💰The #LIBOR #coverup:

Jailed for 4 years for being coerced into "manipulating" interest rates, Johnson was released in 2018 after serving two years.

"In over 30 years in practice I never had a case in which I felt so powerless and bullied and where the smell of #politics was so rancid. Hopefully all the evil lurking in the mud will be found out", Mr Woodcock, Johnsons lawyer said.

https://www.bbc.co.uk/news/business-65916892

"Whistleblowing banker who went to prison speaks out"

#PeterJohnson and others should have their #Libor rate-rigging convictions reviewed, and an inquiry held into the actions of the Brown and Cameron governments, Bank of England, and Barclays Bank.

https://www.bbc.co.uk/news/business-65916892

What links the #Libor scandal and the wipeout of a class of Credit Suisse bondholders? The need for financial authorities to be transparent about and accountable for their actions, argues @PaulJDavies https://trib.al/TTVEMsg (via @opinion) #press

I didn't know that LIBOR was dead already!

"The 5 benchmarks replacing LIBOR [...] Secured overnight financing rate (SOFR) for the dollar, the sterling overnight index average (SONIA) for the pound, the Tokyo overnight average rate (TONAR) for the yen, the Swiss average rate overnight (SARON) for the Swiss franc and the euro short-term rate (€STR) for the euro."

#TheEconomist #LIBOR

https://www.economist.com/finance-and-economics/2023/05/18/libor-will-at-last-be-switched-off-in-june

New Book Reveals Central Banks’ Role in Libor and Euribor Rate-Rigging Scandals - According to an extract from a book called “Rigged,” central banks and global poli... - https://news.bitcoin.com/new-book-reveals-central-banks-role-in-libor-and-euribor-rate-rigging-scandals/ #financialcrisis #liborandeuribor #interestrates #centralbanks #manipulation #rate-rigging #politicians #andyverity #thetimes. #euribor #scandal #rigged #libor #news

Thurs 3/30 - #FDIC Allocating Costs to Larger Banks, #MDL Changes, #LIBOR news, FOTUS is an Acronym and Trump Delays

In today’s episode: FDIC considering allocating bank failure costs to larger banks, a proposed change to MDL rules, LIBOR scandal news, federal waters updates and more Trump lawsuit delays.

@gina does a really great job laying out what LIBOR was intended to be, what it actually was, and why that’s a problem.

#lawfedi #law @law

https://www.minimumcomp.com/p/thurs-330-fdic-allocating-costs-to

#Libor Klage gegen Deutsche Bank https://www.boersen-zeitung.de/banken-finanzen/libor-klage-gegen-deutsche-bank-0f25dbf4-95ad-11ed-b435-c74fb58b45ac?utm_campaign=mastodon&utm_source=mastodon&utm_medium=Digital

You may remember #LIBOR scandal
Abuse of #London Inter-bank Offered Rate began probably in early 90s and was exposed in #TheWallStreetJournal around 2011
It was a result of #SelfWashing trade where the same person sells and buys back something via highfrecuency transactions. One of the effects was that LIBOR drove mortgage payments upwards and allowed high fees to brokers to be used to launder black money. Well it seems that #NFT and #crypto markets has been inflated by this self-washing trade

@nojhan
« in a little-noticed announcement […] The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for #manipulating global interest rates. » #LIBOR
http://www.ibtimes.com/political-capital/trump-administration-waives-punishment-convicted-banks-including-deutsche-which
#Citigroup #JPMorgan #Barclays #UBS #DeutscheBank