Investigators Are Closing In On Two Other Banks Involved In LIBOR Rigging
July 28, 2012
Source: Reuters
New details from court documents and sources close to the Libor scandal investigation suggest that groups of traders working at three major European banks were heavily involved in rigging global benchmark interest rates.
Some of those traders, including one who used to work at Barclays Plc in New York, still have senior positions on Wall Street trading desks.
Until now, most of the attention has involved traders at Barclays, which last month reached a $453 million settlement with U.S. and UK authorities for its role in the manipulation of rates. Now, it is becoming clear that traders from at least two other banks – UK-based Royal Bank of Scotland Group Plc and Switzerland’s UBS AG – played a central role.
Between them, the three banks employed more than a dozen traders who sought to influence rates in either dollar, euro or yen rates. Some of the traders who are being probed have worked for several banks under scrutiny, raising the possibility that the rate fixing became more ingrained as traders changed jobs.
Full story here.
New details from court documents and sources close to the Libor scandal investigation suggest that groups of traders working at three major European banks were heavily involved in rigging global benchmark interest rates.
Some of those traders, including one who used to work at Barclays Plc in New York, still have senior positions on Wall Street trading desks.
Until now, most of the attention has involved traders at Barclays, which last month reached a $453 million settlement with U.S. and UK authorities for its role in the manipulation of rates. Now, it is becoming clear that traders from at least two other banks – UK-based Royal Bank of Scotland Group Plc and Switzerland’s UBS AG – played a central role.
Between them, the three banks employed more than a dozen traders who sought to influence rates in either dollar, euro or yen rates. Some of the traders who are being probed have worked for several banks under scrutiny, raising the possibility that the rate fixing became more ingrained as traders changed jobs.
Full story here.
2 comments:
Ah, NOW the truth is coming out.... first a trickle, then a flood.... somebody let Drake know about this.......
: Iran Sentences Four to Death Over Banking Scandal
This could only happen in a country that owns its central bank. As you know, Iran, Norht Korea and Cuba are the only countries that own their central banks now. Iraq and Libya were taken over mainly for the reason that they controlled their own banks and now those countries lie in shambles and the banks have been given to the banksters.
In Iran the government controls the banks. In the west the banks control the governments. Until we deal with this issue, hope for bringing our countries back to prosperity is nil.
Hi Drake,
We desperately need something like this over here.
Let me just add a statement from Anonomys which pertinently describes the scenario:
HOPE IS LIKE A LONG ROPE...MANY HANG THEMSELVES WITH IT.
Well, in this case it was only four.
http://golden-rule.org/2012/07/31/hangin-em-high-iran-sentences-four-to-death-over-banking-scandal/
Source: Reuters
An Iranian court has sentenced four people to death for their roles in a billion-dollar banking fraud scandal that forced bank executives out of their jobs and tainted the government of President Mahmoud Ahmadinejad, state media reported on Monday.
The embezzlement case, discovered in September 2011, revolved around forged documents allegedly used by the directors of an Iranian investment company to secure loans totaling $2.6 billion to buy state-owned enterprises.
Thirty-nine people were tried for their involvement in the fraud.
"We are typing their sentences now and according to the sentence that was issued, four of the accused in this case were sentenced to death," judiciary spokesman Gholam-Hossein Mohseni-Ejei told the IRNA state news agency.
He did not name the individuals sentenced to death.
Two others were sentenced to life imprisonment and others received sentences ranging from 25 years and down, Mohseni-Ejei was quoted as saying.
(Reporting By Yeganeh Torbati; Editing by Angus MacSwan)
I'd like to know just WHERE the "$453 million settlement" will go... back to the banking cabal no doubt!!!
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