first three arrests in the Libor rate-fixing scandal , the New York Times reports. All are British nationals, aged 33, 41, and 47, adds the Wall Street Journal . The men are being questioned and their homes have been searched, authorities say. The youngest of the three, Thomas... More »

Now 16 Banks Subpoenaed in Libor Mess

Bank of America, Credit Suisse drawn into probe

(Newser) - Add nine more top banks to the list of subpoenas in the Libor scandal: Bank of America, Credit Suisse, Bank of Tokyo Mitsubishi, Lloyds Banking Group, Royal Bank of Canada, Rabobank, Societe Generale, Norinchukin Bank, and West LB were all handed subpoenas in August and September, the Wall Street Journal... More »

Lawsuits Surge in Libor Rate Scandal

With liability as high as $176B, banks under pressure to settle

(Newser) - As the Libor interest-rate scandal continues to spread , lawsuits are piling up by individual investors and institutions who say they were cheated by the artificially low rates, reports the Wall Street Journal . Banks could face up to $176.3 billion in Libor-related liability, according to Macquarie Research, assuming the rate... More »

JPMorgan, Other Banks Pulled Into Libor Probe

Seven banks subpoenaed

(Newser) - The Libor scandal continues to grow. The New York and Connecticut attorneys general have now subpoenaed seven large banks, with a round of subpoenas recently issued to JPMorgan Chase, Deutsche Bank, Royal Bank of Scotland, and HSBC, in addition to Barclays, a source told the AP yesterday. Citigroup and UBS... More »

3 Banks in Center of Libor Scandal

One former trader says Libor has been rigged since at least 1991

(Newser) - Recently released court documents suggest that traders at Barclays, the Royal Bank of Scotland, and UBS were most central to the Libor-rigging scandal , reports Reuters . Those three banks—much of the blame has fallen on just Barclay's up to now—employed more than a dozen traders who tried influencing... More »

Barclays Execs Under Another Investigation

And bank set aside hundreds of millions for misselling derivatives

(Newser) - Barclays raised a whole bunch of eyebrows when it released its earnings today—and in the process revealed, among other things, that current and former senior executives were under an investigation totally unrelated to the Libor. UK regulators are looking into whether the bank sufficiently disclosed details of the $11.... More »

NY Fed Kept Mouth Shut About Barclay's Libor Scheme

Staffers knew about rate fixing

(Newser) - Barclays admitted that it was rigging Libor to the Federal Reserve Bank of New York back in 2008—and the New York Fed, and its then-head Timothy Geithner, told precisely no one. Geithner has said he sounded the alarm on Libor in 2008, and indeed, the Fed did suggest reforms... More »

Traders Allegedly Monkeyed With Libor, Too

Arrests may be imminent in vast rigging scandal

(Newser) - Looks like Barclays wasn't the only one gaming the Libor system. Investigators are looking into an alleged conspiracy in which traders around the world worked together to rig Libor to boost their personal profits, the Wall Street Journal reports. Several different groups were allegedly working to rig the rate... More »

Libor Scandal Just Bankers' Latest Hit on Reality

Today's corporations 'can't handle the truth': Peter Goodman

(Newser) - Don't be too surprised by the Libor scandal : It's only bankers' latest attempt to alter reality to their own benefit. Instead of acknowledging the troubling truth about Libor rates, Barclays opted to encourage more dangerous behavior by pretending everything was fine. The phenomenon goes beyond banking, writes Peter... More »

Geithner Questioned Libor's Credibility in 2008

He sent email to Bank of England honcho, among others

(Newser) - Treasury Secretary Timothy Geithner has certainly earned the right to say "I told you so" to British authorities about the Libor rate-fixing scandal , but lawmakers are wondering whether he could have done more to prevent it. Geithner was running the Federal Reserve Bank of New York when he pushed... More »

Crooked Corporate America Is Killing Capitalism

Scandals destroying trust, which markets need to function

(Newser) - With Britain's Libor scandal piling on top of an endless parade of stories of crooked finances—hundreds of billions of dollars in lousy mortgages and securities, entire towns going bankrupt , Wall Street execs saying they need to break the law to be successful, and more—Americans' trust in banks,... More »

Fed Knew of Libor Scandal Years Ago

Raising the question: Why wasn't anything done?

(Newser) - The Federal Reserve Bank of New York knew something fishy was going on with the Libor rate as far back as August 2007, it has revealed. "We received occasional anecdotal reports from Barclays of problems with Libor," a spokesman said in a statement. The following spring, before any... More »

Britain's Financial Authority Never Policed Libor

As scandal builds, UK parliament decides to hold banking inquiry

(Newser) - The growing scandal over the rigging of benchmark Libor rates raises a fundamental question: Why didn't Britain's Financial Services Authority see anything was amiss? Mainly because the FSA hadn't policed Libor for years, reports the Wall Street Journal . Worse, bank executives had warned the FSA about Libor... More »

British Rate-Fixing Scandal Takes 'Mind-Blowing' Turn

Matt Taibbi: Libor scandal goes 'down the rabbit hole' of banking

(Newser) - The scandal over rigged Libor rates, the benchmark rate used for interest rates on trillions of dollars worth of loans, is quickly growing past Barclays and threatens to engulf the Bank of England and a dozen other banks, including several in the US, reports the Wall Street Journal . Barclays officials... More »

Barclays CEO Quits Under Pressure

Rate-fixing scandal claims Bob Diamond, too

(Newser) - Barclays CEO Bob Diamond has bowed to pressure and followed bank chairman Marcus Agius out the door in the wake of the Libor rate-rigging scandal. Agius claimed "the buck stops" with him when he quit yesterday, and Diamond initially resisted calls to resign. He admitted that some of the... More »

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