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Timeline: Barclays’ widening Libor-fixing scandal

On July 3, 2012, in Scandal, by Editor

Libor, the London inter-bank lending rate, is considered to be one of the most crucial interest rates in finance. – The BBC, UK Libor, the London inter-bank lending rate, is considered to be one of the most crucial interest rates in finance. It underpins trillions of pounds worth of loans and financial contracts. So, when […]

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Bank inquiry launched after Libor rate-rigging scandal

On July 2, 2012, in Scandal, by Editor

- The BBC, UK Prime Minister David Cameron has announced a full parliamentary inquiry of the banking sector following the Barclays rate-rigging furore. He told the House of Commons the manipulation of the Libor interest rates had been a “scandal”. The review will run alongside a narrower inquiry specifically into the Libor market, also announced […]

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Banking scandal: ‘The rot was widespread, the corruption endemic’

On June 30, 2012, in Scandal, by Editor

Urgent action is being taken by the coalition to tackle the incompetence and greed exposed by interest-rate rigging affair. – By Vince Cable (MP), The Guardian, UK Last week’s banking scandals demolished a convenient myth: that the banking crash was all the fault of a few colourful rogues like Fred the Shred of RBS and […]

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The Barclays scandal is not ‘wholly inappropriate’. It’s a crime.

On June 29, 2012, in Scandal, by Editor

If the authorities were consistent, they would punish the banks just as severely as they reacted to last year’s rioters. – By Jonathan Freedland, The Guardian, UK Even if he hasn’t yet debased the coinage, Bob Diamond has certainly done his bit to debase further the language of British public life. Confronted with a clear […]

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Shoddy and deceitful: Bank of England Governor Sir Mervyn King blasts Britain’s banks

On June 29, 2012, in Scandal, by Editor

David Cameron rules out Leveson-style inquiry into banks. – By Joe Murphy, Evening Standard, UK Sir Mervyn King today lashed the “shoddy and deceitful” behaviour of Britain’s banks, as yet another scandal heaped disgrace on some of the City’s most trusted names. The Bank of England governor demanded a “real change in the banking industry […]

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Robert Fisk: Bankers are the dictators of the West

On December 10, 2011, in Bank, by Editor

- By Robert Fisk, The Independent, UK Writing from the very region that produces more clichés per square foot than any other “story” – the Middle East – I should perhaps pause before I say I have never read so much garbage, so much utter drivel, as I have about the world financial crisis. But […]

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Central banks try to stop Credit Crunch ll

On November 30, 2011, in Bank, by Editor

The central banks of the world’s biggest developed economies have taken pre-emptive action, to prevent a domino effect of banks collapsing in the event that they find themselves unable to borrow the major currencies they need. – By Robert Peston, BBC Website, UK In recent weeks, there has been evidence that major eurozone banks have […]

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Shares jump as central banks try to ease financial woes

On November 30, 2011, in Bank, by Editor

Global stock markets surged as some of the world’s big central banks launched plans for co-ordinated action aimed to support the financial system. – BBC Website, UK The Bank of England is one of six central banks taking part in the co-ordinated action. Wall Street’s Dow Jones index saw its biggest gain since March 2009, […]

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Invasion of the Home Snatchers

On November 10, 2010, in Bank, by Editor

Matt Taibbi on how foreclosure courts are helping big banks screw over homeowners. – Matt Taibbi, Rolling Stone Magazine, US The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally […]

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