Libor probe said to expose collusion amongst UK banks and beyond
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astra
trevorw2539
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blueturando
Mel
Adele Carlyon
Stox 16
oftenwrong
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:: The Heavy Stuff :: UK Economics
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Libor probe said to expose collusion amongst UK banks and beyond
First topic message reminder :
This is blatant insider trading , they are fleecing the public on a daily basis , read it and weep,
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
This is blatant insider trading , they are fleecing the public on a daily basis , read it and weep,
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
Scarecrow- Deactivated
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Join date : 2012-02-23
Location : Midlands.
Re: Libor probe said to expose collusion amongst UK banks and beyond
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
oftenwrong- Sage
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Re: Libor probe said to expose collusion amongst UK banks and beyond
"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.
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.
Mel- Posts : 1703
Join date : 2011-10-08
Re: Libor probe said to expose collusion amongst UK banks and beyond
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.
Stox 16- Posts : 1064
Join date : 2011-12-18
Age : 64
Location : Suffolk in the UK
Re: Libor probe said to expose collusion amongst UK banks and beyond
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.
oftenwrong- Sage
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Re: Libor probe said to expose collusion amongst UK banks and beyond
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.
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.
Mel- Posts : 1703
Join date : 2011-10-08
Re: Libor probe said to expose collusion amongst UK banks and beyond
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?
Stox 16- Posts : 1064
Join date : 2011-12-18
Age : 64
Location : Suffolk in the UK
Re: Libor probe said to expose collusion amongst UK banks and beyond
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."
I favour the description I heard of Mervyn King: "A Butler who is watering the whisky."
oftenwrong- Sage
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Re: Libor probe said to expose collusion amongst UK banks and beyond
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.
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.
Mel- Posts : 1703
Join date : 2011-10-08
Re: Libor probe said to expose collusion amongst UK banks and beyond
" ...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...?
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..."
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...?
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..."
Phil Hornby- Blogger
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Re: Libor probe said to expose collusion amongst UK banks and beyond
"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.
Let me know when this is to occur Phil and I shall be there like a shot for another good laugh.
Mel- Posts : 1703
Join date : 2011-10-08
Re: Libor probe said to expose collusion amongst UK banks and beyond
" I vote Tory for more honest government..."
Phil....Good to see you're now are serious about politics, welcome to the Tories brother
Phil....Good to see you're now are serious about politics, welcome to the Tories brother
blueturando- Banned
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Re: Libor probe said to expose collusion amongst UK banks and beyond
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!)
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
astra- Deceased
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Re: Libor probe said to expose collusion amongst UK banks and beyond
I'm not sure whether it's legal to use the words "conscience" and "Gideon" in the same sentence.
oftenwrong- Sage
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Re: Libor probe said to expose collusion amongst UK banks and beyond
" "Don't look at me in THAT tone of voice!!"
In those distant schooldays, the next bit went : " it tastes a funny colour..."
In those distant schooldays, the next bit went : " it tastes a funny colour..."
Phil Hornby- Blogger
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Re: Libor probe said to expose collusion amongst UK banks and beyond
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.
The banksters and establishment in this country are akin to a legitimised mafia.
sickchip- Posts : 1152
Join date : 2011-10-11
Re: Libor probe said to expose collusion amongst UK banks and beyond
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!
Please add Estate Agents, Insurance Brokers and Lawers/Solicitors to the list.
Now we start on the Medical Proffession!
astra- Deceased
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Location : North East England.
Re: Libor probe said to expose collusion amongst UK banks and beyond
You can't have a job unless you join the appropriate Professional Body - but you can't join that without a job.
oftenwrong- Sage
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Re: Libor probe said to expose collusion amongst UK banks and beyond
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/
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/
oftenwrong- Sage
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