Majia Here: Oh those sneaky banks:
Albergotti, R. (2013, March 6) Banks Seek Dismissals of Lawsuits Over Libor. The Wall Street Journal, p. C3.
[excerpted] Lawyers for some of the world’s biggest banks made their latest bid Tuesday to persuade a judge to toss out a collection of lawsuits accusing them of manipulating a key interest rate and cheating investors out of billions of dollars” [end]
Majia here: The article explains that there are over 30 civil lawsuits filed in CA and NY by plaintiffs accusing the banks of colluding together to manipulate Libor.
There is plenty of evidence showing the banks did exactly that.
Outrageously, attorneys for the banks (including Barclays, UBS, and Royal Bank of Scotland) assert the lawsuits are invalid because the allegation that the banks “violated antitrust law didn’t apply, because Libor is an interest rate and not a price.”
So, they are saying that it is ok to collude on interest rates because the anti-trust laws don’t apply to interest rates? Amazing.
Immediately underneath this article on banks’ efforts to dismiss Libor is another article on Libor:
Colchester, M. (2013, March 6) ‘Report Says U.K. Regulator Missed Warnings on Scandal’ The Wall Street Journal, p. C3
[Excerpted] The U.K. Financial Services Authority on Tuesday published a critique of its own handling of the Libor scandal, saying it failed to act on a series of warnings that banks were trying to manipulate rates. The internal report… shows the British regulator repeatedly failed to heed warning signs that rates were being manipulated.”
Majia here: Unbelievable! Clearly there is no justice for the banksters.
PREVIOUS POSTS ON LIBOR
Libor scandal, please see my post here that explains what it is and how it occurred:
Updates on Libor and Related Scandals