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Deutsche Bank Stunner: An Inside Look At Former CEO's Role In Liborgate. Earlier this week in "The Inside Story Of How Deutsche Bank 'Deals With' Whistleblowers," we gave you a play-by-play account of how the bank summarily dismissed Dr.

Deutsche Bank Stunner: An Inside Look At Former CEO's Role In Liborgate

Eric Ben-Artzi after the former Goldmanite raised questions about how Deutsche valued its crisis-era derivatives book. In short, the story is a reflection of what some say is a hopelessly corrupt corporate culture and indeed, recent events at the bank underscore the extent to which it is reeling from expensive settlements and rampant defections. Here’s a recap of Deutsche Bank’s recent trials and travails: In April, Deutsche settled rate rigging charges with the DoJ for $2.5 billion (or about $25,474 per employee). A month later, the bank paid $55 million to the SEC (an agency that’s been run by former Deutsche Bank employees and their close associates for years) in connection with allegations it deliberately mismarked its crisis-era LSS book to the tune of at least $5 billion. Oh, and both CEOs resigned on June 7. Hmm. Wow. NewsCaustic sur Twitter : "#JuhiRamani writes about #LIBOR rigging and its implications on financial markets worldwide. LIBOR Rigging. ~ NewsCaustic.

LIBOR- Benchmark Interest rate The LIBOR, which essentially mean London Interbank Offered Rate, is a benchmark interest rate based on the rates at which banks lend unsecured funds to each other on the London interbank market.

LIBOR Rigging. ~ NewsCaustic

It is published daily by the British Bankers' Association (BBA), and was first used in financial markets in 1986. Germany Blasts Deutsche Bank Executives Over Culture.

LIBOR more

It was impossible to spot Libor rigging: UK watchdog. Colorado lawmakers vote to make it harder to plead insanity. Denver - A bill that would make it harder for defendants to plead not guilty by reason of insanity passed its first vote from Colorado lawmakers on Wednesday; it’s the first of several votes before the bill could become law.

Colorado lawmakers vote to make it harder to plead insanity

The legislation , HB13-1127, sponsored by Republican lawmaker Frank McNulty, reads in part: "Under current law, when a defendant pleads not guilty by reason of insanity and introduces any evidence of insanity, the prosecution has to prove beyond a reasonable doubt that the defendant was sane. The bill places the burden of proof on the defendant to prove insanity by clear and convincing evidence. " But CBS Denver's Legal Analyst Karen Steinhauser has doubts, saying the Colorado constitution is clear in the due process of law. LIBOR SCANDAL EXPLAINED: AN INFOGRAPHIC. The LIBOR scandal is being called the “Wall Street scandal of all scandals” and the “rotten heart of finance,” but the massive fraud can be hard to fathom for anyone who doesn’t follow the markets.

LIBOR SCANDAL EXPLAINED: AN INFOGRAPHIC

The London Interbank Offered Rate (LIBOR) is a benchmark interest rate used broadly all over the world and affects trillions of dollars of loans – mortgage loans, small-business loans, personal loans – worldwide. This nifty infographic from AccountingDegree.net gives non-finance folk an idea of the scope of the scandal (h/t r/Politics): Comments comments. Deutsche Bank’s Jain Sickened by Libor Manipulation Scandal. Deutsche Bank AG (DBK) co-Chief Executive Officer Anshu Jain said he was sickened by the manipulation of interbank lending rates.

Deutsche Bank’s Jain Sickened by Libor Manipulation Scandal

“The Libor affair sickens us all,” Jain told clients and investors during a panel discussion in Koenigstein, a town near Germany’s financial capital Frankfurt, late yesterday. “I don’t think any CEO thought this was a possibility. It sickens me the most of all the scandals.” Regulators from Canada to Switzerland are investigating whether more than a dozen banks, including Deutsche Bank, were colluding to rig the rate. The Libor buck must stop in the RBS boardroom. Stephen Hester, chief executive of Royal Bank of Scotland, has been saying for months that the unveiling of the bank's Libor misdeeds, plus the imposition of a hefty fine, will be a "difficult" moment.

