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Latest Finance News related to Libor Scandal

What’s it like to lose £350m? A rogue trader confesses image
Source : Guardian [Read Article] Sunday 7th of May 2017 08:00:27 AM
.... Now he has written Barometer of Fear, a book about his experiences. Or rather, he has written a book that touches on his experience, but is rather more concerned with institutional wrongdoing, such as the Libor scandal. ...
BBC to air recording that implicates Bank of England in Libor scandal image
Source : Guardian [Read Article] Monday 10th of April 2017 06:45:56 PM
....Labour’s shadow chancellor, John McDonnell, called for a new investigation on the back of the broadcaster’s report. “This is an extremely serious revelation that contradicts past assurances about the role of the Bank of England in the Libor scandal,” he said. ...
Two Barclays traders found not guilty in Libor retrial image
Source : BBC [Read Article] Thursday 6th of April 2017 10:12:09 AM
....Royal Bank of Scotland, UBS, Deutsche Bank and broker Icap were also heavily fined for attempting to manipulate the rate. In August 2015, Tom Hayes became the first individual to be convicted in the Libor scandal and was sentenced to 14 years in prison - later reduced to 11 years. ...
Robbing Paula to pay Peter in the boardroom image
Source : Guardian [Read Article] Sunday 2nd of April 2017 05:59:46 AM
.... On Tuesday the firm is due to announce results. All of which should give us a bit more information on what the banker is getting into and will no doubt reignite the debate over whether Diamond has served enough time away from the City after resigning from Barclays in the face of political pressure following the Libor scandal. ...
Barclays pays a further $100m in the US over Libor fraud image
Source : BBC [Read Article] Monday 8th of August 2016 05:12:06 PM
....The New York attorney-general, Eric Schneiderman said government bodies and not-for-profit organisations had been defrauded of millions of dollars. The Libor scandal has already cost Barclays $453m. ...

Theresa May drawn into David Cameron honours row after she accepted £35,000 from Tory donors whose names were taken off list
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....Mr Spencer’s peerage is understood to have been blocked because of  lingering concerns about the Libor scandal, when his firm Icap was fined £55million by regulators in 2013, despite no suggestion that directors at Icap were aware of the scandal. An investigation by the Serious Fraud Office into the Libor scandal is still open, although Icap is not involved. ...

Conservative party donor Ian Taylor rules himself out for knighthood - but David Cameron's controversial resignation honours list is still set to be the longest for over 50 years 
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....The Commission reports directly to Theresa May, the Prime Minister, and has to weigh up whether candidates are “in good standing in the community in general and with the public regulatory authorities in particular; and whether the past conduct of the nominee would not reasonably be regarded as bringing the House of lords into disrepute”. Mr Spencer’s peerage was understood to have been blocked because of lingering concerns about the Libor scandal, when his firm Icap was fined £55million by regulators in 2013, despite no suggestion that directors at Icap were aware of the scandal. ...

David Cameron's resignation honours list humiliatingly blocked as committee vetoes peerage for former party treasurer
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....Mr Spencer’s name was included on Mr Cameron’s resignation list for peerages alongside other key Number 10 aides, rumoured to include Ed Llewellyn, Mr Cameron’s former chief of staff; and Camilla Cavendish, the former head of his Number 10 policy unit. However, his peerage is understood to have been blocked because of lingering concerns about the Libor scandal, when his firm Icap was fined £55 million by regulators. ...
What is the Libor scandal? image
Source : BBC [Read Article] Thursday 7th of July 2016 05:58:31 AM

Ex-Barclays traders face retrial over Libor scandal
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Source : Telegraph [Read Article] Wednesday 6th of July 2016 02:09:22 PM
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MPs question appointment of former bankers' lobbyist in senior tax role image
Source : Guardian [Read Article] Tuesday 26th of January 2016 05:03:53 PM
....George Osborne’s decision to appoint a former bankers’ lobbyist as an independent tax adviser has been questioned by an influential parliamentary committee. The Treasury select committee expressed concerns on Tuesday over Angela Knight’s previous role as chair of the British Bankers’ Association (BBA) during the Libor scandal, her lack of tax knowledge and potential conflicts of interest with current directorships. ...
Antony Jenkins 'surprised' at Barclays sacking image
Source : Telegraph [Read Article] Thursday 3rd of December 2015 04:11:19 PM
....” . Mr Jenkins was promoted to the top job in 2012 in the wake of the Libor scandal and set about trying to reform the bank’s culture with the aim of ensuring it did not become embroiled in any future controversies. ...
