💰The :

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 was so rancid. Hopefully all the evil lurking in the mud will be found out", Mr Woodcock, Johnsons lawyer said.

bbc.co.uk/news/business-659168

#Politics #coverup #libor

Last updated 1 year ago

hesgen · @hesgen
562 followers · 2540 posts · Server mstdn.media

"Whistleblowing banker who went to prison speaks out"

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

bbc.co.uk/news/business-659168

#peterjohnson #libor

Last updated 1 year ago

Bloomberg :press: · @business
748 followers · 2307 posts · Server press.coop

What links the 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 trib.al/TTVEMsg (via @opinion)

#libor #press

Last updated 1 year ago

Ashwin Nanjappa 👨‍💻 · @codeyarns
69 followers · 2220 posts · Server hachyderm.io

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."

economist.com/finance-and-econ

#theeconomist #libor

Last updated 1 year ago

CryptoNewsBot · @cryptonewsbot
535 followers · 27035 posts · Server schleuss.online
Andrew Leahey · @andrew
2755 followers · 5128 posts · Server esq.social

Thurs 3/30 - Allocating Costs to Larger Banks, Changes, 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.

@law

minimumcomp.com/p/thurs-330-fd

#fdic #mdl #libor #lawfedi #law

Last updated 2 years ago

Börsen-Zeitung · @bz
135 followers · 670 posts · Server hessen.social
aLFRe‍ · @aLFRe
9 followers · 432 posts · Server mastodon.social

You may remember scandal
Abuse of Inter-bank Offered Rate began probably in early 90s and was exposed in around 2011
It was a result of 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 and markets has been inflated by this self-washing trade

#libor #london #thewallstreetjournal #selfwashing #nft #crypto

Last updated 2 years ago

Julien M. · @julm
485 followers · 4935 posts · Server framapiaf.org

@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 global interest rates. »
ibtimes.com/political-capital/

#manipulating #libor #citigroup #jpmorgan #barclays #ubs #deutschebank

Last updated 7 years ago