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Libor scapegoat found guilty, sentenced to 14 years

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3rd August, 2015 Cross-posted from Zerohedge (updated) Tom Hayes, the former UBS and Citigroup trader standing trial for his role in the manipulation of Libor, was today found guilty on eight counts of conspiracy to rig the benchmark in a London court, and sentenced to 14 years in prison. The …

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How to deal with the Libor riggers

In Blog by Ian Fraser0 Comments

February 6th, 2013 Kevin Mason, a commenter on the Guardian website, had this to say about the £390 million settlement that Royal Bank of Scotland reached with the Commodities Futures Trading Commission, US Department of Justice and Financial Services Authority over rampant Libor-rigging today [Mason’s words sourced from Graeme Wearden’s …

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Guest Post: The Libor crime scene will soon be expanded

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July 16th, 2012 By The Left Banker Image: WilliamBanzai7 For the past 30 years, the global economy has built up increasingly vast amounts of public, private and household debt. This was to compensate for the fall in real wages and to avoid a repeat of the crisis of over-production of goods …

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Libor probe raises serious questions about banks’ behaviour

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28 March 2011 One of the biggest financial scandals of recent weeks involves the alleged “rigging” of Libor rates by a group of the world’s largest banks. One theory is that banks colluded to lowball interbank borrowing costs to deceive investors and quell fears about bank creditworthiness as the financial crisis …

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Just how corrupt is the UK?

In Blog by Ian Fraser1 Comment

By Ian Fraser 13 May 2016 How corrupt is Britain? Over the past few days quite a few people have been insisting Britain isn’t corrupt. They claim to see nothing wrong with Cameron describing countries such as Afghanistan and Nigeria, whose leaders were in London for the Anti-Corruption Summit in Lancaster House this week, …

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Bill Black: We’ve given bankers a licence to defraud

In Blog by Ian Fraser1 Comment

February 7th, 2015 As a U.S. Federal litigator, Bill Black had a pivotal role in ensuring that hundreds of the bankers behind the U.S. savings and loan crisis of the late 1980s were put behind bars. Since then, he’s become increasingly exasperated by his country’s failure to prosecute any senior bankers for the …

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Hard hats for bankers

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By Ian Fraser Published: Business Quarter (BQ) Date: 13 October 2014 At a dinner to mark the departure of chief executive Stephen Hester in September 2013, the Royal Bank of Scotland’s finance director Bruce van Saun gave Hester’s anointed heir, Ross McEwan, an unusual present. Hester, a keen horseman, had …

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RBS’s annual meeting was more placid than usual

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26 June 2014 The Royal Bank of Scotland, which last year made losses of £8.2 billion, held its annual general meeting yesterday. The shareholders’ gathering was a slightly calmer affair than some of the recent ones I have attended. Held at the bank’s sprawling, campus-style “world headquarters” at Gogarburn, near Edinburgh – itself a …