Ex-Barclays boss Antony Jenkins surprised at sacking image
Source : Guardian [Read Article] Thursday 3rd of December 2015 09:21:08 AM
....He said: “It is a source of regret to me that I wasn’t able to complete the work. ” He added that he was proud of his three years at the helm, arguing that he left the bank in much better shape than it was in when he took the job in August 2012 in the wake of the Libor scandal. ...
Tom Hayes Libor appeal: Lawyer says his behaviour was not unusual image
Source : Telegraph [Read Article] Wednesday 2nd of December 2015 06:48:41 PM
.... Lawyer Neil Hawes told the Court of Appeal on Wednesday that the prison sentence given to Hayes was excessively long. He said that regulations introduced since the Libor scandal emerged in 2012 already act as a deterrent to other traders following suit, and so Hayes’ sentence does not need to be used in the same way. ...
John Hourican cancels resignation to stay at Bank of Cyprus image
Source : Telegraph [Read Article] Tuesday 24th of November 2015 02:55:08 PM
.... . The former investment bank boss at the Royal Bank of Scotland left his UK job in the wake of the Libor scandal, joined Bank of Cyprus in 2013 and handed in his notice two years later. ...
Bankers convicted in NY Libor trial image
Source : BBC [Read Article] Thursday 5th of November 2015 11:36:55 PM
....Both worked for Dutch lender Rabobank. The Libor scandal blew up in 2012 when it emerged that banks had been lying in the figures on which Libor was set. ...
Two former Rabobank traders convicted in US Libor rigging trial image
Source : Guardian [Read Article] Thursday 5th of November 2015 08:08:56 PM
.... The fine sparked a public outcry and led to the creation of the parliamentary commission on banking standards, chaired by Conservative MP Andrew Tyrie, which set out a series of measures to tighten up ethics in the City. Rabobank was fined £662m by regulators in October 2013 over the Libor scandal, sparking a move by the bank’s chairman, Piet Moerland, to step aside earlier than he had planned. ...
Barclays confirms Jes Staley as new boss image
Source : Telegraph [Read Article] Wednesday 28th of October 2015 07:46:15 AM
.... . Mr Staley is believed to have been one of the candidates considered for the top job when it was up for grabs in 2012 - after Bob Diamond left in the wake of the Libor scandal - but sources with knowledge of the assessment process believe Mr Staley was rejected as the required pay packet and his investment banking background did not fit the political environment of the day. ...
Australian former Rabobank trader arrested over Libor rate-rigging scandal image
....Australian-born Thompson is the former head of Dutch-owned Rabobank Groep’s money market and derivatives trading in south-east Asia and worked for the bank, based in Singapore, between 2006 and 2011. He is one of seven Rabobank employees to be charged in connection to the Libor scandal, which spans across 18 financial institutions and 35 individuals. ...
The bank bashing era may finally be coming to an end image
Source : Telegraph [Read Article] Thursday 15th of October 2015 09:18:45 PM
.... The American investment banker was thought to have been the board’s favoured choice to replace Bob Diamond in 2012. But in the poisonous political climate following the fallout from the Libor scandal and the breakdown in relations between Barclays and the Bank of England, Antony Jenkins was deemed a more palatable choice. ...
Will Barclays return to 'casino banking' image
Source : BBC [Read Article] Tuesday 13th of October 2015 05:19:36 PM
.... Barclays Capital became the lender's most profitable unit. But after the Libor scandal and his subsequent sacking, retail banker Antony Jenkins was promoted to chief executive and began cutting trading desks and the investment bank's salary bill. ...
Jes Staley set to lead Barclays' investment bank reforms image
Source : Telegraph [Read Article] Tuesday 13th of October 2015 04:25:11 PM
.... . When Bob Diamond left in the wake of the Libor scandal in 2012, Mr Staley was among the leading candidates before the bank settled on the internal promotion of retail banker Antony Jenkins. ...
Swiss watchdog investigates bank collusion in precious metals market image
Source : Guardian [Read Article] Monday 28th of September 2015 04:49:54 PM
.... Mitsui was not immediately available for comment. Scrutiny of precious metals pricing ramped up with the Libor scandal in foreign exchange markets. ...
