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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 committees that are the powerhouses of all prospective laws." "The motion, tabled by Leadsom on Thursday for a vote next Tuesday, states that Commons rules will be changed so that “where a committee has an odd number of members, the Government shall have a majority”." “The British people will not understand how having voted to deny the Conservatives a majority, the Tories can alter the rules of Parliament to ensure they have one." The powerful but little known Committee of Selection chooses which MPs go on select committees that scrutinise policy and ministers, and standing committees that govern legislation. The Leadsom motion sets the Committee up with nine members, but specifies that there will be five Tory members. "In 1995, then Commons Leader Tony Newton passed a motion guaranteeing a majority on committees only as long as a Government had a majority of the whole House."
  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 casino Banks. Then as time went along they became highly complex multi-national trading companies that could not be properly regulated.
  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 help them rig yen-denominated rates. The US Commodity Futures Trading Commission (CFTC) fined ICAP $65m (£41m), while Britain's Financial Conduct Authority imposed a £14m penalty. In the broker will pay fines totalling £55m. According to regulators, one ICAP employee was called “Lord LIBOR” and “Mr. LIBOR” due to his ability to help traders manipulate Japanese rates. The CFTC said that a senior UBS Yen trader, called on ICAP’s brokers more than 400 times for help in fixing rates. More: http://www.telegraph.co.uk/finance/libor-scandal/10333655/ICAP-fined-55m-over-Libor-rigging-scandal.html
  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 revealed evidence of massive misconduct in the setting of the London interbank offered rate (Libor), a global reference that affects trillions of dollars of loans and mortgages. The penalty is the second-largest banking fine ever. The Hong Kong Monetary Authority said it had "commenced an investigation to assess whether the potential misconduct had any material impact on Hibor, which is considered a key benchmark interest rate for economies in the region. It will work with overseas regulators to gather information and "consider further actions that need to be taken" pending the findings of the investigation. More: http://www.telegraph.co.uk/finance/libor-scandal/9757354/Hong-Kong-joins-UBS-Libor-rigging-probe-as-US-charges-two-ex-traders-at-bank-with-conspiracy-to-manipulate-rate.html
  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 the settlement, UBS' Japanese arm has agreed to enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates, including Yen Libor. The steep fine for UBS is despite the bank, since 2011, cooperating with law-enforcement agencies in their probes. The bank said it received conditional immunity from some regulators. In a statement on Wednesday, UBS said that certain personnel had "engaged in efforts to manipulate submissions for certain benchmark rates to benefit trading positions". Link: http://www.telegraph.co.uk/finance/libor-scandal/9754614/UBS-fined-940m-over-Libor-rigging.html
  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 Street Journal, and are part of the same investigation that saw Barclays, HSBC and Royal Bank of Scotland, as well as Citigroup, Deutsche Bank and JP Morgan being served with requests for information. Barclays is the only bank to have admitted attempting to rig the key inter-bank lending rate which influences the price of trillions of pounds of assets. In June it paid £290m to the US and British authorities to close their investigations into its role in the scandal. Investigators across the world are continuing to examine the extent of Libor manipulation and further settlements are expected. Criminal charges could be brought against any bank staff found to be involved. More: http://www.telegraph.co.uk/finance/libor-scandal/9637309/Lloyds-latest-UK-bank-to-face-Libor-rigging-inquiry.html
  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 households around the world. He will recommend that the FSA should regulate the Libor system. But while he will say that Libor can be preserved, he will also call for an international discussion about alternative benchmarks. Libor – the London interbank offered rate – represents the prices banks pay to borrow from each other. It is set by a panel of banks asked the prices at which they expect to borrow over 15 periods, from overnight to 12 months, in 10 currencies. The rates the banks submit are published on the same day Wheatley is proposing that those 150 benchmark rates be reduced to just 20 – in five currencies and four maturities. He says more banks should participate in making submissions – but he is proposing that the individual rates submitted should not be published for three months, to avoid a rerun of 2008 when, at the height of the banking crisis, rates were artificially reduced to avoid any stigma of appearing to be in trouble. The managers of the so-called submitters should be subjected to direct authorisation by the FSA, he will say, and a code of conduct drawn up for the operation of the rates. His hasty six-week review was sparked by the Barclays scandal which eventually led to the departure of chief executive Bob Diamond. The firms involved in Libor were regulated but not the market itself, so he will call for the law to be changed to make it offence to "make a false or misleading statement" to manipulate Libor. "This would enable the FSA to use criminal powers for the worst cases of attempted manipulation," Wheatley will tell a City audience as he publishes his review. Wheatley, who is to head the Financial Conduct Authority when it is spun out of the FSA next year, will also attack the previous "careless" way in which the rate-setting process was overseen by the British Bankers' Association, which will be stripped of any further involvement. A tender process will be started on Friday for a new body to oversee Libor in a process that will be supervised by Baroness Hogg . He will call on the banks involved to "stand up and take responsibility" too. "The reason we are here … is that we have been misled. The system is broken and needs a complete overhaul. The disturbing events we have uncovered in the manipulation of Libor have severely damaged our confidence and our trust – it has torn the very fabric that our financial system is built on," Wheatley will say. "Governance of Libor has completely failed, resulting in the sort of shameful behaviour that we have seen. This problem has been exacerbated by a lack of regulation and a comprehensive mechanism to punish those who manipulate the system." Link: http://www.guardian.co.uk/business/2012/sep/28/rigging-libor-banks-criminal-offence
  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#ixzz1zeO2vpL6
  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 lawsuit in California. Read more: http://www.dailymail.co.uk/news/article-2167469/Now-FBI-investigates-14-Barclays-staff-heart-scandal.html#ixzz1zQDj63ZT
  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#ixzz1zKI7OhLI
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