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	<title>Observer &#187; Libor Lawsuits Pile Up; Vikram Pandit Says Lay Off Banks&#8230;Again: Roundup</title>
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		<title>Observer &#187; Libor Lawsuits Pile Up; Vikram Pandit Says Lay Off Banks&#8230;Again: Roundup</title>
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		<title>Libor Lawsuits Pile Up; Vikram Pandit Says Lay Off Banks&#8230;Again: Roundup</title>

		<comments>http://observer.com/2012/08/libor-lawsuits-pile-up-vikram-pandit-says-lay-off-banks-again-roundup/#comments</comments>
		<pubDate>Mon, 27 Aug 2012 07:24:05 -0400</pubDate>
					<link>http://observer.com/2012/08/libor-lawsuits-pile-up-vikram-pandit-says-lay-off-banks-again-roundup/</link>
			<dc:creator>Patrick Clark</dc:creator>
				
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		<description><![CDATA[<p>Lawsuits against financial institutions under investigation for manipulating interbank lending rates such as <strong>Libor</strong> <a href="http://online.wsj.com/article/SB10000872396390444082904577609562867811158.html?mod=WSJ_hps_LEFTTopStories">continue to pile up</a>, according to <em>The Wall Street Journal</em>. Plaintiffs holding bonds that pay some amount above the Libor rate have the best chances at legal victory, <em>The Journal </em>says. The legal liability facing banks may total as much as $176 billion, according to Macquarie.</p>
<p>Last week, Citigroup chief executive officer went around <a href="http://observer.com/2012/08/vikram-to-sandy-you-were-wrong-then-and-youre-wrong-now/">telling everyone</a> (read: <em>The Financial Times </em>and an audience in Singapore) that Citigroup didn't need to be broken up, as former Citi CEO Sandy Weill had argued last month. Mr. Pandit's media tour continued yesterday: Regulators telling banks which products they can sell <a href="http://www.bloomberg.com/news/2012-08-26/citigroup-s-pandit-says-regulators-should-avoid-product-control.html">undermines financial stability</a>, somehow, he told Australian Broadcasting Corp.</p>
<p>Occupy Central protesters in Hong Kong face a <a href="http://www.bloomberg.com/news/2012-08-27/hong-kong-s-occupy-protesters-face-deadline-to-leave-hsbc.html">legal deadline</a> to leave <strong>HSBC</strong> headquarters, where the group has been protesting for 10 months, according to Bloomberg.</p>
<p>London-based investment bankers would rather work in Singapore than London or New York, according to a survey conducted by recruitment firm <strong>Astbury Marsden</strong>; 60 percent of those surveyed expect the Asia-Pacific region to be the <a href="http://www.bloomberg.com/news/2012-08-26/u-k-investment-bankers-prefer-to-work-in-singapore-survey-says.html">world's largest financial center</a> in 10 years.</p>
<p>Some European bankers are being asked to watch what they <a href="http://www.cnbc.com/id/48798491/">say at the bar</a>.</p>
<p><strong>Spain</strong> is expected to tap about $75 billion in <a href="http://www.nytimes.com/2012/08/27/business/global/spain-expects-to-use-60-billion-of-100-billion-in-banking-rescue-funds.html?pagewanted=all">rescue funding</a>, about 60 percent of the facility approved by European finance ministers last month, <em>The New York Times </em>reports.</p>
<p>Blackstone adds another name to its <a href="http://www.reuters.com/article/2012/08/27/us-blackstone-succession-idUSBRE87Q03220120827">succession plan</a>; CEO <strong>Steve Schwarzman</strong> still expected to "die at his desk."</p>
<p><em>The Times </em>takes a closer look at <strong>Luis A. Aguilar</strong>, the SEC commission who scuttled the agency's attempts to impose new rules on <a href="http://www.nytimes.com/2012/08/27/business/luis-aguilar-sec-member-role-failed-mutual-fund-reform.html?ref=business">money market funds</a>.</p>
<p><strong>Nomura</strong> is getting ready to <a href="http://www.cnbc.com/id/48796856">slash jobs</a> in equities and investment banking, according to Reuters.</p>
<p><strong>Deutsche Bank</strong> introduced rules that allow it to <a href="http://www.cnbc.com/id/48797643">claw back</a> shares bestowed on employees in return for unvested stock awarded by their previous employer, the <em>Financial Times </em>reports. Other banks may follow suit.</p>
<p>A producer for<strong><em> The Wolf of Wall Street</em></strong>, which stars Leonard DiCaprio as a crooked stockbroker, is suing the film's production company for <a href="http://www.nypost.com/p/blogs/thespread/film_wolf_her_wall_street_producer_LcQsYEoaM1d8w4QUJZKfXP">reducing her role </a>behind the scenes, <em>The New York Post </em>reports.</p>
