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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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Was Mallett thrown to the wolves to save BoE’s skin?

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November 12th, 2014 Guest Post by Rowan Bosworth-Davies One of the major unexplained elements in the foreign exchange (forex) rigging case is the level of knowledge of manipulative activity possessed by the Bank of England. If it, as a leading market participant and a regulator, had prior knowledge that the forex …

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The Parliamentary Review: Review of the Year in Finance

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By Ian Fraser Published: The Parliamentary Review Date: September 30th, 2013 The Libor scandal It was described as the banking industry’s ‘tobacco moment’. In June last year, Barclays was fined £290 million by US and UK regulators and judicial authorities after it admitted to systematically rigging the London Inter-Bank Offered …

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Stephen Hester: The great escape artist

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By Ian Fraser Published: Sunday Herald Date: February 10th, 2013 It has been described as the biggest banking felony in history … yet no-one has been prosecuted for the Libor fixing scandal. Ian Fraser looks at the RBS sacrificial lambs.  [An edited version of this article was published on pages …

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Loss of trust

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By Ian Fraser Published: Signet Magazine Date: July 16th, 2012 (minor edits March 28th, 2013) Scottish banking was once renowned for prudential management. Today the association is rather different. Financial journalist Ian Fraser gives his view of events behind the collapse of RBS and HBOS and calls for a Leveson-style …

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The Royal Bank of Scotland’s world of pain

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By Ian Fraser Published: July 15th, 2012 Published: Sunday Herald In his glory days Fred Goodwin aspired to make Royal Bank of Scotland a global bank on which the sun never set. Corporate videos extolling the group’s global reach were routinely played at investor meetings. His legacy is a world …

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If Hector Sants gets the PRA job, it’ll be the ultimate reward for failure

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By Ian Fraser Published: QFINANCE Date: 15 February 2012 The Financial Services Authority’s chairman Lord Turner made a fairly staunch defense of FSA chief executive Hector Sants at a hearing of the Treasury Select Committee on January 30. But some of the MPs on the committee seemed unconvinced that Sants, who earned £807,000 as FSA chief …

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Goodwin may face criminal charges after all

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14 December 2011 Note: An edited version of this blog post is available at Huffington Post UK The FSA spent an estimated £10m on its report into the failure of RBS, including £7.7m paid to ‘Big Four’ accountants PWC. But the Canary Wharf-based regulator has lived up to its name …

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The FSA’s cosy deals are a travesty of regulation

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By Ian Fraser Published: QFINANCE Date: 5 December 2011 Ever since its failures as a regulator were revealed by the collapse of Northern Rock in September 2007, the UK’s Financial Services Authority has shown a remarkable lack of enthusiasm for rooting out financial crime, and very little introspection or contrition about its own pre-crisis …