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Posts Tagged ‘LIBOR

A few convictions of traders. Several walk.

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Photo courtesy of Adobe Stock

Photo courtesy of Adobe Stock

An ongoing challenge for law enforcement in pursuing charges against bankers is actually getting convictions at trial. Even manipulating Libor is a tough sell to juries.

For those who wanted to see bunches of bankers in prison stripes, keep in mind there is that hurdle of persuading a jury a crime was committed. It may be difficult, but is possible to do.

7/4 – Bloomberg – Guilty Ex-Barclays Trio Ends Another Libor Chapter for London Read the rest of this entry »

Written by Jim Ulvog

July 7, 2016, 7:31 am at 7:31 am

Posted in Fraud, Other stuff

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More trouble for prosecutors actually getting a conviction against bankers

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Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

Prosecutors in England failed in their efforts to convict six brokers of fixing Libor rates.

1/27 – Wall Street Journal – Six Ex-Brokers Acquitted of LIBOR Rigging in London – One key person was convicted at trial a while back and is now in prison. The six brokers just acquitted are the people he was supposedly conspiring with. Only the 6 weren’t conspiring with anyone about anything, according to the jury.

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Written by Jim Ulvog

January 29, 2016, 8:44 am at 8:44 am

Posted in Accounting, Other stuff

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Deutsche Bank ponies up $2.5B for cooking Libor; industry wide settlements approaching $9B.

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The dubious distinction of drawing the largest fine for manipulating Libor goes to Deutsche Bank. Their total tab is now $3.5B. That leaves UBS in a distant second place at $1.6B.

Check out two articles on April 22:

Deutsche Bank will pay slightly over $2.5 billion to settle up for manipulating Libor, Eurbor, and Tibor (Tokyo interbank). Several specific Directors and VPs will be fired.

A subsidiary company in Britain will plead guilty to violating American criminal laws.

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Written by Jim Ulvog

April 23, 2015, 8:33 am at 8:33 am

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Deutsche Bank in final negotiations for their Libor manipulation. If they settle at $1.5B, it would bring cumulative Libor fines to $7.6B.

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Leaks to Dealbook suggest Deutsche Bank could have a settlement in May with DoJ, NY DFS, CFTC and Financial Conduct Authority in London. Amount of settlement is looking to be over $1.5B and involve a guilty plea to a criminal charge by a British sub of the bank.

Report is Deutsche Bank Nears Plea Deal Over Libor Manipulation.

Several comments in the article refer to ‘discounts’ given to the first-to-settle, which was UBS. Also comments that the last to settle pays a premium.

I’ve started tracking the Libor and Forex settlements in a spreadsheet.  There are too many banks dealing with too many regulators on too many issues to keep everything straight in my little brain.  Good infographic on settlements from WSJ here.

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Written by Jim Ulvog

April 10, 2015, 7:00 am at 7:00 am

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Minor updates on banks meeting justice

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In the justice grinds slow department….

There has been much speculation of a settlement in the works for Credit Suisse for their efforts to help Americans avoid tax by secretly stashing funds in Swiss accounts. Reports are firming up that the bank will write checks of $2.5 billion to settle up. Will also take one guilty plea on a criminal charge.

The Wall Street is reporting Credit Suisse to Pay $2.5 Billion in Pact.

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Written by Jim Ulvog

May 16, 2014, 14:05 pm at 2:05 pm

Posted in Fraud, Other stuff

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FDIC sues 16 big banks claiming manipulation of LIBOR

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The FDIC filed a suit against a host of big banks claiming they manipulated the LIBOR rates thus harming 38 banks that were taken over by the FDIC.

Included are lots of names you’ll recognize: Bank of America, Citigroup, Credit Suisse Group,  HSBC, Barclays, JPMorgan Chase, and RBS. They also included the British Bankers’ Association which owned and managed LIBOR.

Even a few hours after the news broke, the reports I’ve read are only a couple of paragraphs long. Not much background. Here’s a few articles to read, if you wish:

The case is 14-cv-01757, Southern District of New York, in case I want to look it up later.

Written by Jim Ulvog

March 14, 2014, 14:21 pm at 2:21 pm

Posted in Accounting, Other stuff

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EU issues fines for rate rigging of Euribor and Yen Libor, cousins of Libor

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The European Union levied fines on multiple banks for manipulating Euribor and Yen Libor. Those are count parts to Libor. Penalties based on legal concept of operating an illegal cartel.

Money Beat provides a recap in The European Union’s Benchmark Fines: A Breakdown: Read the rest of this entry »

Written by Jim Ulvog

December 4, 2013, 13:56 pm at 1:56 pm

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