<p>Chinese investors are <a href="http://finance.yahoo.com/news/chinese-snap-bordeaux-vineyards-095925633.html;_ylt=AsN1WH7_SJ2CKLNB7bMSzK.iuYdG;_ylu=X3oDMTQ4YzBzaTZqBG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwM2OGUwNDhhZS02ZTYzLTNhY2YtYTcwYS0yMTAyOTU2YjI5NTMEcG9zAzIEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgNmZDlmMzZkMC1mMDJkLTExZTEtYmVmNy1hYTg3MWQyMGE3ZmM-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3">buying up</a> <strong>Bordeaux</strong> vineyards.</p>
]]></description>
		<content:encoded><![CDATA[<p>Lawsuits against financial institutions under investigation for manipulating interbank lending rates such as <strong>Libor</strong> <a href="http://online.wsj.com/article/SB10000872396390444082904577609562867811158.html?mod=WSJ_hps_LEFTTopStories">continue to pile up</a>, according to <em>The Wall Street Journal</em>. Plaintiffs holding bonds that pay some amount above the Libor rate have the best chances at legal victory, <em>The Journal </em>says. The legal liability facing banks may total as much as $176 billion, according to Macquarie.</p>
<p>Last week, Citigroup chief executive officer went around <a href="http://observer.com/2012/08/vikram-to-sandy-you-were-wrong-then-and-youre-wrong-now/">telling everyone</a> (read: <em>The Financial Times </em>and an audience in Singapore) that Citigroup didn't need to be broken up, as former Citi CEO Sandy Weill had argued last month. Mr. Pandit's media tour continued yesterday: Regulators telling banks which products they can sell <a href="http://www.bloomberg.com/news/2012-08-26/citigroup-s-pandit-says-regulators-should-avoid-product-control.html">undermines financial stability</a>, somehow, he told Australian Broadcasting Corp.</p>
<p>Occupy Central protesters in Hong Kong face a <a href="http://www.bloomberg.com/news/2012-08-27/hong-kong-s-occupy-protesters-face-deadline-to-leave-hsbc.html">legal deadline</a> to leave <strong>HSBC</strong> headquarters, where the group has been protesting for 10 months, according to Bloomberg.</p>
<p>London-based investment bankers would rather work in Singapore than London or New York, according to a survey conducted by recruitment firm <strong>Astbury Marsden</strong>; 60 percent of those surveyed expect the Asia-Pacific region to be the <a href="http://www.bloomberg.com/news/2012-08-26/u-k-investment-bankers-prefer-to-work-in-singapore-survey-says.html">world's largest financial center</a> in 10 years.</p>
<p>Some European bankers are being asked to watch what they <a href="http://www.cnbc.com/id/48798491/">say at the bar</a>.</p>
<p><strong>Spain</strong> is expected to tap about $75 billion in <a href="http://www.nytimes.com/2012/08/27/business/global/spain-expects-to-use-60-billion-of-100-billion-in-banking-rescue-funds.html?pagewanted=all">rescue funding</a>, about 60 percent of the facility approved by European finance ministers last month, <em>The New York Times </em>reports.</p>
<p>Blackstone adds another name to its <a href="http://www.reuters.com/article/2012/08/27/us-blackstone-succession-idUSBRE87Q03220120827">succession plan</a>; CEO <strong>Steve Schwarzman</strong> still expected to "die at his desk."</p>
<p><em>The Times </em>takes a closer look at <strong>Luis A. Aguilar</strong>, the SEC commission who scuttled the agency's attempts to impose new rules on <a href="http://www.nytimes.com/2012/08/27/business/luis-aguilar-sec-member-role-failed-mutual-fund-reform.html?ref=business">money market funds</a>.</p>
<p><strong>Nomura</strong> is getting ready to <a href="http://www.cnbc.com/id/48796856">slash jobs</a> in equities and investment banking, according to Reuters.</p>
<p><strong>Deutsche Bank</strong> introduced rules that allow it to <a href="http://www.cnbc.com/id/48797643">claw back</a> shares bestowed on employees in return for unvested stock awarded by their previous employer, the <em>Financial Times </em>reports. Other banks may follow suit.</p>
<p>A producer for<strong><em> The Wolf of Wall Street</em></strong>, which stars Leonard DiCaprio as a crooked stockbroker, is suing the film's production company for <a href="http://www.nypost.com/p/blogs/thespread/film_wolf_her_wall_street_producer_LcQsYEoaM1d8w4QUJZKfXP">reducing her role </a>behind the scenes, <em>The New York Post </em>reports.</p>
<p>Chinese investors are <a href="http://finance.yahoo.com/news/chinese-snap-bordeaux-vineyards-095925633.html;_ylt=AsN1WH7_SJ2CKLNB7bMSzK.iuYdG;_ylu=X3oDMTQ4YzBzaTZqBG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwM2OGUwNDhhZS02ZTYzLTNhY2YtYTcwYS0yMTAyOTU2YjI5NTMEcG9zAzIEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgNmZDlmMzZkMC1mMDJkLTExZTEtYmVmNy1hYTg3MWQyMGE3ZmM-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3">buying up</a> <strong>Bordeaux</strong> vineyards.</p>
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