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What Happened When A Trader From The Biggest Hedge Fund In Europe Called RBS...
When the Libor scandal broke this summer, it was the first time most of the world (even people who pay attention to markets) had ever heard of the rate.Thanks to documents uncovered by Bloomberg,...
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REPORT: UBS Faces Fines Of More Than $1 Billion In Libor Manipulation Probe...
This just breaking according to Bloomberg...."UBS SAID TO FACE FINES OF MORE THAN $1 BILLION IN LIBOR PROBES"The Swiss banking giant could face fines from the CFTC, U.K.'s FSA and the Department of...
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Two Instant Message Conversations That Show How Simple It Was For Banks To...
Bloomberg was able to see some instant message conversations being used in Libor manipulation litigation in Singapore. You know what that means — Wall Street's favorite — published instant...
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UBS Is Nearing A Deal With Authorities Over LIBOR, And Wall Street Hasn't...
The most salient criticism for the way maleficence at banks is handled — from the financial crisis to money laundering at HSBC— it's that bank's never face criminal charges.The New York Times reports...
View ArticleWhy The Libor Investigation Is Truly Different From Other Wall Street Scandals
Dozens of bankers will be implicated in the Libor scandal, according to the FT, ensuring that this scandal will be like any other. There won't be just one fall guy (think: Abacus/Fabrice Tourre) and...
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UBS Pays A Whopping $1.5 Billion Fine For Trying To Rig Rates
Dec. 19 (Bloomberg) -- UBS AG’s $1.5 billion penalty for trying to rig interbank rates brings total fines for Europe’s largest banks to at least $6.1 billion, or about a quarter of their estimated...
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The Tale Of UBS's Libor Rigging Reads Like A Modern Crime Thriller
Corruption, bribes, collusion, panic and downright stupidity – the tale of UBS’s scandalous Libor rigging between 2005 and 2010 reads like a modern crime thriller.At least 45 individuals at the Swiss...
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The 10 Biggest Financial News Stories Of 2012
It’s hard to believe another year has passed us by, and one that was just as tumultuous as 2011.Looking back on the biggest finance news stories that held our attention in 2012, we experienced the...
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Barclays Is In The Hunt For Three New Directors
Barclays has appointed City headhunters to find three new non-executive directors, as Sir David Walker looks to refresh the bank’s board following last summer’s Libor-fixing scandal.The Sunday...
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RBS Trader Compared Himself To The 'Whores Drawers' In Conversation About...
Today, in embarrassing Wall Street instant message news, Britain's Financial regulator, the FSA has released communication between RBS employees working with the LIBOR.Reuters reports that RBS faces...
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8 Cringeworthy IM Conversations That Traders Had About Fixing LIBOR
RBS is the latest bank to have all its dirty laundry aired in the Libor scandal that rocked banks around the world this summer. This morning, the CFTC and England's financial regulator, the FSA, both...
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Libor 'Often Completely Made Up'
A top American regulator has suggested that Libor was often "completely made up" and that authorities could not guarantee the rate is free of fraud.Gary Gensler, chairman of the Commodity Futures...
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Regulators Blame Libor Fixing On The Sex, Drugs, And Lavish Perks Of London...
A number of major banks, mostly in London, were caught last summer in a whirlwind scandal for manipulating an obscure interest rate, the Libor.There were customary embarrassing instant messages and...
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Why The Average Person Could Never Pull Off Mark Cuban's Massive Yen Short
We recently reported that Mark Cubanrefinanced every last dollar of his debt into Japanese Yen.There are two reasons to do this. One is that interest rates in Japan are very low. The other reason is...
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Report: Senior ICAP Executive Knew Of Manipulation In LIBOR Scandal
NEW YORK (Reuters) - A senior executive at British brokerage firm ICAP PLC <IAP.L> knew that some of the firm's brokers worked with traders at UBS AG <UBSN.VX> to manipulate benchmark...
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Here's A Rundown Of All Of JPMorgan's Mounting Legal Headaches
JPMorgan Chase is currently facing a slew of problems from the London Whale trading loss to subprime mortgage lawsuits from the financial crisis. Once the darling of Washington, D.C., the bank has now...
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Instant Messages Allegedly Reveal How Brokers Would 'Fudge' Libor Rates For A...
This morning the U.S. Department of Justice announced criminal charges against three former ICAP brokers in the Libor manipulation case.The ex-ICAP employees named DOJ's complaint are Darrell Read, who...
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Barclays' Head Of Government Compliance Is Taking A Leave Of Absence Due To...
Barclays' head of compliance and government will take a temporary leave of absence due to "exhaustion and stress," Bloomberg's Jon Menon and Ben Moshinsky report.Hector Sants joined the the British...
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Fannie Mae Sues Nine Banks For Rigging LIBOR
NEW YORK (Reuters) - Fannie Mae sued nine of the world's largest banks on Thursday, accusing them of colluding to manipulate interest rates and seeking more than $800 million of damages.In a complaint...
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Here's Everything You Need To Know About The Growing Investigation Into...
News broke recently that Barclays has suspended six traders in an internal probe looking at whether its employees were rigging the foreign exchange market.There's also RBS, who emailed clients...
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