Receiving Wide Coverage ...
Libor Mess: It turns out manipulating a key global interest rate for years on end can get you in some serious trouble. Stating that “the buck stops with me,” Barclays Chairman Marcus Agius has stepped down and the bank is
Beyond Barclays, banks’ apparent fudging of their borrowing costs has now resulted in investigations on both sides of the Atlantic, as the UK is
But government officials believe a full out investigation “would be a
Perhaps that’s because what happened is so unbelievably obvious?
Finally, in a regulatory version of “the grass is greener,” the FT heaps praise on the Commodities Futures Trading Commission, the U.S. regulator which pursued Libor manipulation when its European counterparts stood down. Whistleblower complaints and blatant admissions that the rate was being manipulated (“I would sort of express us maybe as not clean clean, but clean in principle,” a Barclays manager told the UK’s FSA in 2008) went ignored. The FT suggests that
Wall Street Journal
Banks are stocking up on high-profile accountants, which the Journal reports is not an oxymoron. JPMorgan recently announced that former KPMG head Timothy Flynn is joining its board, and Morgan Stanley drafted Robert Herz the former head of the Financial Accounting Standards Board. The moves suggest the banks are “
New York Times
The Times reports on a possible sea change for New York City’s financial industry:
Remember how the European debt crisis was solved again last week by the announcement of joint guarantees of bank debt? Expect the obligatory pullback this week, started out nicely in a Times article titled “
Corrections: The FT reported Friday that the loss to date on the London Whale's trades in its second-quarter report will
The Scan also misspelled Warren Buffett’s last name in Wednesday’s email and gave the wrong month for the latest new home sales report on Tuesday (the two-year high was reached in May, not April). The writer is repenting on his day off.