Inside Story - Rigged bank rates: Is there more to come?
Published on Jul 4, 2012 by AlJazeeraEnglish
In the wake of the bank rate-rigging scandal, Bob Diamond, Barclays chief executive, announced his resignation from the post with immediate effect, on Tuesday.
In a statement, Diamond, who faced mounting calls to step down, said he made the decision as the external pressure on the bank has reached a level that risks "damaging the franchise".
Barclays Bank was fined a record $450m last week, for attempting to manipulate the London interbank offered rate, Libor, during the financial crisis between 2005 and 2009. Libor is a measure of how much banks have to pay to borrow from their rival and is worked out every day from estimates submitted by the major banks of their own interbank lending costs.
In a statement, Diamond, who faced mounting calls to step down, said he made the decision as the external pressure on the bank has reached a level that risks "damaging the franchise".
Barclays Bank was fined a record $450m last week, for attempting to manipulate the London interbank offered rate, Libor, during the financial crisis between 2005 and 2009. Libor is a measure of how much banks have to pay to borrow from their rival and is worked out every day from estimates submitted by the major banks of their own interbank lending costs.
If you've not got much time to watch this video (26min) go to 11:30m. From here you'll get some background of the situation for a couple of minutes plus a very forceful response from Max Keiser (US) when Phillip Booth (UK) implies that the LIBOR (London Inter-Bank Offered Rate) has regulation.
I'm fascinated how Phillip Booth calls any "transgressions" that banks have committed regarding false reporting and "adjusting" of The LIBOR to be "a mistake" !!!!
Phillip Booth fobs off the idea that London is at the centre of this culture of ignoring regulation within banking. How can Phillip Booth ignore that the very instrument that he is defending has the word "London" in it !!!! ????
"London Inter-Bank Offered Rate"
When watching this, please remember that the UK defenders in this debate are puppets of their handlers. Please listen to what they with some discretion. They undoubtedly have many thousands of pounds to lose (in bonuses) and their jobs to defend, so why would they say anything else but, "the banking system can not be besmirched by such 'blanket remarks' such as what Keiser is coming out with" ??
I think Max Keiser is right on the money !! ... saying it like it is !!
I'm fascinated how Phillip Booth calls any "transgressions" that banks have committed regarding false reporting and "adjusting" of The LIBOR to be "a mistake" !!!!
Phillip Booth fobs off the idea that London is at the centre of this culture of ignoring regulation within banking. How can Phillip Booth ignore that the very instrument that he is defending has the word "London" in it !!!! ????
"London Inter-Bank Offered Rate"
When watching this, please remember that the UK defenders in this debate are puppets of their handlers. Please listen to what they with some discretion. They undoubtedly have many thousands of pounds to lose (in bonuses) and their jobs to defend, so why would they say anything else but, "the banking system can not be besmirched by such 'blanket remarks' such as what Keiser is coming out with" ??
I think Max Keiser is right on the money !! ... saying it like it is !!
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