When disaster strikes, stock diversification pays off image
Source : Telegraph [Read Article] Saturday 26th of September 2015 02:49:55 PM
.... . Was the diesel emissions debacle predictable? No more than the Libor scandal to which it has been, perhaps prematurely, likened. ...
Volkswagen scandal: CEO Martin Winterkorn resigns over emissions deception - as it happened on Wednesday image
Volkswagen scandal could be car industry's Libor moment image
Source : Telegraph [Read Article] Monday 21st of September 2015 07:51:28 PM
.... The dodgy software was loaded onto half a million cars. These are dramatic claims: the alleged behaviour was far, far worse even than that seen during the Libor scandal, which saw a few traders attempt to manipulate the interbank lending rate. ...
Libor scandal: Tom Hayes begins appeal against 14-year prison sentence image
Source : Telegraph [Read Article] Monday 14th of September 2015 06:19:33 PM
.... . Since the Libor scandal was uncovered, more than half a dozen banks have paid billions of pounds in fines and several have fired their chief executives. ...
Source : Independent [Read Article] Monday 17th of August 2015 05:15:00 AM
....The former chief executive of Barclays has made a surprise Wall Street comeback just three years after he was ousted from the British bank. Bob Diamond, who left the lender following the Libor scandal, has acquired a stake in South Street Securities, a New York trading firm specialising in the repo market. ...
Labour needs a leader who stands up to George Osborne’s cuts agenda image
Source : Guardian [Read Article] Sunday 9th of August 2015 08:00:04 AM
.... The law of unintended consequences is alive and well. Now this column has always had a soft spot for the underdog, and I hope I am not alone in feeling some sympathy for trader Tom Hayes, who was given a long jail sentence for his role in the Libor scandal. ...
FCA drops Libor probe into former Tom Hayes contemporary 'Pete the Greek' image
. The financial regulator has dropped an investigation into a former senior UBS banker caught up in the Libor scandal, after its own review panel found there was not a strong enough case to pursue him. ...
Libor scandal: Banks and regulators still blocking reform as first person is convicted of rigging benchmark interest rates image
....” One other person, whose name and bank cannot be reported, has pleaded guilty to their role in the fraud, which led to Lloyds Banking Group, Barclays, Royal Bank of Scotland and Deutsche Bank among others being told to hand over billions of pounds for their part in the scandal. However, critics of the industry will argue that the Libor scandal is indicative of wider problems that have not been fixed following the financial crash of 2008 and subsequent bailouts of several leading banks – pointing to how Hayes was allowed to keep a £2. ...
At last, we are starting to move on from the crisis image
Source : Telegraph [Read Article] Monday 3rd of August 2015 07:32:00 PM
.... The financial services industry makes a vital contribution to the British economy and needs to be allowed to thrive once again, not endlessly bashed; but it will only be allowed to do so by the public and the political classes if it is seen to be honest. The Libor scandal was shameful and damaged the UK’s reputation for integrity and fair play in the eyes of the rest of the world. ...
Libor scandal: Tom Hayes becomes first banker to be convicted of rigging benchmark interest rates image
....David Buik, market commentator at Panmure Gordon and Co. , said that Hayes had become a scapegoat in the Libor scandal in which 21 people have been charged. ...
Convicted Libor trader Tom Hayes: the self-confessed scruff 'not motivated' by money image
.... . • Former City trader Tom Hayes found guilty of rigging rates • Q&A: Libor explained • Barclays: how the Libor scandal unfolded • Libor-style scandals could happen again, says FCA . ...
We have given the keys of the global banking business to the Americans, says John Hourican image
.... . And after quitting the state-backed Scottish bank in February 2013 in the wake of the Libor scandal – waiving a bonus worth £4m as the bank digested a subsequent £392m fine – he was quick to turn his attention elsewhere. ...
Libor-style scandals could happen again as banks are failing to reform, says FCA image
.... . The City was shocked when banks were fined for forex manipulation, as it was revealed that the bad behaviour carried on even after the Libor scandal had broken. ...
Bankers should stop worrying about being liked - they never will be image
Source : Telegraph [Read Article] Wednesday 22nd of July 2015 06:05:15 PM
.... As part of that, a major debate on culture and perception of the industry began. Quick to this particular theme was Antony Jenkins, who was named chief executive of Barclays in the wake of the bank’s Libor scandal that led to the exit of Bob Diamond. ...
Bob Diamond's former right-hand man at Barclays sets up investment firm next to plumbing company  image
. The former chief operating officer of Barclays is setting up his own investment firm, three years after the Libor scandal prompted his resignation from the bank. ...
