- Prison Planet.com - http://www.prisonplanet.com -
Libor: ‘We will never know the amounts of money involved, but it has to be the biggest financial fraud of all time’
Posted By admin On January 30, 2013 @ 6:28 am In Money Watch | Comments Disabled
Jan 30, 2013
Where Libor is set each day affects what families pay on their mortgages, the interest on savings accounts and returns on corporate bonds. Now, banks are facing a reckoning, as prosecutors make arrests, regulators impose fines and lawyers around the world file lawsuits claiming the manipulation pushed homeowners into poverty and deprived brokerage firms of profits.
For years, traders at Deutsche Bank AG, UBS AG, Barclays, RBS and other banks colluded with colleagues responsible for setting the benchmark and their counterparts at other firms to rig the price of money, according to documents obtained by Bloomberg and interviews with two dozen current and former traders, lawyers and regulators. UBS traders went as far as offering bribes to brokers to persuade others to make favorable submissions on their behalf, regulatory filings show.
Members of the close-knit group of traders knew each other from working at the same firms or going on trips organized by interdealer brokers, which line up buyers and sellers of securities, to French ski resort Chamonix and the Monaco Grand Prix. The manipulation flourished for years, even after bank supervisors were made aware of the system’s flaws.
“We will never know the amounts of money involved, but it has to be the biggest financial fraud of all time,” says Adrian Blundell-Wignall, a special adviser to the secretary-general of the Organization for Economic Cooperation and Development in Paris. “Libor is the basis for calculating practically every derivative known to man.”
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/libor-%e2%80%98we-will-never-know-the-amounts-of-money-involved-but-it-has-to-be-the-biggest-financial-fraud-of-all-time%e2%80%99.html
URLs in this post:
 Bloomberg: http://www.bloomberg.com/news/2013-01-28/libor-lies-revealed-in-rigging-of-300-trillion-benchmark.html
 Investigators Are Closing In On Two Other Banks Involved In LIBOR Rigging: http://www.prisonplanet.com/investigators-are-closing-in-on-two-other-banks-involved-in-libor-rigging.html
 Have Banks Been Manipulating Libor for DECADES?: http://www.prisonplanet.com/have-banks-been-manipulating-libor-for-decades.html
 Does Libor Manipulation Deserve The Death Penalty?: http://www.prisonplanet.com/does-libor-manipulation-deserve-the-death-penalty.html
 The Biggest Financial Scam In World History: http://www.prisonplanet.com/the-biggest-financial-scam-in-world-history.html
 The Biggest Financial Scandal In History?: http://www.prisonplanet.com/the-biggest-financial-scandal-in-history.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.