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The LIBOR Banking Scandal Explained


More on the LIBOR Scandal here...


LIBOR Scandal

The LIBOR Banking Scandal Explained

This video, titled, "Eliot Spitzer - LIBOR Mega scandal (total corruption) - YouTube" explains quite well the big mess 16 major banks in the world, and likely more, have created:



More information on LIBOR (London Interbank Offered Rate)
in part reads:

"Libor rates are calculated for ten different currencies and 15 borrowing periods ranging from overnight to one year and are published daily after 11 am (London time) by Thomson Reuters.[4] Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it. At least $350 trillion in derivatives and other financial products are tied to the Libor.[5]"

Did you read that?! "At least $350 trillion in derivatives and other financial products are tied to the Libor."!

Read the Global Economics Weekly Brief - QE Too Little Too Late on NewsUSA as well.


Here is a list of the 16 banks that make up the LIBOR committee (not saying they are all involved in this scandal, but as many as 20 banks have been named in the LIBOR rate fixing scandal.):

LIBOR Panel Members

Bank of America
Bank of Tokyo-Mitsubishi UFJ Ltd
Barclays Bank plc
Citibank NA
Credit Suisse
Deutsche Bank AG
HSBC
JP Morgan Chase
Lloyds TSB Bank plc
Rabobank
Royal Bank of Canada
Société Générale
The Norinchukin Bank
The Royal Bank of Scotland Group
UBS AG
West LB AG


The LIBOR Scandal. More then meets the eye and the banking systems regulators.

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Comments on this item:

Libor Arrests
09-11-2012 14:01:29
RBS, UBS TRADERS SAID TO FACE ARREST WITHIN MONTH IN LIBOR CASE: http://www.zerohedge.com/news/2012-11-09/libor-arrests-finally-coming
 
UBS LIBOR
19-12-2012 15:08:32
UBS pays $1.5 billion to settle Libor claims

http://money.cnn.com/2012/12/19/news/companies/ubs-libor/
 
The FED LIBOR
19-12-2012 15:10:55
"The Federal Reserve Bank of New York was warned as early as mid-2008 that banks may have been misreporting their Libor borrowing rate to aid their own trading positions, much earlier than previously known.

Tim Geithner, then president of the New York Fed and now US Treasury secretary, was told by a senior colleague in a May 2008 email of her concerns about banks' deliberate misreporting."
FULL:
http://www.cnbc.com/id/100326499
 
Rabobank
04-01-2013 20:21:27
Rabobank giving up it's seat on the LIBOR panel!

Dutch article:
http://www.ftm.nl/copypaste/rabobank-exit-uit-het-euribor-panel.aspx
 
dengdeng
06-07-2015 10:53:10
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