Libor Scandal Claims First Scalp, Why So Little U.S. Outrage? Wall Street Roundup

Libor-ated: Barclays Chairman Marcus Agius resigned today, after the British lender agreed to pay $451 million last week to settle charges that it sought to manipulate Libor and other interest rate benchmarks for interbank lending. That move may not be enough to take the heat off Robert Diamond, Barclay’s CEO, Reuters reports.

Yves Smith wonders why Americans aren’t more outraged over the Libor-rigging scandal, decides it’s because Democrats and Republicans are on the same teet.

Madoff bro: “When my brother told me about his fraud, I was in shock and my world was destroyed,” Peter Madoff said in pleading guilty to fraud charges on Friday, according to Bloomberg. “I lost my reputation and any future ability to support my family financially. My family was torn apart as a result of my brother’s atrocious conduct, and I became reviled by strangers as well as former friends who assumed that I had known about the Ponzi scheme.”

Unfriend: Facebook executives are still seething over Nasdaq’s technical difficulties on the opening day of the social media company’s IPO, and continue to consider a move to the New York Stock Exchange, The New York Times reports.

Whither Europe: Last week’s European summit in Brussels may have settled markets in the immediate term, but there’s plenty of bad news on the way. Spain may be overestimating bank earnings, and may not request enough European bailout funds as a result.

Whale fallout: Former JPMorgan Chief Investment Officer Ina Drew could still have compensation clawed back, according to the New York Post.

Trend surfing: Tudor Investment Corp. is opening a macro fund for the first time in a decade, Bloomberg reports, though Paul Tudor Jones will not be among the managers of the $500 million fund.

Hard to sell: The two largest investors in Chesapeake Energy—Carl Icahn and Southeastern Asset Management—have said the company should consider selling itself, but the company’s complicated web of financial agreements make it difficult for industry experts to put a fair value on the firm.

Hard to seize: New state laws could make it more difficult for mortgage lenders to foreclose on homes.

Sentenced: A former Citigroup executive will serve 8 years in prison after pleading guilty to embezzling almost $23 million from the bank.

Swallowed: A former banker convicted of setting his mansion on fire committed suicide by taking a poison pill in a Phoenix courtroom.

Libor Scandal Claims First Scalp, Why So Little U.S. Outrage? Wall Street Roundup