Latest news
Latest news
Japanese bank poaches Barclays structured credit sales director
'The lessons of the financial crisis should not be forgotten,' spokesperson warns
The point of 'Simple, Transparent and Standardised' is that these deals are safe
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Euribor-EBF, the organization that sets the euro interbank lending rate, condemned any manipulation of interbank rates and said it supports the principle of public oversight of the rate and is “willing to take any step necessary to further ensure the transparency and accountability of the process.”
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The Federal Reserve Bank of New York may have known of problems with the setting of the London Interbank Offered Rate as early as August 2007 and had discussed proposed changes to LIBOR with British authorities several months later.
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The Securities and Exchange Commission has appointed Paula Drake as chief counsel and chief compliance and ethics officer in the SEC's Office of Compliance Inspections and Examinations, effective Aug. 6.
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Freddie Mac has named William McDavid as executive v.p., general counsel and corporate secretary, effective July 16.
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Paul Tucker, governor of the Bank of England, has called on the U.K. government to ban the practice of banks self-certifying their borrowing costs, and instead require them to base all interbank indexes on “real transactions,” rather than lenders’ estimates.
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Michel Barnier, the European Union’s commissioner of internal markets, told the European Parliament that a planned single supervisor for the region’s banking sector should cover all banks, and not just the largest, as media reports suggested.
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Mark Hoban, the U.K.’s HM Treasury’s financial secretary, says the government’s investigation into manipulation of the London Interbank Offered Rate may involve 10 to 14 British banks.
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Lloyds TSB has taken what has been described as an unusual step of buying back £4.6 billion ($7.12 billion) of unsecured senior debt, driven by a desire to lower borrowing costs and make better use of liquidity.
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Bob Diamond has given up a £20 million ($31 million) bonus package upon his resignation as ceo of Barclays, but will walk away with £2 million ($3.1 million) in salary and cash payment instead of a pension.