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Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered in 2012 that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. [3]
The LIBOR scandal is being called the "Wall Street scandal of all scandals" and the "rotten heart of finance," but the massive fraud can be hard to fathom for anyone who doesn't follow the markets.
A second major bank is near a settlement agreement with regulators related to charges of manipulating the Libor interest rate. Swiss banking giant UBS AG (NYSE: UBS) is expected to agree to pay at ...
Why LIBOR Matters to You By messing with the LIBOR benchmark rates that are tied to an estimated $800 trillion of securities, the offending banks essentially played with matches in the middle of ...
UBS is the latest bank to face consequences of this summer's LIBOR scandal, in which 16 banks were allegedly involved in manipulating the rate that sets interest rates for 10 currencies. The Swiss ...
By Martin de Sa'Pinto ZURICH, Dec 3 (Reuters) - Swiss bank UBS AG (UBS) is expected to pay more than $450 million to U.S. and British authorities to settle claims some of its employees submitted ...
Deutsche Bank, spying scandal; Deutsche Bank Libor scandal, agreed to a combined US$2.5 billion in fines; Duke Energy [10] El Paso Corp. [10] Fannie Mae, underreporting of profit; Firestone Tire & Rubber Company, part of the General Motors streetcar conspiracy, labor controversies, Firestone and Ford tire controversy
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