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:
http://majiasblog.blogspot.com/2012/07/libor-scandal.html
Updates on Libor and Related Scandals
http://majiasblog.blogspot.com/2012/07/good-news-states-step-into-libor-probe.html
http://majiasblog.blogspot.com/2012/07/wsj-libor-suits-weighed-by-mutual-fund.html
http://majiasblog.blogspot.com/2012/07/more-fraud-in-municipal-bond-market.html
Hi
ReplyDeleteThe WSJ article states that the judge didn't make a decision but expressed concern etc etc. Do you know when this decision is expected? Thanks