MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

LIBOR- British Bankers Association 'warned weekly' says former rate-compiler... BBA: "Who, US???"

Old_JoeOld_Joe
edited July 2012 in Off-Topic
"The British Bankers Association was given weekly warnings in 2008 that the process of setting the Libor interest rates was being distorted.

A former member of the Libor compilation team at Thomson Reuters says it regularly warned senior BBA staff about the problem. Its reports regularly highlighted the implausible rate submissions of several banks involved in the Libor process. The BBA denied these had amounted to warnings of wrong-doing."

"The warning reports from the Libor team were passed to John Ewan, the BBA's head of Libor, who now works for Thomson Reuters."

⇒ Da Link

In Related News: Geithner says he did "all he could" to address Libor problem...

⇒ He did "all he could"... (great pics of Geithner & Angela!)



Comments

  • scott
    edited July 2012
    You know, this sort of reminds me of a thought the other day regarding Wal-Mart and the Mexico Bribery Scandal, which was a HUUUUGGEEE story....for like two weeks. Now WMT is up huge and does anyone even remember the last time anyone talked about that? We have a country (and a world really) where corporations and special interests just don't get in trouble - especially the financial companies and their followers, who are ever so eager to proclaim them as "values" as they have one scandal and issue after another.

    Of course, Geithner and Bernanke and everyone else are quick to point fingers elsewhere.

    As for the LIBOR issue, it could change if Fidelity and Blackrock and others start suing (http://www.businessweek.com/news/2012-07-25/fidelity-joins-blackrock-in-weighing-libor-action), but I'm sure those involved will get a wrist slap and the whole thing - encouraged by governments that have a greater interest in pleasing the financial system than their people - will blow over as quickly as the Wal-Mart scandal did.
Sign In or Register to comment.