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More banks face interest rate rigging investigation

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posted on Jun, 27 2012 @ 11:28 PM
More banks face interest rate rigging investigation

A number of banks are being investigated and could face sanctions after Barclays was fined £290m ($450m) for trying to manipulate interest rates at which banks lend to each other.

Regulators in Europe, the US and Asia have said that investigations into other banks are "ongoing".

The UK's Financial Services Authority said the early signs were that Barclays had not been the only firm involved.

Barclays has said its actions "fell well short of standards".

Its traders lied to make the bank look more secure during the financial crisis and, sometimes - working with traders at other banks - to make a profit.

Chief executive Bob Diamond and three other top executives at the bank are to give up their bonuses this year.

Mortgage deals

Tracey McDermott, director of enforcement at the FSA, which imposed fines alongside the US financial regulator, told the BBC: "We have a number of investigations that are ongoing.

"Obviously we need to look at each case on its own particular facts but the initial indications are that Barclays was not the only firm that was involved in this."

The US Department of Justice also said criminal investigations into "other financial institutions and individuals" was ongoing.

Other big names believed to be under investigation include Citigroup, JP Morgan, Deutsche Bank, HSBC and Royal Bank of Scotland.

Click link for remainder of story...

posted on Jun, 27 2012 @ 11:29 PM
Certainly surprising and yet not so surprising. I guess I find it surprising is the fact it made the news and there appears to be criminal investigations ongoing in multiple countries now.

Question -
Thoughts on the impact this may have?

Could this lead to a fix for the financial system in the long term?

Could this be the straw that breaks the camels back in terms of people demanding oversight and holding government accountible for exercising that oversight?

posted on Jun, 27 2012 @ 11:56 PM
reply to post by Xcathdra

Former City minister Lord Myners told the BBC's Newsnight that any Barclays staff responsible for manipulating the Libor rate should face the prospect of going to prison.

He said the behaviour of Barclays staff was the worst he had seen.

"I think fines and public criticism will not stop these behaviours. These behaviours will not stop until the people perpetrating it or responsible for overseeing them face the prospect of criminal charges and the prospect of going to jail."

So what he's saying is that a fine of $495 million isn't enough to modify the behavior of these crooks. Think about it this way: If you were fined 12 cents and were forced to say, "Oh dear, I've been so bad," would that be enough to make you stop doing whatever it was you were doing? How much would you even care, if you were gaining $100 for every 12 cents you were fined?

Funny how criminal charges against the super-rich always end in fines instead of jail time. And it's not as if "the people" gain anything from it. It's just thrown into the black hole that is debt-service on the national debt--or pissed away on illegal wars, or given back to the same people with the other hand....

posted on Jun, 30 2012 @ 06:06 PM
The fun fact that 5 of the largest American banks are writing wills in case of failure, do they know something the rest of us don't?

posted on Jun, 30 2012 @ 06:41 PM

Originally posted by MidnightTide
The fun fact that 5 of the largest American banks are writing wills in case of failure, do they know something the rest of us don't?

I will hunt down the article I recently saw. The rigging of the interest rates, according to the article, affected a total dollar amount in excess of 544 trillion, yes trillion, dollars.

Its more than just US banks, and the list and location of those involved keeps growing.

posted on Jun, 30 2012 @ 07:02 PM
I think they should go to a real prison and be someone's b*tch. All white-collar prisons should be burned to the ground, or get converted into hotels. I'm sick of the red carpet being given to these criminals!

posted on Jun, 30 2012 @ 07:32 PM
What I get from this fact is the derivatives market is starting to blow up - and they are trying to cover it over. It is being shown that Barclay's was working with other banks to manipulate the Libor rate.

edit on 30-6-2012 by MidnightTide because: (no reason given)

posted on Jul, 1 2012 @ 01:55 AM
reply to post by MrUncreated

Agreed. They should be forced to go to regular prisons and have to share cells with the kind of people that their actions have had an impact on.

posted on Jul, 1 2012 @ 06:57 AM
reply to post by MidnightTide

ITS A Good call with Keiser he often surprises with ultra-radical statements (the truth..?!) about the economy - i'll be watching the link just now.

Its always surprising , economics , but when you add the politics it gets volatile . Faster than millisecond predictive robot traders doing deals with themselves , to break/bend the rules and rip everyone in sight
The re-invention of the money syphon , the mafia , and oh , thats why we need a bailout and easing again , its shadow banking as keiser puts it . Where they put that loot , all that potential reinvestment though/? Surely only assets and lifestyle are premium . However both require a stable environment. Why we get government offiials ringing up the libor fixers too?

I always try and think around problems , maybe why i get it wrong sometimes . Now it reminds me again , are we so silly as to keep assuming that we ourselves invented all this tech , knowhow and robot money syphons?

Did we think , there were not nets and flying carriages way before us ? Only justice then , will serve you well in life . Its not moral high_ ground , but moral high _truth .
edit on 1-7-2012 by ZIPMATT because: (no reason given)

edit on 1-7-2012 by ZIPMATT because: (no reason given)

posted on Jul, 1 2012 @ 07:38 AM
They know its corrupt all the way through at the big financials but they wont do anything about it. Theres too much money at stake and the politicians are either :

a) clued in, but captured by city interests
b) clueless

If we tore through the city and cleaned it, driving the corruption elsewhere we'd take a 10-20% fall in GDP. In large part the corruption IS the economy.

People are becoming more and more aware that there is one rule of law for the rich and another for the middle and the poor. If you wonder at cause of the accelerating unravelling of the UKs moral fibre look no further.

posted on Jul, 1 2012 @ 08:37 AM
reply to post by justwokeup

Are you sure your getting it?

The shadow economy is exponentially larger then the real economy....and the shadow economy is starting to unravel, you are looking at complete collapse.

posted on Jul, 1 2012 @ 08:55 AM
reply to post by MidnightTide

Agreed, thats whats forcing things to become blatant.

If that happens its not just the UK banks down the pan though. I think they'll find a way to keep things stumbling on as the consequences are apocalyptic.

Its just the fraud, corruption and general injustice will have to become ever greater to keep the game going. A long slow descent into dystopia.

Maybe it'll unravel spectacularly instead, who knows.

posted on Jul, 1 2012 @ 08:59 AM
reply to post by justwokeup

what I have found , time and time and time again (rambling post sorry) is everybody in the world are
1-ok (honest)
2-not ok(dishonest)

There is ONLY these demarkations , its timeless wisdom of old

Old BobDiamond , I had to laugh at him , he is is a typification of a James Bond Super-Villian , in the face and eye.
LOL we need James Bond , and Chuck Norris on the case
edit on 1-7-2012 by ZIPMATT because: (no reason given)

posted on Jul, 1 2012 @ 11:12 AM
This should be getting more attention, the bankers have been caught red handed - their greedy little hands in the cookie jar.

posted on Jul, 1 2012 @ 02:41 PM
Miliband redirects Barclays rage to Cameron over PM’s inaction

“The prime minister says he’s really not sure we need an inquiry. How out of touch can you get?

“I have news for David Cameron: the people of this country want a moment of reckoning for our banks.

“The British people will not tolerate the establishment closing ranks saying we don’t need an inquiry. They want a light shone into every dark corner of our banking system. They want bankers held to account. They want the system rebuilt.

“Nothing less than a full public inquiry can do that. Sticking plaster solutions will not heal this wound. And nobody has confidence that the current plans of this government or the industry will be sufficient.”

Just wow.

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