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The Libor scandal was a series of fraudulent actions connected to the Libor (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world.
The U.S. Department of Justice slapped U.K. banking giant Barclays with a $160 million penalty last week, declaring that "Barclays Bank's illegal activity involved manipulating its submissions for ...
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 ...
The London Inter-Bank Offered Rate (Libor / ˈ l aɪ b ɔː r / LY-bor) [a] was an interest rate average calculated from estimates submitted by the leading banks in London. Each bank estimated what it would be charged were it to borrow from other banks. [1] [b] It was the primary benchmark, along with the Euribor, for short-term interest rates ...
This broker goes to another bank and tries to sell the securities and vice versa for buying. Since Mehta was a renowned broker, he issued cheques in his name instead of the bank. When the bank wanted money for the securities, he approached another bank and repeated the same process, and invested the bank money in the stock market. [10]
The World Bank is taking steps to rebuild the credibility of its research after a data-rigging scandal forced it to cancel its flagship "Doing Business" report on country business climates, bank ...
From 2004 to 2013, the bank’s projects physically or economically displaced an estimated 3.4 million people, forcing them from their homes, taking their land or damaging their livelihoods, ICIJ’s analysis of World Bank records reveals. The true figure is likely higher, because the bank often fails to count or undercounts the number of ...
The World Bank-China ranking controversy refers to the alleged manipulation of China’s ranking in the World Bank’s annual Doing Business report by World Bank officials while they were negotiating a multibillion-dollar capital increase from China.