Money and Finance
Thanks to Bill for passing this along. It appears the Libor Manipulation story has a lot more to it than just the recent headlines.
On August 25, 2011, Charles Schwab Bank and Charles Schwab Corporation filed suit alleging 12 banks conspired to manipulate the U.S. Dollar London Interbank Offered Rate (“Libor”) over an extended period of time beginning in 2007. The firms named in the lawsuit were affiliates of Bank of America, Credit Suisse, JPMorgan Chase, Citigroup, HBOS, HSBC, Barclays, Lloyds, WestLB, UBS, Royal Bank of Scotland, and Deutsche Bank. The complaint contains anecdotal and statistical evidence that Libor was manipulated downward. This blog uses publically available information and reaches the conclusion that the allegations are highly likely to be correct.
- John Mauldin: Gambling In The House?
The latest scandal du jour seems to be about what is now called LIBORgate. But is it a scandal or is it really just business as usual? And if we don’t know which it is, what does that say about how we organize the financial world, in which $300-800...
- Jpmorgan Trading Loss May Reach $9 Billion
Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation. When Jamie Dimon, the bank’s chief executive, announced in May that the...
- Wall Street Aristocracy Got $1.2 Trillion From Fed
Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market’s...
- Do Banks Deserve A Place In A Dividend Portfolio?
Earlier this week, we learned that Standard Chartered bank (a stock that I own) was accused by the New York Department of Financial Services (DFS) of engaging in illegal financial transactions with Iran. A worst-case scenario for the bank would be a loss...
- Recent Sell: Kmi & Esv; Recent Buy: Hasi
I sold all my share of KMI and ESV on December 7, 2015 (1 day before KMI dividend cut). On December 11, 2015, I bought 29 shares of Hannon Armstrong Sustainable Infrastructure Capital (HASI) at $16.58/share. What is HASI? It's a reit yieldco...
Money and Finance
Public Information and Libor Manipulation
Thanks to Bill for passing this along. It appears the Libor Manipulation story has a lot more to it than just the recent headlines.
On August 25, 2011, Charles Schwab Bank and Charles Schwab Corporation filed suit alleging 12 banks conspired to manipulate the U.S. Dollar London Interbank Offered Rate (“Libor”) over an extended period of time beginning in 2007. The firms named in the lawsuit were affiliates of Bank of America, Credit Suisse, JPMorgan Chase, Citigroup, HBOS, HSBC, Barclays, Lloyds, WestLB, UBS, Royal Bank of Scotland, and Deutsche Bank. The complaint contains anecdotal and statistical evidence that Libor was manipulated downward. This blog uses publically available information and reaches the conclusion that the allegations are highly likely to be correct.
- John Mauldin: Gambling In The House?
The latest scandal du jour seems to be about what is now called LIBORgate. But is it a scandal or is it really just business as usual? And if we don’t know which it is, what does that say about how we organize the financial world, in which $300-800...
- Jpmorgan Trading Loss May Reach $9 Billion
Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation. When Jamie Dimon, the bank’s chief executive, announced in May that the...
- Wall Street Aristocracy Got $1.2 Trillion From Fed
Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market’s...
- Do Banks Deserve A Place In A Dividend Portfolio?
Earlier this week, we learned that Standard Chartered bank (a stock that I own) was accused by the New York Department of Financial Services (DFS) of engaging in illegal financial transactions with Iran. A worst-case scenario for the bank would be a loss...
- Recent Sell: Kmi & Esv; Recent Buy: Hasi
I sold all my share of KMI and ESV on December 7, 2015 (1 day before KMI dividend cut). On December 11, 2015, I bought 29 shares of Hannon Armstrong Sustainable Infrastructure Capital (HASI) at $16.58/share. What is HASI? It's a reit yieldco...