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Libor probe said to expose collusion amongst UK banks and beyond

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Libor probe said to expose collusion amongst UK banks and beyond

Post by Scarecrow on Sat Feb 25, 2012 3:44 pm

First topic message reminder :

This is blatant insider trading , they are fleecing the public on a daily basis , read it and weep, Sad


Britain’s Financial Services Authority is probing whether banks’ proprietary-trading desks exploited information they had about the direction of Libor to trade interest-rate derivatives, potentially defrauding their firms’ counterparties, the people said. The investigation may lead to civil fines for the banks and criminal charges for the traders involved.
The rate, a benchmark for about $360 trillion of financial products worldwide, is derived from a survey of banks conducted daily on behalf of the British Bankers’ Association in London.
Manipulating Rates
The lenders are asked how much it would cost them to borrow from one another for 15 different periods, from overnight to one year, in currencies including dollars, euros, yen and Swiss francs. After a predetermined number of quotes are excluded, those remaining are averaged and published for each currency by the BBA before noon.
Regulators worldwide are investigating whether banks attempted to manipulate the London, Tokyo and euro interbank offered rates, known as Libor, Tibor and Euribor. The U.S. Securities and Exchange Commission, U.S. Commodity Futures Trading Commission, U.S. Department of Justice, and Japan’s Financial Supervisory Agency are all involved. The probes are being led separately, with individual regulators sharing some information among themselves.

http://www.bloomberg.com/news/2012-02-21/fsa-investigating-cross-border-allegations-in-libor-probe.html
http://www.bloomberg.com/news/2012-02-15/libor-investigation-said-to-expose-collusion-lack-of-internal-controls.html
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by oftenwrong on Fri Jul 06, 2012 9:45 am

Stox 16 wrote:


.... On some occasions its embarrassingly clear that our weak current government does not have any answers to the publics questions beyond developing a blame culture....

I myself found it quite ironic that the Tory party should call for independent judicial inquiry into the actions of News Corp but not into outrageous banking practice of investment banking arms of the banks.

Cameron was bounced into the Leveson Enquiry because of the phone-hacking disclosures. There had already been a Parliamentary Select Committee enquiry into the matter. That committe's report divided along Party Lines and accordingly nullified itself - as will any Parliamentary enquiry into Banker fraud.

Clearly the PM had not anticipated himself becoming a star of the Leveson enquiry, and is unlikely to make that sort of mistake again.



Background story: http://www.independent.co.uk/news/people/profiles/tom-watson-it-has-seemed-like-surfing-a-giant-wave-for-two-weeks-2319915.html




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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by Mel on Fri Jul 06, 2012 12:08 pm

"Clearly the PM had not anticipated himself becoming a star of the Leveson enquiry, and is unlikely to make that sort of mistake again."

As clear as gin OW, whilst his silly looking little Gideon prat of a so called Chancellor (pathetic) tries to lay blame at the door of the previous Labour government by attempting unsucessfully to take Ball's to task at the dispatch box yesterday.
A visibly pathetic attempt to lay blame without a shred of evidence, for nothing other than political gain and avoidance measurse to take the heat out of the (never was going to get) an independant public inquiry/enquiry, whichever name one chooses to use.

So plain to see and yet the gullible will no doubt swallow his unstubstatiated claims.

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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by Stox 16 on Sun Jul 08, 2012 4:33 am

Mel wrote:"Clearly the PM had not anticipated himself becoming a star of the Leveson enquiry, and is unlikely to make that sort of mistake again."

As clear as gin OW, whilst his silly looking little Gideon prat of a so called Chancellor (pathetic) tries to lay blame at the door of the previous Labour government by attempting unsucessfully to take Ball's to task at the dispatch box yesterday.
A visibly pathetic attempt to lay blame without a shred of evidence, for nothing other than political gain and avoidance measurse to take the heat out of the (never was going to get) an independant public inquiry/enquiry, whichever name one chooses to use.

So plain to see and yet the gullible will no doubt swallow his unstubstatiated claims.


Hello Mel
I have to agree with your post. but that attack on Ed balls was just utterly disgraceful act. I was thinking at the time that this was just about one of the worst allegation made while offering up no evidence to back it up was a new low even for the Tory party Mel. quite frankly I found the whole thing quite disgusting and sickening to watch. However, i had too take my hat off to Ed Balls and he turned the Tories inside out in that debate. he is for me the best attack dog we have on the front bench right now. as his cut Gideon to bits and took on the rest of the right wing backwoodsmen and woman and dispatched them with ease in my view.
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by oftenwrong on Sun Jul 08, 2012 10:52 am

A valid point raised in Dominic Lawson's Sunday Times column about the Libor rate fixing is that Banks have been reluctant to lend to each other for about five years now. At any price.
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by Mel on Sun Jul 08, 2012 11:12 am

There lies the problem OW, the fear factor. Once it was out in 2007 that Lehman's was in trouble the whole global bank to bank lending system ceased to operate.

