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Found 12 results

  1. In addition to her attempts to impose 'Henry VII' clauses to give senior ministers power to completely by-pass parliament and change even primary legislation by decree, May is now trying to give a minority government more than its normal share of (selected) members on standing committees which create legislation. http://www.huffingtonpost.co.uk/entry/theresa-may-rigging-parliament-committee-of-selection-standing-committees_uk_59b1a514e4b0dfaafcf68a04 "A controversial new motion tabled by Commons Leader Andrea Leadsom seeks to ensure that Conservatives have a majority on all standing
  2. According to this article RBS expect to be fined in regard to rigging markets. http://www.telegraph.co.uk/finance/newsbysector/epic/rbs/11200316/RBS-takes-400m-hit-on-forex-rigging.html How much of the RBS profits has been related to risky investment, overcharging people with interest/charges and rigging of markets ? What happened to the sober Banking industry the UK had prior to 1987 ? For information it was the Reagan/Greenspan policies which Margaret Thatcher went along with, that turned many Banks from the sensible high street Banks we were used to, to being risky casin
  3. ICAP has been fined £55m by US and British regulators after admitting its role in the Libor-rigging scandal that has already seen three major banks pay more than £1bn in financial penalties. Staff at the London-listed broker set up by the former Conservative Party treasurer Michael Spencer were found to have provided false and misleading information as part of an attempt to manipulate borrowing rates. In internal communications, employees described Libor-submitters at some banks as “sheep” and took bribes, including champagne, dinners and even talk of Ferraris, from friendly traders to h
  4. Some of the written conversations between ICAP brokers and trader regarding the manipulation of Libor, published by the . US Commodity Futures Trading Commission. List here: http://www.consumeractiongroup.co.uk/forum/newthread.php?do=newthread&f=27
  5. Hong Kong is to investigate possible Libor rigging by UBS, a day after the Swiss bank agreed to pay £940m to regulators for trying to manipulate the key rate on an "epic scale" and two former traders at the bank were charged with conspiracy. The Hong Kong Monetary Authority, the city's de facto central bank, said it has received information from overseas regulators about "possible misconduct" by UBS involving submissions for the city's interbank rate, known as Hibor, and other reference rates in Asia. UBS was fined by Swiss, British and US regulators on Wednesday after an investigation r
  6. Swiss banking giant UBS has agreed to pay £940m to regulators in order to settle charges of manipulating Libor interest rates, fraud and paying bribes to brokers. The penalty is the second-largest fine paid by a bank and is more than three times the £290m fine levied on Barclays in June for attempting to rig the Libor benchmark rate used to price financial contracts around the world. UBS' 1.4bn Swiss franc (£940m) fine includes a £160m payment to the Financial Services Authority, the largest penalty ever levied by the British watchdog, and $1.2bn paid to US authorities. As part of t
  7. A class action complaint filed earlier this month in New York federal court claims borrowers with adjustable-rate mortgages based on the London Interbank Offered Rate, or Libor, paid more than they rightfully should have due to the rate's manipulation by the global banks involved in setting it. More: http://money.cnn.com/2012/10/16/news/companies/libor-homeowners-mortgages/index.html
  8. Lloyds Banking Group has become the latest British lender to be drawn into the Libor-rigging investigations by state prosecutors in the US. The bailed-out lender is one of nine banks to receive subpoenas from New York attorney-general Eric Schneiderman and his Connecticut counterpart George Jepsen. Several other European banks have also received the requests for information, including Credit Suisse and Societe Generale, as well Bank of America and Japanese lenders Bank of Tokyo-Mitsubishi UFJ and The Norinchukin Bank. The subpoenas were originally issued in August, according to The Wall
  9. Martin Wheatley announces proposals to beef up 'broken' interest rate setting system. City dealers who rig Libor should face criminal charges, the head of the review into reforming the benchmark interest rate will say on Friday as he announces proposals to beef up regulation of the "broken" rate-setting system. Martin Wheatley, a senior regulator at the Financial Services Authority, will also stress that other institutions face similar punishments to those handed out to Barclays, which was fined £290m for its attempts to manipulate the rate used to set borrowing costs for companies and ho
  10. The Bank of England was left red-faced last night after explosive documents dragged it into the heart of the interest rate-rigging scandal. Barclays released details of a phone call in October 2008 between its now departed chief executive Bob Diamond and the central bank’s deputy governor Paul Tucker. The note of the call purported to show that the Bank of England – having been lent on by ‘senior’ figures in Whitehall – hinted the firm could cut its Libor rates. Read more: http://www.dailymail.co.uk/money/news/article-2168399/Bank-England-dragged-rate-rigging-scandal.html#ixzz1zeO
  11. Traders under scrutiny are based mainly in London and New York It follows the £290m fine given to Barclays for fixing Libor lending rate The FBI is investigating 14 Barclays traders at the heart of the Libor-fixing scandal, it emerged yesterday. Although much of the immediate political fallout over Barclays has occurred in the UK, the US could become the main legal arena for the scandal, with financial and custodial punishments dwarfing those imposed elsewhere. The City of Baltimore has already launched a class action suit and the brokerage firm Charles Schwab has brought a lawsu
  12. The scandal of Barclays rigging key interest rates could lead to criminal charges against some individuals, according to top politicians and sources inside the bank itself. Andrew Tyrie, chairman of the powerful Treasury Select Committee, told Financial Mail this weekend that there could be prosecutions in Britain. Barclays was fined a total of £290 million by regulators in Britain and the US, but appeared to have been spared from criminal charges. Read more: http://www.dailymail.co.uk/money/markets/article-2166937/Scandal-Barclays-rigging-key-rates-lead-criminal-charges.html#ixzz1zKI
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