When u put regulators under the microscope than the investigation becomes a party.

What is Libor Scandal?
Libor Scandal is basically interest rate-rigging & has lead to
16 of the world's largest banks that may have perpetrated the biggest fraud in history.


How does this affect u? 
Think financial products, small business loans, mortgages, credit cards and student loans.If u retire & they set the interest rate low than it's a bad day for u. For instance, if u own a mortgage this could cost u a great deal. Americans held $11.1 trillion in outstanding residential mortgage debt. During the time of the alleged manipulations between 30% & 40% of that debt carried adjustable rates. If the bankers manipulations of the LIBOR was responsible for raising LIBOR rates by just 20 basis points in that period, their secretes, their dishonest activity added between $1.1 billion and $2.2 billion to the yearly interest paid by American homeowners. Those mortgages account for less than 1% of all of the financial assets and instruments affected by manipulated LIBOR rates.


Banks under investigation in the LIBOR Scandal
U.S. banks, such as Citigroup and JPMorgan Chase, and also HSBC, Deutsche Bank and the Royal Bank of Scotland.


It has already claimed the heads of the top leaders at Barclays, Chief Operating Officer Jerry del Missier, Chairman Marcus Agius and Chief Executive Bob Diamond & more heads at major banks are likely to roll, said Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corporation, a government agency designed to promote public confidence in banks.

A lot of these cases may end in settlements rather than indictments, but believe me there will be a lot of snitching going on.  A lot of banks layers law firms will get together & prefer an industrywide deal.

What I would like to know is what's in those bank documents investigators can't get access to? Justice Department & American regulators are receiving the high hat from the British authorities, why? The British authorities are very low to grant approval to Justice Department & American regulators. All I have to say is that key Justice Department agents & American regulators better watch their back until they retire because they just gave the high hat & pissed off the largest force of power besides the Unites States Armed Forces, China, the Terrorist Extremist Groups & the Drug Cartels. Do u know how many powerful retired U.S. military intelligence, Ex-CIA agents, Ex MI5, Ex-Mossad intelligence & other Ex-intelligence officers banks & the banks law firms could hire to go after folks at the Trading Commission & Justice Department agents & American regulators?  I'm not talking about an assassination squad, I'm talking about a character assassination a public humiliation that will be a legacy & career changing experience & they will go after kids, grandchildren & great grandchildren. Not when their lil' kids, but assuming most of these folks involved children, grandchildren & great grandchildren will be career driven after they graduate from the best colleges & universities. Remember, some folks investigated under the Libor Scandal are already grandparents with children in high school about to be admitted into the finest colleges & universities. We want even see it coming & neither will they. 

The Justice Department & the Commodity Futures Trading Commission have spent two years building cases together.     


Here's the article:
http://www.msnbc.msn.com/id/48187483/ns/business-us_business/#.UAMp...

As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal.

The department’s criminal division is building cases against several financial institutions and their employees, including traders at Barclays, the British bank, according to government officials close to the case who spoke on the condition of anonymity because the investigation is continuing. The authorities expect to file charges against at least one bank later this year, one of the officials said.

The prospect of criminal cases is expected to rattle the banking world and provide a new impetus for financial institutions to settle with the authorities. The Justice Department investigation comes on top of private investor lawsuits and a sweeping regulatory inquiry led by the Commodity Futures Trading Commission. Collectively, the civil and criminal actions could cost the banking industry tens of billions of dollars.

Authorities around the globe are examining whether financial firms manipulated interest rates before and after the financial crisis to improve their profits and deflect scrutiny about their health. Investigators in Washington and London sent a warning shot to the industry last month, striking a $450 million settlement with Barclays in a rate-rigging case. The deal does not shield Barclays employees from criminal prosecution.

The multiyear investigation has ensnared more than 10 big banks in the United States and abroad. With the prospects of criminal action, several firms, including at least two European institutions, are scrambling to arrange deals, according to lawyers close to the case. In part, they are trying to avoid the public outcry that stemmed from the Barclays case, which prompted the resignation of top executives.

The criminal and civil investigations have focused on how banks set the London interbank offered rate, known as Libor. The benchmark, a measure of how much banks charge one another for loans, is used to determine the borrowing costs for trillions of dollars of financial products, including mortgages, credit cards and student loans. Cities, states and municipal agencies also are examining whether they suffered losses from the rate manipulation, and some have filed suits.


A scandal over rate-fixing is about to hit the US
With civil actions, regulators can impose fines and force banks to overhaul their internal controls. But the Justice Department would wield an even more potent threat by bringing criminal fraud cases against traders and other employees. If found guilty, they could face jail time.

Here's more articles:
http://topics.nytimes.com/top/reference/timestopics/organizations/c...

Barclays PLC.

BCS: NYSE FINANCIAL / REGIONAL BANKS


http://dealbook.on.nytimes.com/public/overview?symbol=BCS&inlin...

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Replies to This Discussion

When I say, key Justice Department agents & American regulators better watch their back until they retire because they just gave the high hat & pissed off the largest force of power besides the Unites States Armed Forces, China, the Terrorist Extremist Groups & the Drug Cartels. Do u know how many powerful retired U.S. military intelligence, Ex-CIA agents, Ex MI5, Ex-Mossad intelligence & other Ex-intelligence officers banks & the banks law firms could hire to go after folks at the Trading Commission & Justice Department agents & American regulators? I'm not talking about an assassination squad, I'm talking about a character assassination a public humiliation that will be a legacy & career changing experience & they will go after kids, grandchildren & great grandchildren. Not when their lil' kids, but assuming most of these folks involved children, grandchildren & great grandchildren will be career driven after they graduate from the best colleges & universities. Remember, some folks investigated under the Libor Scandal are already grandparents with children in high school about to be admitted into the finest colleges & universities. When u go after Chief Operating Officers, Board Chairman's, Chief Executives & other heads at major banks u better be prepared to go to the mattresses, because they move quick & when they hit they hit harder than drug Cartels, u would be lucky if u can even see it coming.

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