Where does this leave the public? Left in the dark? Will there ever be reform that works or is that just the nature of Wall Street and the global financial system? In 2008, rating agencies that inaccurately rated mortgage backed securities(MBS) for fees from banks faced no repercussions, and 1 banker from credit Suisse went …
Author Archives: garretbrennan
What happens now? What can be done?
In the opinion of the major regulatory agencies, this was the last straw for banks, and more significant change had to be made. As of now, Libor still functions the same way it always has. According to New York FED economists David Skeie and David Hou, they reached out communicating concerns about manipulation of Libor …
Repercussions
In 2012, the cover on this scandal was pulled and everyone was left exposed and guilty. All said and told, global banks paid $9 billion in fines after persecutors from the US and Europe led a thorough investigations over a 3-5 year period exposing the wrong doings. In the end, and through a long tedious …
What happened? Why was this so bad?
The major banks involved in this widespread scandal were, Deutsche Bank, Barclays, UBS, Rabobank, HSBC, Bank of America, Citigroup, JPMorgan Chase, the Bank of Tokyo Mitsubishi, Credit Suisse, Lloyds, WestLB, and the Royal Bank of Scotland, with Deutsche Bank, Barclays, UBS, Rabobank, and the Royal Bank of Scotland being the most prominent and most heavily …
What the hell is LIBOR?
Libor, or London Interbank offered rate, is a combination of interest rates, expressed in various currencies that determine global rates for debt financing. Libor is the interest rate that banks loan money to each other at. This rate has enormous trickledown effect, meaning whatever Libor is at on any given day greatly impacts the rates …
Get Off My Case! 