Barclays along with some other banks not yet named have been manipulating the libor rate for a minimum 7 years. They say it was down to traders greed with their million pound plus bonus's being based on the Banks profits increasing.
Bank trading manipulating and being greedy - NO - I just cannot believe it;-)
Barclays shares plummet -wait till we hear about the other banks - and yet again the poor old customers who have had loans have suffered.
I suppose the good point is that it's only taken the FSA 7 years to find out ;-)
Lie More rate - nice one Keith - If I was in the mob ( sorry banking groups) - I would hire one of my mates from a lawyers firm and sue the FSA for slander and loss of integrity - based on the facts that if all the banks were fiddling the figures - that made it legal along with some silly legal technicalities such as the rules were not spelt right ;-)
I am sure Goldmans are looking at ways to make money out of this fiasco - probably suing all the other banks if they can prove they were not involved already in some capacity lol
More to come out next week - the plot thickens
Inside Story - Rigged Bank Rates: is there more to come ?. [Excellent viewing]
wow max keiser going off about this.
I wonder how far this will go before it gets quashed.
Usually when something like this breaks and consumes the news cycle, if this does, I try to keep my eyes open to what else is going on. Often times big stories used as sort of misdirection.
Very informative video thanks
World wide derivatives markets effected by Libor rates are worth $325 trillion ( yes trillion). That means even very small manipulation of the rates can cost billions of dollars.
Next step Barclay's is being sued and I am sure a lot more banks will also be under the "cosh" with big problems ahead.
Result - this could be the end of some of the big banks ?
Bob Diamond has given up over £20 million of his "pay off" -( he still gets over £2mill) to try and look concerned - but still I suppose if hes made over £100 million of them in last 5 yrs he is not exactly to hard up ;-)