Below you'll find a list of all posts that have been tagged as “Libor”
Turning their backs on climate science and the consensus of governments and civil society across the globe, the world’s biggest banks are dangerously advancing the climate crisis by pumping hundreds of billions of dollars into the world’s most polluting fossil fuel industries, according to a new report published Tuesday. The report, $horting the Climate: Fossil Fuel Finance Report Card 2016 (pdf), put …
A surprisingly small number of corporations control massive global market shares. How many of the brands below do you use? It’s a Small World at the Top: Banking Largest banks hold a total of $25.1 trillion:[1] 1.) ICBC, China, $2.95 trillion in assets, over 18,000 outlets, 108 branches globally 2.) HSBC holdings, UK, $2.68 trillion in assets, 6,600 offices in …
The Bank of America, Credit Agricole SA, Credit Suisse Group AG, Deutsche Bank AG, and Nomura Holdings were named as defendants. Five major banks and four traders were sued on Wednesday in a private U.S. lawsuit claiming they conspired to rig prices worldwide in a more than US$9 trillion market for bonds issued by government-linked organizations and agencies. Bank of America Corp , Credit …
ON NOV. 13, THE UNITED KINGDOM’S SERIOUS FRAUD OFFICE (SFO) ANNOUNCED IT WAS CHARGING 10 INDIVIDUAL BANKERS, WORKING FOR TWO SEPARATE BANKS, DEUTSCHE BANK AND BARCLAYS, WITH FRAUD OVER THEIR RIGGING OF THE EURIBOR RATES. THE LATEST ANNOUNCEMENT SHINES THE SPOTLIGHT ONCE AGAIN ON THE SCANDALS AND CRIMINAL BEHAVIOR THAT HAVE COME TO DEFINE THE WORLD OF GLOBAL BANKING. To date, only …
About 75% of US employees work 40 hours or longer, the second longest among all OECD countries, exceeded only by Poland and tied with South Korea. In contrast, only 10% of Danish workers, 15% of Norwegian, 30% of French, 43% of UK and 50% of German workers work 40 or more hours. With the longest work day, US workers score …
In the wake of Wednesday’s announcement that five global financial institutions have agreed to plead guilty to multiple crimes and pay about $5.6 billion in penalties for manipulating foreign currencies and interest rates, corporate watchdogs are reiterating the call to ‘break up the banks’ in light of their ongoing malfeasance. As with other recent settlements, Wednesday’s news provides further evidence to …
Deutsche Bank has agreed to pay out a record $2.5 billion fine to settle U.K. and U.S. government investigations into allegations of fixing global interest rates, just months after six other banks paid out $4.3 billion on similar charges. Activists say that the banks should have faced criminal charges. “The question remains: does the punishment fit the crime?” writes Angela McClellan of …
While corporate watchdogs hailed the record $2.5 billion settlement paid by Deutsche Bank to U.S. and U.K. authorities for its rate-rigging role in the massive LIBOR scandal, some noted that the fine—while large—suggests that some institutions are still considered “too big to jail.” Authorities announced Thursday that Germany’s biggest bank would pay $2.5 billion in penalties, a record for cases involving interest …