The Libor buck must stop in the RBS boardroom

The hour approaches – it could be next week – and it looks worse than difficult. Hester and his chairman, Sir Philip Hampton, could face the bank's biggest post-bailout crisis. There are two problems. First, the size of the fine, which is rumoured to be a lot more than the £290m Barclays paid. Deutsche Bank Libor Probe Should Be Public: Lawmakers. Deutsche Bank AG (DBK) and Germany’s finance regulator are under pressure to publish findings of a probe into whether the lender rigged interest rates, with lawmakers saying a rule meant to protect banks is crippling efforts to explore what’s wrong with financial markets.

Deutsche Bank Libor Probe Should Be Public: Lawmakers

“German secrecy rules for banking supervisors are way too broad, barring us from understanding what contributed to the financial crisis,” Gerhard Schick, a member of the Bundestag finance committee, said in an interview. Unless a bank allows publication, German law bans the regulator, known as Bafin, from disclosing facts from reviews if it would be contrary to the lender’s interest. Lawmakers claim the practice, aimed at protecting business secrets, hinders effective controls. “Deutsche Bank should allow Bafin to publish the report in any case,” said Schick, an opposition Green Party politician on the committee, which previously requested Anshu Jain, the bank’s co-chief executive officer, testify about Libor. Close. Deutsche Bank Benefited From Libor Trades: Report. Bets worth billions of euros related to Libor and other global benchmark rates were placed by the firm, the newspaper said, citing internal documents from the firm.

Deutsche Bank Benefited From Libor Trades: Report

It added however that the documents did not prove that the trades made by the bank affected the market or were illegal. "This strategy, which was subject to the bank's risk limits and used by many in the marketplace, diversified and lowered the bank's portfolio risk during the peak of the financial crisis," a spokesperson for Deutsche Bank told CNBC.com "It was based on a market view about the likely direction of interest rates and not on any belief that the bank could inappropriately influence interbank lending rates. " Deutsche Bank Made Huge Profit On Libor During Financial Crisis: Report. Back in 2008, when financial markets were chaotic and unpredictable, at least one large bank managed to turn a hefty profit with finely-tuned bets on an interest rate that was being manipulated almost constantly by large banks.

Deutsche Bank Made Huge Profit On Libor During Financial Crisis: Report

The Wall Street Journal reports that Deutsche Bank turned a neat profit of $654 million betting on small changes in the benchmark lending rate known as Libor in 2008, the year when global markets were at their absolute craziest. The bets were an "extremely large risk" even for Deutsche Bank, one of the biggest banks in Europe, one analyst tells the WSJ. That year was also a time when many banks were manipulating Libor, which is short for the London Interbank Offered Rate, a key short-term lending rate that sets borrowing costs throughout the global economy. So far, Barclays and UBS have paid fines totaling nearly $2 billion and admitted their traders monkeyed around with the rates (often to help traders make some money on trades tied to Libor). Also on HuffPost: Libor Fixing Scandal: Over 30 UBS bankers implicated. Over 30 UBS employees and senior managers are reported to be implicated in the alleged libor rigging scandal, with the Swiss Bank estimated to pay around $1.5bn to settle charges.

Libor Fixing Scandal: Over 30 UBS bankers implicated

UBS is close to finalising a deal with UK, US and Swiss authorities in which the bank will pay close to $1.5bn and its Japanese securities subsidiary will plead guilty to a US criminal offence. Despite this, reports from Reuters and the Financial Times say the "bank will not lose its ability to conduct business in Japan". The company will admit that roughly 36 of its traders around the globe manipulated the libor rate, the rate at which banks lend to one another, between 2005 and 2010. Last week the Serious Fraud Office arrested three people as part of their investigation into the libor fixing scandal. Tom Hayes, a former trader at both UBS and Citigroup, Terry Farr and Jim Gilmour, both employees of interdealer broker RP Martin.