Michael Rake leaves Barclays days after ousting chief executive Antony Jenkins image
....Barclays faces further boardroom upheaval after it emerged the deputy chairman who played a key role in ousting chief executive Antony Jenkins last week is also to leave the bank. Sir Michael Rake stunned the City when he pushed out Jenkins, three years after he replaced Bob Diamond as chief executive in the wake of the Libor scandal. ...
Safe hands Jenkins dropped the ball at Barclays image
Source : Telegraph [Read Article] Saturday 11th of July 2015 05:54:33 PM
.... The American had built what was then called Barclays Capital almost from the ground up. Both he and it had, in the eyes of many following the Libor scandal, grown too big for their boots. ...
Barclays' John McFarlane: I’m no axe-man image
Source : Telegraph [Read Article] Saturday 11th of July 2015 03:10:15 PM
.... Mr Jenkins had held the top job for less than three years, taking the reins in August 2012. He was seen as a safe pair of hands following the carnage of the Libor scandal, which claimed the scalps of chief executive Bob Diamond and chairman Marcus Agius. ...
....Mr Jenkins, a retail banker who previously ran Barclaycard, had been in the job for just three years, having been hired to replace the high-profile American investment banker, Bob Diamond. Mr Diamond lost his job as a result of the public firestorm created by the Libor scandal. ...
'Mars bar could change Libor rate' image
Source : BBC [Read Article] Wednesday 8th of July 2015 03:24:40 PM
.... What's the legal risk to UBS asking others to manipulate rates?". The Libor scandal has seen a number of the world's leading banks fined for manipulating rates - traditionally to price loans between themselves. ...
Jenkins has paid for his failure to wrestle Barclays investment bank into shape image
....” . There is no doubt that Bob Diamond, chief executive of Barclays until his ignominious 2012 departure in the wake of the Libor scandal, would have reversed the order. ...
Barclays boss sacked in board fallout image
Source : BBC [Read Article] Wednesday 8th of July 2015 06:26:08 AM
....But the bank said its non-executive directors had "concluded that new leadership is required to accelerate the pace of execution going forward". Mr Jenkins took over at Barclays in the summer of 2012 following the departure of Bob Diamond, who left in the wake of the Libor scandal. ...
Barclays sacks Antony Jenkins as chief executive image
Source : Telegraph [Read Article] Wednesday 8th of July 2015 06:14:26 AM
.... Mr Jenkins has been in the top job at the UK bank since the summer of 2012. He was promoted after the previous chief executive, Bob Diamond, left in the wake of the Libor scandal. ...
Barclays fires chief executive Antony Jenkins image
Source : Guardian [Read Article] Wednesday 8th of July 2015 06:13:50 AM
Watchdogs tighten rules for banks image
Source : BBC [Read Article] Tuesday 7th of July 2015 03:53:12 PM
.... In some cases the CEO [chief executive] was aware of it," he said. Mr Hayes is the first person to be prosecuted over the Libor scandal which cost Barclays Bank a then record £290m in 2012 before Royal Bank of Scotland £390m for its part in the scandal. ...
Celebrity hotel Champneys launches £17m lawsuit against Lloyds Bank image
Source : Telegraph [Read Article] Saturday 27th of June 2015 06:07:29 PM
.... . But Champneys is also arguing that Lloyds’ involvement in the Libor scandal should invalidate the contract. ...
Punishing banks will not make bankers behave better image
Source : Telegraph [Read Article] Wednesday 10th of June 2015 06:12:28 PM
.... . Pointing to the Libor scandal, which by that point had already cost a number of British banks - and some overseas rivals with bases in London - dear, he told the 350 or so City grandees present that the revelations surrounding scandal after scandal had only added “further damage to [the] reputation of financial services, here and abroad”. ...
Bank of England official received emails related to Libor rigging, court told image
. A senior Bank of England official nicknamed The Hammer was sent emails that, it is claimed, played a key role in the rigging of lending rates between banks, according to evidence presented in the first criminal trial in the Libor scandal. ...
Tom Hayes Libor trial: Trader was 'ringmaster' in conspiracy to rig interbank lending rates image
....The court was told he paid “kickbacks” or bribes to brokers who helped him to move the interest rate up or down. UK trader Tom Hayes is accused of eight counts of conspiracy to defraud in the Libor scandal (Getty) The ability to influence the movement of the interest rate by a few base points – one point is one-hundredth of a single percentage point – could reap profits of hundreds of millions of dollars, Mr Chawla said. ...
