Posts Tagged ‘LIBOR’

Ecclestone shouldn’t be able to bribe his way out of bribery – he should go to prison

by Michael Meacher.

It is shocking that Bernie Ecclestone could offer a £100m payment to walk free of a massive bribery case for which he was clearly guilty. He admitted he had given an official a £44m bribe in order to head off an investigation into his tax affairs, but when this is rumbled he gets away with […]

Only little people pay the penalty

by Michael Meacher.

Recent decisions on the banks, police and health service cast a rancid light over the current nature of the British State. RBS was shamed by an enormous £390m fine for ‘widespread misconduct’ in rigging the Libor rate at least till November 2010, 2 years after it was bailed out by taxpayers. Regulators found that corrupt […]

The scandal of PPI: where were the regulators?

by Michael Meacher.

Even as we have got used to the iniquity of the banks, the latest revelations still take the breath away. The scale of the payment protection insurance (PPI) mis-selling scandal is truly gigantic. The aim behind PPI was to cover borrowers’ loan repayments if they fell ill or lost their job, but it developed into […]

Investment banking award: for illegal interest rate manipulation

by Newsdesk.

It was the Investment Banking Awards last night, but the organisers had somehow neglected to include a prize for illegal interest rate manipulation. Fortunately help was at hand. (Hat-tip: New Left Project)

The proposed reform of LIBOR will still fail

by Michael Meacher.

Martin Wheatley, the head of the new proposed Financial Conduct Authority which is supposed to regulate and prevent wider issues of malfeasance in the City than the FSA was able (or rather, unable) to deal with, recently had this to say about the LIBOR (London Inter-bank Offered Rate) which acted as the benchmark for $300 […]

Bank bosses, it seems, like the police are never guilty

by Michael Meacher.

So who instructed Barclays to reduce its submissions to LIBOR, the London inter-bank offer rate which the Economist recently estimated underpins contracts worldwide worth over £60 trillions?  On this rather crucial question the Treasury Select Committee has done a fudge. The answer apparently is – nobody. Del Missier, the chief operating officer at Barclays, admitted he […]

After Barclays now it’s HSBC: will corruption at the top ever stop?

by Michael Meacher.

HSBC now looks to be heading for the biggest fine ever for Europe’s biggest bank.   It stands accused of failing to properly implement money-laundering controls designed to prevent terrorists and others from using its services to advance their criminal ends. Two facts stand out from this case.   One is that HSBC is a British bank, but […]

Why are the Tories so coy about a judge-led inquiry?

by Michael Meacher.

Parliament was at its worst yesterday. The mud wrestlers Osborne and Balls were so dementedly determined to lay toxic blame on each other for the shocking LIBOR scandal that the City escaped with hardly a bruise to its name. The difference between a judge-led inquiry and a special parliamentary select committee inquiry is not that […]

This latest bank crisis leaves several vital questions unanswered

by Michael Meacher.

Since the rigging of the key inter-bank lending rate (LIBOR) has been going on since 2005, why did it require the US Department of Justice to bring this enormous scam to light and why were the British authorities (FSA, Bank of England and Treasury) asleep at the wheel? Why were the top management of the banks so monumentally incompetent, or so wilfully blind, as not even to notice a clue in 7 years?

Labour after LIBOR

by David Osler.

If anyone out there is still making the intellectual case for further banking deregulation, they are keeping strangely quiet right now. And yet for the longest time, an automatic presumption in its favour constituted the prevailing orthodoxy among Conservative and New Labour politicians alike. Last week’s revelations about Barclay’s complicity in rigging the London Interbank […]

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