Written and presented by Alfred Joyner. Libor – what is it and why does it matter? Libor, the London inter-bank lending rate, is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. Here, the BBC explains some of the key facts. 1. What is Libor? A global benchmark interest rate used to set a range of financial deals worth an estimated: Lanza AND James Holmes (Batman)Dad's BOTH testifying in LIBOR scandal?

A false rumor spreading rapidly on fringe sites like Infowars and assorted Ron Paul messageboards ties the school murders to an existing hoax surrounding the Aurora, Colo. movie theater shooting. After that attack, conspiracy theorists fixated on the accused shooter’s father, Robert Holmes, pointing to media reports that he worked as an anti-fraud scientist for credit scoring company FICO.

Somehow, a rumor surfaced online that Holmes was scheduled to testify before the Senate on the Libor banking scandal before the theater shooting. It wasn’t true: no such hearing was ever scheduled to take place, nor is there even an obvious connection between FICO and the Libor scandal, which involved a number of high-profile banks misreporting interest rates on transactions.

But imaginative commenters across dozens of sites exploited the phony connection anyway, concocting a theory in which the hearing was set to reveal a massive new fraud scheme before being deliberately derailed. UBS to admit Japan criminal wrongdoing in Libor case: sources. December 14, 2012|Katharina Bart and Huw Jones | Reuters ZURICH/LONDON (Reuters) - UBS will admit to criminal wrongdoing by its Japanese arm, where one of the Swiss bank's traders manipulated yen Libor and euroyen contracts, to secure a $1-billion-plus settlement with regulators, people familiar with the matter said on Friday. Japan's financial regulator last December ordered UBS's Japanese securities arm to suspend Tibor- and Libor-related derivatives trading for a week after a probe found a former trader attempted to influence the Tokyo interbank offered rate. The Libor conundrum: How the world throws out the rate used around the world. It would stand to reason that under this cloud of suspicion lenders and securities firms would have backed away from Libor by now.

They have not. Bankers arrested in SFO Libor inquiry. Fresh from Libor Scandal, Barclays May Have to Pay Millions in California Energy Market Rigging. The clock is running on Barclays for the bank to show U.S. regulators that it shouldn’t be fined a record $470 million for manipulation of California’s electricity markets. The Federal Energy Regulatory Commission (FERC) accused Barclays of making trades in the energy market that it purposely lost money on in order to make huge profits on investments in a related derivatives swaps market. Four traders for the bank are also facing fines of $18 million for their role in what is called a “loss-leader” scheme. US Woman Takes on Banks Over Libor. The subprime mortgages of Annie Bell Adams and her four co-lead plaintiffs were securitised into Libor-based collateralised debt obligations and sold by banks to investors.

The class action, filed in New York, alleges that traders at 12 of the biggest banks in Europe and North America – including Barclays, Bank of America and UBS – were incentivised to manipulate the London interbank offered rate to a higher rate on certain dates on which adjustable mortgage interest rates were reset. This resulted in homeowners paying more between 2000 and 2009, according to the complaint. The plaintiffs, who could number 100,000, have lost thousands of dollars each, says their Alabama-based attorney, John Sharbrough. He declined to give a figure on the total damages his clients are seeking.

A series of class actions have been filed in New York since banks disclosed they were being probed. Woman Who Lost Home Sues Big Banks Over LIBOR Manipulation. You can't fight City Hall, but you can fight Wall Street -- at least that's what Annie Bell Adams hopes. When the U.S. pensioner lost her home to foreclosure, she could have easily done what so many others have: swallowed hard, accepted her fate, and moved on. Federal Reserve Turns Over LIBOR Documents To Congress. The Federal Reserve Bank of New York submitted more than 6,000 pages of documents to the House Financial Services Committee on Monday. Christy Romero, TARP Watchdog, Wants Libor Out Of Bank Bailouts. Libor: the impact on credit. Fund Strategy - 24 Sep 2012 | By Christine Johnson Banks are plagued with scandals and poor capitalisation.