Tom Hayes: First Libor trial to begin image
Source : Telegraph [Read Article] Monday 25th of May 2015 02:19:07 PM
.... . Dozens of traders have been fired amid the Libor scandal, and more than 20 have been charged, while one person, whose name and bank cannot be disclosed, has pleaded guilty. ...
Whatever the choice, let’s have that new runway image
Source : Telegraph [Read Article] Saturday 23rd of May 2015 05:02:39 PM
.... Whether it was worse in this regard than any of the other banks caught up in the global financial crisis is another matter. That it was is based on the findings of the Parliamentary Committee on Banking Standards, which, having been set up as a response to the Libor scandal, proceeded to do a completely separate report on the HBOS collapse as well. ...
Bank of England deputy governor says crackdown on top staff is not a 'witch hunt' image
.... . The Government has also recently introduced new criminal sanctions for “reckless misconduct” that leads to a bank’s demise, as recommended by the Parliamentary Commission on Banking Standards, which was set up in the wake of the Libor scandal. ...
How criminal charges became another day at the office for banks image
...."How can we be assured that this behaviour won't repeat? Criminal sanctions sometimes means people go to jail, but that cannot happen for a corporation, so we must wonder about the deterrent effect of the punishment," she says. "It would be important to go for the top of the corporation, similar to how Bob Diamond at Barclays in the UK was forced out when the Libor scandal broke out in 2012. ...
Barclays handed biggest bank fine in UK history over 'brazen' currency rigging image
.... . The banks were accused of failings that meant their traders were able to club together to rig FX markets as late as 2013 – the year after the Libor scandal broke. ...
Q&A: Why are the banks being fined for foreign exchange rigging? image
Source : Telegraph [Read Article] Wednesday 20th of May 2015 12:13:05 PM
.... . The Libor scandal emerged before foreign exchange, and most of the work on it has been done, although Deutsche Bank received a record fine only last month. ...
UBS pays $545m in forex settlement image
Source : BBC [Read Article] Wednesday 20th of May 2015 07:25:12 AM
....UBS said it had settled with the US Department of Justice, the US Federal Reserve and the Connecticut Department of Banking. In 2012, the bank reached a non-prosecution agreement with the US Department of Justice over the Libor scandal. ...
UBS facing £350m in fines as banks hit with fresh sanctions for forex rigging image
....The punishments, also expected on two US banks, could result in total penalties of over £3bn and require the banks to plead guilty to offences relating to manipulating foreign exchange markets – a sanction rarely imposed by the DoJ. The offences will add to the reputational hit for the industry, which has been reeling since the Libor scandal was exposed in 2012 and quickly followed by the revelations that banks were also rigging foreign exchange markets. ...
British Bank fines to pass £10billion barriers image
Source : Daily Express [Read Article] Sunday 17th of May 2015 04:34:00 PM
....The new fines for currency rigging will take the total past £10billion. The Libor scandal has resulted in Deutsche Bank, Lloyds Banking Group, Barclays, UBS, RBS, Rabobank, Société Générale and brokers ICAP and RP Martin being fined £3. ...
British Bank fines to pass £10billion barriers image
Source : Daily Express [Read Article] Sunday 17th of May 2015 04:34:00 PM
....The new fines for currency rigging will take the total past £10billion. The Libor scandal has resulted in Deutsche Bank, Lloyds Banking Group, Barclays, UBS, RBS, Rabobank, Société Générale and brokers ICAP and RP Martin being fined £3. ...
Treasury Committee gears up for leadership contest after election image
Source : Telegraph [Read Article] Monday 11th of May 2015 03:50:36 PM
.... Andrew Tyrie chaired the last Treasury Select Committee . Mr Tyrie, who also led the Parliamentary Commission on Banking Standards, which examined misconduct amid the emergence of the Libor scandal, is well respected, but could face contests from Mr Norman and Mr Garnier, former investment bankers who have been on the committee since 2010. ...
Treasury windfall expected from Barclays' forex-rigging fine image
Source : Guardian [Read Article] Sunday 10th of May 2015 02:10:42 PM
.... They called themselves “the players”, “the 3 musketeers”, “1 team, 1 dream”, “a co-operative” and “the A-team”. The extent of the rigging of currency markets emerged after the Libor scandal, which prompted scrutiny of a range of other financial markets. ...

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