You will no doubt recall that around that time banks and many other lenders were pulling the rugs from morgage deals about ready for completion. Havoc was created for many would be house purchasers.
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by Stox 16 on Mon Jul 09, 2012 3:29 am

Mel wrote:There lies the problem OW, the fear factor. Once it was out in 2007 that Lehman's was in trouble the whole global bank to bank lending system ceased to operate.

You will no doubt recall that around that time banks and many other lenders were pulling the rugs from morgage deals about ready for completion. Havoc was created for many would be house purchasers.

Hello Mel
OW is quite right in what he posted as are your good self. However, there is a nasty rumor doing the round within the City that the big four banks are gambling once more and doing this with QE money. the rumor is that the Bank of England has told the big four that if they slip up this time they face any problems on there own? When i was told this today I was not at all surprised by this rumor Mel. as I understand that some US bank did this a pulled off a £2 billion jackpot. but right now our four banks have had some £375 billion pounds in QE. but that so far very little has been used for anything? so its very interesting Mel if this City rumor is right. which i happen to think could well be right. Wonder if Gideon knows of this rumor or not?
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by oftenwrong on Mon Jul 09, 2012 9:50 am

The pious hope of the Bank of England is that Banks will use the QE boost to buy Government Bonds. Rather like Granny giving little Johnny £5 to buy something nice for Mother's Day.

I favour the description I heard of Mervyn King: "A Butler who is watering the whisky."
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by Mel on Tue Jul 10, 2012 6:51 pm

Now that Paul Tucker (deputy BoE governor) has exhonerated New Labour and in particular Ed Balls from the libelous accusations thrown at him by the boy in short trousers Gideon (Walpaper) Osborne. One would have expected a public apology forthcoming Balls way.

Expectations are one thing, the reality of an arrogant Bullinton ar*hole is another, which is contagious he having been up Cameron's rectum for some years.
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by Phil Hornby on Tue Jul 10, 2012 7:19 pm

" ...Gideon (Walpaper) Osborne..."

Does he have that nickname because he can be used to try to cover up the cracks, but also has his back to the wall...? Very Happy

An apology from the creep for his spiteful and cowardly accusations is as likely as me standing on a soapbox in the Market Square and shouting " I vote Tory for more honest government..." Shocked
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by Mel on Wed Jul 11, 2012 8:36 am

"me standing on a soapbox in the Market Square"

Let me know when this is to occur Phil and I shall be there like a shot for another good laugh. Very Happy
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by blueturando on Wed Jul 11, 2012 2:57 pm

" I vote Tory for more honest government..."

Phil....Good to see you're now are serious about politics, welcome to the Tories brother Smile

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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by astra on Wed Jul 11, 2012 3:25 pm

http://www.bbc.co.uk/news/uk-england-tyne-18795660


A Newcastle hotel is replacing the traditional bedside Gideon bibles with e-reader editions


Q. Does this mean Gideon is getting a conscience over his treatment of the northeast?


WHAT!.............. "Don't look at me in THAT tone of voice!!" (thanks to Grandma' for the quote!)


Last edited by astra on Wed Jul 11, 2012 5:40 pm; edited 1 time in total
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by oftenwrong on Wed Jul 11, 2012 5:25 pm

I'm not sure whether it's legal to use the words "conscience" and "Gideon" in the same sentence.
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by Phil Hornby on Wed Jul 11, 2012 6:46 pm

" "Don't look at me in THAT tone of voice!!"

In those distant schooldays, the next bit went : " it tastes a funny colour..." Shocked
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by sickchip on Wed Jul 11, 2012 9:36 pm

It's a wonder no uk mps, or bankers, have been assasinated in recent times - given their awful abuse of the general public.

The banksters and establishment in this country are akin to a legitimised mafia.
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by astra on Wed Jul 11, 2012 9:39 pm

They have been that for many a year me old Chip!

Please add Estate Agents, Insurance Brokers and Lawers/Solicitors to the list.


Now we start on the Medical Proffession!
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by oftenwrong on Wed Jul 11, 2012 10:13 pm

You can't have a job unless you join the appropriate Professional Body - but you can't join that without a job.
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Re: Libor probe said to expose collusion amongst UK banks and beyond

Post by oftenwrong on Mon May 25, 2015 12:49 pm

Banks cannot "collude" - it's against the Law, like forming a cartel or similarly restricting free trade. But the Traders must earn multi-million-pound bonuses somehow.

You may have noticed a puff last week from a quango called The Payments Council, stating that cash money is going out of fashion.
Yes, the same friendly people who tried unsuccessfully to scrap cheque-books not long ago. The headline was that more than 50% of all payment transactions were now done by Standing Order, Direct Debit, Bank transfer and similar automated services. That is ALL transactions including those between Banks, commercial institutions, Business and government. Strip it down to actual real people and cash is still our favourite method of payment (52%) , followed a long way behind by debit cards.

http://www.paymentscouncil.org.uk/who_we_are/



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Re: Libor probe said to expose collusion amongst UK banks and beyond

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