Libor arrests: U.S. and European regulators are on the verge of arresting traders believed to have manipulated Libor and other interbank lending rates, Reuters reports. The arrests, and criminal prosecutions or plea agreements to follow, are largely separate from enforcement actions regulators are pursuing against individual banks.
Soft tactics: The Federal Reserve Bank of Read More
When news broke that Iowa-based futures broker Peregrine Financial Group (a.k.a PFGBest) was short some $200 million in client funds, we wondered how firm founder Russell R. Wasendorf eluded auditors. With a scanner and a fake P.O. Box, it turned out, and if that sounded like something Bart Simpson might have dreamed up to keep Read More
Conflict of interest? Royal Bank of Scotland is fighting a Canadian inquiry into the bank’s role in manipulating interbank lending, arguing that British law prevents the bank from turning over documents pertaining to the investigation. If RBS’ resistance is surprising, it’s because the bank has been majority-owned by the British government since the 2008 Read More
