Libor, UK banks and the Tory connections

[MPB]

Another UK bank caught in a scandal (non LIBOR related)






http://www.reuters.com/article/2012/...8750VM20120807

The Banker in London had a point though.

[riposte]

The New State Department of Financial Services say that Standard Chartered is "a rogue institution motivated by greed."

Well it is a bank after all.

[DCon]

The Banker in London had a point though.

he does. But if you want to play ball in their court you have to follow their rules

Especially if a large % of your business involves their court

[DCon]

Bankers run crying to the government

Behind the scenes, StanChart’s top executives were busy lobbying the UK government in an effort to counter what is increasingly looking to Britain’s bankers like an assault on the City of London by US authorities.

“This is an attack,” said one senior City figure. “If we don’t stand up to it, it could be catastrophic for London’s financial standing. There has to be some stage where Number 10 or the Treasury says something in defence of the banks.” A second said: “Political intervention may be needed over this.”

A selection of British bankers, politicians and regulators on Tuesday accused Benjamin Lawsky, superintendent of New York state’s DFS, of “freelancing” – going it alone in escalating an investigation into StanChart that had also involved several other agencies.

http://www.ft.com/intl/cms/s/0/888bd...#axzz22uCrxg3l

[MPB]

he does. But if you want to play ball in their court you have to follow their rules

Especially if a large % of your business involves their court

Banking is a global business. Deregulated by the Yanks under the control of that brilliant mind Alan Greenspan. That is how the Yanks wanted it. If global Banks want to do business with Iran, a sovereign state, why should the Yanks complain?

The Yanks don,t want anybody to deal with Iran, including Banks, yet they think that forcing a transaction tax on Banks is unworkable because of the global workings of the Banks.

The yanks are gas, they think socialism is a sin, until Bankers require it and they think the free market is a great idea once they can manipulate it.

Their demise is imminent and anybody that thinks the lazy can all of a sudden start to be productive, think again.

The Yanks are fat, lazy and about to suffer the biggest stock market crash since 1929, destroying pensions and other spoof related wealth.

The Banks will eventually crash and all wealth held in Banks will be liquidated.

The rich will lose, the poor will not, but only the intelligent will gain. Rich or Poor.

[Dr. FIVE]

Good post on the slog

http://hat4uk.wordpress.com/2012/08/...-is-different/

[C. Flower]

Good post on the slog

http://hat4uk.wordpress.com/2012/08/...-is-different/

It is. I wondered what was going on there.

[C. Flower]

Good post on the slog

http://hat4uk.wordpress.com/2012/08/...-is-different/

I think the onslaught on Standard Chartered is partly straight rivalry and powerplay between the US and Britain as global finance centres ( all the more intense because of the worsening debt crisis) but also a ratcheting up by the US of sentiment against Iran and warning shot to observe sanctions.

I think I heard that SC had been fined 350 million. All over rather quickly?

[Dr. FIVE]

Three arrests

http://www.guardian.co.uk/business/2...ted?CMP=twt_fd

[DCon]

We'll be talking about serious money soon

zerohedge ‏@zerohedge

UBS LIBOR FINE COULD TOP $1B, FINANCIAL TIMES SAYS

[DCon]

UK taxpayers on the hook

[morticia]

Apparently according to this morning's news, Lloyds and RBS may need a LOT more capital. At the mo, they're saying the banks can "sell assets" and/or shrink balance sheets to cope without more tax payer support. Yeh, whatever, I'd believe that, millions wouldn't 😉

[DCon]

RBS getting fined for LIBOR manipulation. http://www.zerohedge.com/news/2013-0...ke-you-much-mo

Some choice quotes

its just amazing how libor fixing can make you that much money

its a cartel now in london[.] they smack all the 1yr irs ..and fix it very high or low

Yen Trader 1: can we lower our fixings today please [Primary Submitter]

Primary Submitter: make your mind up[,] haha , yes no probs

Yen Trader 1: im like a whores drawers

[Count Bobulescu]

Haven't read it all yet.
Need a longread to start the week? How about Matt Taibbi’s new piece on LIBOR: “Everything Is Rigged,” in Rolling Stone magazine.