Tag Archives: Libor cartel

FDIC Sues 16 Mega-Banks and British Banks’ Association Over LIBOR Interest-Rate Rigging

On Friday the Federal Deposit Insurance Corporation filed suit against 16 of the world’s mega-banks, and against the British Banks’ Association, for colluding to rig the interest-rate-reference figure, the Libor (London Interbank Offered Rate). This action follows many other lawsuits … Continue reading

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HSBC Puts aside 700 million dollars to cover possible fines

HSBC has put aside 700 million dollars to cover possible fines, the Financial Times reports on its front page. It has yet to be fined and its CEO Stuart Gulliver believes it could even be more. This is in addition … Continue reading

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Spiegel Editor In Chief Calls For Banking Separation

In yet another case of the Wendehals (“about-face” phenomenon), this week’s Spiegel print-edition carries an editorial by editor-in-chief Georg Mascolo titled “Separate the Banks.” He reports on Sanford Weill’s conversion and says that Glass-Steagall should never have been repealed. So … Continue reading

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