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OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Mark Scott – British Bankers Group Seen Losing Control Over Libor – 27 September 2012

Mark Scott – British Bankers Group Seen Losing Control Over Libor – 27 September 2012

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PurpleSkyz

PurpleSkyz
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Mark Scott – British Bankers Group Seen Losing Control Over Libor – 27 September 2012





Posted on September 27, 2012 by lucas2012infos | Leave a comment



Mark Scott – British Bankers Group Seen Losing Control Over Libor – 27 September 2012 Dbpix-martin-wheatley-articleInline Simon
Newman/ReutersMartin Wheatley, managing director of the Financial
Services Authority, is expected to outline the findings of a review of
Libor on Friday.

LONDON – The British Bankers’ Association is expected to lose control
over the interest rate at the center of a recent manipulation scandal,
according to a person with direct knowledge of the matter.

The move is likely to be announced on Friday, when Martin Wheatley,
managing director of the Financial Services Authority, the British
regulator, outlines the findings of a review of the London interbank offered rate, or Libor, added the person, who spoke on the condition of anonymity because he was not authorized to speak publicly.

The British government called for changes to the benchmark interest
rate, which underpins more than $360 trillion of financial instruments
worldwide, after Barclays agreed to pay $450 million in June to settle charges that some of its traders manipulated the rate for financial gain.

In the wake of the scandal, Barclays’ chief executive,Robert Diamond Jr.,
and its chairman, Marcus Agius, resigned. Some of the bank’s traders
may still face criminal prosecution over their role in the manipulation
of Libor. And other banks, including UBS andCitigroup, are currently under investigation in a number of jurisdictions about the potential manipulation of the rate.

The move to remove the British Bankers’ Association from its role of
setting Libor would be a blow to the organization, which established the
rate in 1986.

Regulators have continually questioned the trade body’s role in the recent scandal.

In documents released by the Bank of England in
July, authorities called on the group to change the Libor rate-setting
process, which includes a daily poll of a number of banks about what
interest rate they would pay if they had to borrow money from the
capital markets.

Despite calls from the British Bankers’ Association’s chief executive
at the time, Angela Knight, for regulators to take a greater role in
the rate-setting process, authorities balked at taking a more hands-on
approach, according to the central bank documents.

By taking the Libor-setting process away from the bankers group, it
is likely that authorities will now become more directly involved.

A spokesman for the Financial Services Authority of Britain declined to comment.

In a statement, the British Bankers’ Association said that it would
work with British authorities about potential changes to the rate.

“If Mr Wheatley’s recommendations include a change of responsibility
for Libor, the B.B.A. will support that,” the organization said in a
statement.

A spokesman for the British Bankers’ Association declined to comment
on whether the organization would lose control of setting Libor.

The expected overhaul of Libor comes a day after Gary Gensler, chairman of the Commodity Futures Trading Commission in the United States, suggested authorities should rework or replace the interest rate.

“It is time for a new or revised benchmark – a healthy benchmark
anchored in actual, observable market transactions – to restore the
confidence of people around the globe that the rates at which they
borrow and lend money and hedge interest rates are set honestly and
transparently,” Mr. Gensler told the European Parliament on Monday in remarks delivered via video from Washington.

www.nesaraaustralia.com link to original article


Thanks to: http://lucas2012infos.wordpress.com



  

topspin2



All of these people work for the same group. Its business as usual folks. ( Barclays agreed to pay $450 million in June to settle charges that some of its traders manipulated the rate for financial gain.) LOL..... a drop in the bucket......Where is the information about the arrest of the Rothschilds or the Rockefellers.....They and their cronies are the guilty ones. The rest of this information is a false flag to get people on the wrong track. The REAL crooks are still at large...Hmmm to that.....

terbo56

terbo56

Indeed- I agree-They'll get theirs eventually- :twisted:

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