Posts filed under “Legal”
Open Secret: The Global Banking Conspiracy That Swindled Investors Out of Billions is the new book written by Erin Arvedlund.
The book goes behind the scenes of the elite firms that trafficked in LiBOR based products, including Barclays Capital, UBS, Rabobank, and Citigroup to show the negative impact they had on both ordinary investors and borrowers.
Erin’s claim to fame was a column she wrote in Barron’s in the early 2000s outing Bernie Madoff as a fraud. It was a national bestseller titled Too Good to Be True.
Here is Yahoo:
“LIBOR, the London Interbank Offered Rate, is a global benchmark for interest rates. It’s tied to everything from mortgage rates and student loan rates to complex financial derivatives. And guess what? For a very long time it was rigged.
Now, multiple lawsuits are pending, and that could mean some money back for some investors, traders and consumers.
LIBOR is set each day by a group of bankers, based on estimates of rates at which banks would expect to borrow money from each other. It’s a system built on trust, not math. Regulators were tipped off back in 2007 that banks were fixing rates, and by the summer of 2012, an ugly scandal was revealed. An estimated $300 trillion in financial securities worldwide are based on LIBOR.
Video after the jump . . .
Derivatives Are Manipulated Runaway derivatives – especially credit default swaps (CDS) – were one of the main causes of the 2008 financial crisis. Congress never fixed the problem, and actually made it worse. The big banks have long manipulated derivatives … a $1,200 Trillion Dollar market. Indeed, many trillions of dollars of derivatives are…Read More
Cassandra Does Tokyo is a former hedge fund manager and ex NY Trader, who is now living abroad. This was originally published on September 23, 2014 ~~~ When people prattle-on about tax, it is mostly made from ground-level, with a focus on tax rates. When my most rabid libertarian friends weigh in on the subject,…Read More
William Black is a former bank regulator who’s seen firsthand how banking systems can be used to commit fraud — and how “liar’s loans” and other tricky tactics led to the 2008 US banking crisis that threatened the international economy. In this engaging talk, Black, now an academic, reveals the best way to rob a bank — from the inside.
9/11 Commission Chairs, Congressmen and Intelligence Officers All Call for Declassification The 9/11 Commission Co-Chairs – Lee Hamilton and Thomas Kean – have called for the 28-page section of the 9/11 Commission Report which is classified to be declassified. Kean said that 60-70% of what was classified shouldn’t have been classified in the first place: Congressman Thomas…Read More
Yesterday, we looked at why bankers weren’t busted for crimes committed during the financial crisis. Political corruption, prosecutorial malfeasance, rewritten legislation and cowardice on the part of government officials were among the many reasons. But I saved the biggest reason so many financial felons escaped justice for today: They dumped the cost of their criminal…Read More
“There Were No Convictions of Bankers for Good Reason” is the headline of a post by Mark F. Pomerantz, a lawyer and retired partner at Paul, Weiss, Rifkind, Wharton & Garrison in the New York Times’s Room for Debate discussion: The reason that senior bankers did not face charges, even though investigators interviewed countless witnesses…Read More
The jury is out as to how much of the Burger King-Tim Horton merger is driven by the desire for tax savings. So far, the range seems to be modestly to not very much. The Los Angeles Times noted “Burger King’s overall effective tax rate in 2013 was 27.5%, according to its annual report. Tim…Read More