How should credit investors approach deep problems in an important part of their universe? It seems almost every morning we wake up to hear about another banking scandal, from major IT breakdowns to massive money laundering lapses. Banks Under Pressure To Sign Off Legal Advantage In LIBOR Fixing Investigation. LIBOR Likely Not Only Benchmark Manipulated: Regulators. A group of international securities regulators has said that LIBOR may not be the only benchmark to have been compromised by manipulation, thanks to leeway in how those benchmarks are determined. Libor-Like Manipulation Possible in Other Benchmarks, Iosco Says. UK's RBS faces Libor fine of up to $480 million: FT. LIBOR scandal(s) revisited. Much has already been written about how a substantial number of banks have manipulated and misrepresented their LIBOR submissions for their economic benefit. What the LIBOR Scandal Means for Real Estate. In early July, British investment bank Barclays PLC announced a surprise settlement with agencies from the United States and Europe and admitted that, for years, it had been reporting false information to the British Bankers’ Association as part of the process of determining the London Inter Bank Overnight Rate (LIBOR)—a key metric used as the basis for trillions of dollars’ worth of other financial products, including some commercial real estate debt.

Barclays' reputation takes a battering after Libor scandal. Barclays came last for 'favourability' among the major banks in a YouGov poll. Don’t Let Libor Bankers Police Themselves. Business ethics: split the myth from the hard reality - Columnists. Deutsche Bank Tackles Ackermann Legacy in Strategy Revamp. RBS Said to Be in Talks With U.K. Regulators Over Libor. Experts Warned CFTC About Potential Libor Rigging 15 Years Ago. Barclays heads roll over Libor. Banks Facing Suits as States Weigh Their Libor Losses. Service Journalism for Libor Manipulators. Trader Who Made Billions For Deutsche Manipulating Libor, Has $53 Million In Bonus Clawed Back. Diamond named on Barclays Libor list. UBS Chairman Proposes Libor Pact: Report. Read This Libor Story. Jain Says Davos Bankers Discussed Global Libor Settlement. Talks on industry Libor settlement not advanced: Deutsche Bank.

Osborne tells RBS to forgo bonuses to pay US Libor fines. Libor fixing scandal: George Osborne wants RBS fine to come out of bankers' bonuses. UBS Trader Hayes Exposed at Core of Libor Investigation. LIBOR Scandal: Yep, It’s as Bad as We Thought. UBS felony plea in Libor deal ushers in tougher enforcement era. LIBOR Reckoning: UBS’ “Routine and Widespread” Role Nets Modest Settlement. Libor accused Tom Hayes moved shares into wife's name. UBS to Pay $1.5 Billion to Settle LIBOR Rigging Allegations. The Real Libor Scandal. LIBOR This - HooHa: Finally, A Few Bankers Face Criminal Prosecutions For Conspiracies. Geithner Was Told of Libor Fears in 2008. Banking industry's year of shame ends in a blizzard of Libor revelations. One in Three Yen Libor Banks Involved in Rigging. LIBOR fixing, money laundering and more: 2012's biggest bank fines - December - 2012.

UBS tightening controls after Libor scandal: chairman. Libor scandal hits traders as RBS 'cuts bonuses' The Libor scandal: Year of the lawyer. UBS faces $1 billion fine for Libor rigging: source. Libor Arrests (Finally) Coming. UK Financial Services Authority Investigating A Claim Of 'Libor-Like' Manipulation Of Gas Prices. RBS Libor Rigging Fines May Come From Both U.K. And U.S. Authorities. Bank Of England Looks Outside After Libor Scandal, Taps Canada's Carney. Barclays sacked five staff over Libor manipulation scandal. Barclays Has Fired All The Employees Involved In Libor Manipulation That Didn’t Slip Out A Side Door And Beat Them To The Punch. LIBOR Manipulation Will Become A Criminal Offence. UBS Close to $465 Million Settlement Over Libor-Rigging. Libor Scandal Extended To UBS: Bank Reportedly Near $450M Settlement With Regulators.

UBS deal expected soon on Libor rigging. Libor Fixing Scandal: FSA Proposes New Rules and Regulations. Banks could be compelled to join Libor-setting process. What the LIBOR Scandal Means for Investors (BCS, DB, RBS, UBS) Banks braced for hefty fines over rule breaches.