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Articles on LIBOR

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Under fire for manipulating the LIBOR rate, investment Bank UBS also tried to manipulate Australia’s local bill swap rate, say US regulators.

Don’t believe the hype; our own LIBOR scandal could be in the wings

Many months after the event, the Australian financial press has woken up to the fact that there was a financial scandal happening elsewhere. Worse still, it may also have happened here. The tabloid-like…
Re-run: if the US fiscal cliff has the same feel as last year’s debt ceiling crisis, we’re not surprised…

2012, the year that was: Business and Economy

Different year, same crisis. Around this time last year, the United States was looking down the barrel of economic disaster with the debt ceiling. As we approach 2013, it peers over the fiscal cliff. That…
The UK’s LIBOR system was designed to be transparent but difficult to game: so what happened? AAP

Watching the dominos fall in the LIBOR crisis

Imagine if we discovered that the monthly setting of the Reserve Bank of Australia’s cash rate was rigged. There would quite rightly be outrage. We trust the RBA Board to make these calls, month after…
As regulators finally move on the Libor scandal, are they asking themselves the right questions?

In the Libor scandal, where were the regulators?

Welcome to the third and final part of Back to the Future. AS HSBC is fined US$1.9 billion for “egregious” money laundering and the first arrests are made in the Libor scandal, the need for the public…
The fining of Barclays after it was found to be manipulating the UK’s inter-bank lending rate illustrates the failure of regulators to grapple with corruption in global financial markets. AAP

Back to the Future: how global financial regulation has failed

Welcome to the first of a three part series, Back to the Future, which explores the complicated reasons behind the continuing regulatory and judicial failure to regulate global financial markets. Professor…
The LIBOR scandal has given rise to a vexing question: just who is responsible for the “freewheeling casino” of financial capitalism? higgott

Will Barclays case change the game for casino-style capitalism?

Members of the British Treasury Select Committee, US congressional investigators, state attorney generals and class actions lawyers who are investigating just who knew what and when in the sprawling investigations…
Barclays’ manipulation of the LIBOR has raised questions about the Bank of England’s lack of regulatory oversight. AAP

Barclays scandal poses uncomfortable questions for Serious Fraud Office

The United Kingdom has had a remarkably poor track record in prosecuting serious economic fraud. In part, this can be traced to deficiencies in the toolkit available to the Serious Fraud Office, a fact…
A Diamond in the rough: Former Barclays chief executive Bob Diamond bore the brunt of public anger over the LIBOR scandal. But attention should be paid to behaviour of regulatory authorities. AAP

Gloom of the system: Barclays fallout highlights structural flaws in financial regulation

As the Deputy Governor of the Bank of England, Paul Tucker, prepares to give evidence to the Treasury Select Committee, he will be mindful of the insult thrown at Bob Diamond, the recently crestfallen…
Barclays - Britain’s largest investment bank - has been fined after it was revealed that the bank had manipulated the London Interbank Offered Rate to boost its trade of credit derivatives and bolster its financial reputation. AAP

Barclays’ rate-rigging scandal exposes the rot in UK banking system

The sense of frustration and despair within the British government and regulatory agencies over the behaviour of Barclays in submitting patently false returns to the London Interbank Offered Rate (LIBOR…

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