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interestrateripoff

Five Banks In Libor Probe - Source

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http://uk.reuters.com/article/2011/03/17/uk-banks-libor-probe-idUKTRE72G2A320110317

Regulators probing alleged manipulation of Libor rates, the benchmark for interbank borrowing costs, are focussing on five lenders, a person familiar with the matter said on Thursday.

Bank of America (BAC.N), Barclays (BARC.L), Citigroup (C.N), WestLB WDLG.UL and UBS (UBSN.VX) are being investigated by regulators in Britain, Japan and the United States, said the source, who asked not to be named.

Swiss bank UBS had said on Tuesday it received subpoenas from Japanese and U.S. regulators regarding whether it made "improper attempts" to manipulate the London interbank offered rate.

Thursday's Financial Times, citing people familiar with the investigation, reported Barclays, BofA, and Citi had all received subpoenas from U.S. regulators. Investigators had also demanded information from WestLB, although the German bank said it had not been subpoenaed, the paper said.

Regulators contacted by Reuters, as well as Barclays, BofA, Citi and WestLB, all declined to comment.

Some lawyers said the regulators, who are investigating the setting of dollar Libor prices in 2007 and 2008 -- just before and during the financial crisis -- faced a tough task.

"Unless significant in terms of evidence, to prove such in such turbulent markets would be less than clear cut -- and like searching for the needle in a hay stack," said Tom O'Riordan, a partner at law firm Paul Hastings.

Libor rates spiked during the financial crisis but were widely criticised at the time for not reflecting true market prices. The system relies on banks providing honest prices and the price provided by each bank being transparent.

A few days ago I saw UBS implicated but it appears the net is widening. Although I think it's going to be tough to find them guilty of rigging the market unless the top bosses have been emailing each other with the rates to publish!!!!

Edited by interestrateripoff

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http://uk.reuters.com/article/2011/03/17/uk-banks-libor-probe-idUKTRE72G2A320110317

A few days ago I saw UBS implicated but it appears the net is widening. Although I think it's going to be tough to find them guilty of rigging the market unless the top bosses have been emailing each other with the rates to publish!!!!

So, the LONDON INTER-BANK OFFERED RATE is determined by banks?? Whatever next, you'll be claiming some of them are based in London?

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So, the LONDON INTER-BANK OFFERED RATE is determined by banks?? Whatever next, you'll be claiming some of them are based in London?

Irrelevant, I think the death penalty should be imposed on all Barclay's employees and anyone in the Barclay's premiership.

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Irrelevant, I think the death penalty should be imposed on all Barclay's employees and anyone in the Barclay's premiership.

If you are including the innocent fans in your verdict, I reluctantly agree.

Including subscribers to Sky Sports.

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Seems pretty serious. I've got some Barclays stock and wanted to put in a "sell at limit". Got the following Error Message:

It is not possible to place a limit or stop order on this security because a corporate action is pending on 18/03/2011. You have requested an expiry date of 17/04/2011 but this must be more than 3 business days before the corporate action date.
:unsure:

sounds like a BUY signal to me... ;)

Edited by #1 on West side

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Given that I believe Gordon Brown personally called up the chairmen of several banks and INSTRUCTED them to manipulate Libor (to keep it low) I'll be most entertained to see what comes of this.

I expect it to go very quiet very soon when the authorities realise how embarrassing a transparent investigation could be...

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So, the LONDON INTER-BANK OFFERED RATE is determined by banks?? Whatever next, you'll be claiming some of them are based in London?

the rate is determined by phoning a few banks and asking what they are paying.

If you want a better rate, you say you are paying a little less.

My word is my bond...etc etc.

Wy anyone beleives a word coming out of bankers lips is beyond me.

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Given that I believe Gordon Brown personally called up the chairmen of several banks and INSTRUCTED them to manipulate Libor (to keep it low) I'll be most entertained to see what comes of this.

I expect it to go very quiet very soon when the authorities realise how embarrassing a transparent investigation could be...

I'd like that to be true and minuted somewhere.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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