19 thoughts on “Libor banking scandal continues

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  5. Rabobank Libor boss gets golden handshake of nearly €900,000

    Friday 10 January 2014

    The Rabobank executive in charge of the department where bankers were embroiled in an interest rate fixing scandal left the company with almost €900,000, broadcaster RTLZ said on Friday.

    Sipko Schat stepped down after local branch managers withdrew their support for him. There was widespread criticism of the fact that Schat remained in his post, after the US, British and Dutch regulators fined Rabobank €774m for its role in the Libor scandal.

    Schat has now been given a golden handshake of €884,000 – equivalent to one year’s salary, RTLZ. This is in line with the banking code of conduct. The amount was worked out in consultation with an independent expert.

    © DutchNews.nl


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  10. A SENIOR banker was sentenced to 14 years’ imprisonment for his involvement in the rate-rigging scandal yesterday.

    Banks have paid out billions in fines for rate-rigging but millionaire Tom Hayes is the first individual to be found guilty at trial for rigging the interbank lending rate known as the Libor rate.

    The Libor rate is the international benchmark that indicates the interest rate that banks charge when lending to one another.

    Rigging this rate allows offenders to make more money or paint a false picture of the bank’s financial situation in order for it to trade.

    During his trial Mr Hayes said that Libor rigging was an “industry-wide practice.” Mr Hayes said that in some instances you could get the rate changed simply by offering someone a Mars bar.

    The jury found Mr Hayes guilty on all eight charges of conspiracy to defraud.

    Professor Andre Spicer of Cass Business School warned the public not to see this as a one-off sentencing of one bad banker and that the case revealed much about “the culture of the City, which created a hot-house for unethical behaviour.”

    Commenting on the trial Mr Spicer said that it demonstrated that traders were recruited for the results they could produce and were “bereft of the ability to make ethical judgments.”

    Prof Spicer said the trial highlighted “the flawed design of the market in encouraging manipulation” and a “widespread denial of collective misbehaviour within the industry.”

    Mr Hayes’s methods were reported in 2009 and he was sacked by Citigroup although he was allowed to keep his £2.2 million bonus.


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  16. Thursday 22nd December 2016

    posted by Morning Star in World

    SWISS authorities have fined a bunch of banks — including two British and one French — for rigging interest rates.

    Regulator Comco said yesterday that the banks — Britain’s Barclays and RBS, and France’s Societe General — acted as a cartel to distort the price of financial products connected to common interest rate benchmarks.

    Deutsche Bank was also involved in the rigging but escaped fines because it co-operated with Comco.

    Barclays was fined nearly £36 million, RBS £10m and Societe General £2.5m.

    The financial instruments the bankers targeted were based on euro interest rates and the bankers colluded to determine their submissions on which the Euribor rate is based.

    Other settlements were reached with varying groups of banks over cartels related to derivatives and benchmarks in Swiss francs and yen.

    The scam appears to be very similar to the Libor rigging scandal in London, where bankers colluded to manipulate the Libor rate which is meant to represent the rate banks charge each other for overnight lending.

    As so many financial products were linked to Libor, this had worldwide effects.


  17. Thursday 22nd December 2016

    posted by Morning Star in World

    A SINGAPORE court found a former private banker guilty yesterday of trying to obstruct investigations linked to the corruption-tarred Malaysian development bank 1MDB.

    The State Court convicted Yeo Jiawei, a former “wealth planner” at Swiss private bank BSI, on four charges related to obstructing, preventing or perverting the course of justice. Mr Yeo faces up to three and a half years in prison.

    He was alleged to have asked three key witnesses to lie to the authorities, get rid of a laptop and avoid travelling to Singapore.

    Prosecutors say he pocketed £15 million for his efforts to cover up the scandal.

    Investigators in Singapore, Switzerland, Hong Kong and the US have been probing allegations that people close to Malaysian Prime Minister Najib Razak stole over £800m from 1MDB.

    In February, Singapore authorities said they had seized a large number of bank accounts in connection to the probe.

    Singapore told BSI to stop operating in the city in May for breaking anti-money laundering laws, among other problems.


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