A leading barrister considers the case for prosecutions July 3, 2012 IN 2011, the Serious Fraud Office (SFO) decided not to investigate allegations concerning Libor manipulation. At that stage, one reason was that it did not have the necessary resources to take on such an investigation. Although the FSA has conducted its own investigation, the results of which will have been passed to the SFO, the [...]
Is it right that Barclays should be taking all the flak for the Libor-fixing scandal? July 3, 2012 YES Neal Lawson Barclays is getting its comeuppance. Where people break the regulations of their industry or the law of the land then they should face the appropriate punishment. We don’t know how deep the rot is – the question is how to find out? Because while Barclays, and maybe others, did it, it was [...]
RAPID RESPONSES July 3, 2012 The firing line There is no doubt that an inquiry is called for in the Libor manipulation saga, but the fines should be targeted at the dealers and the management, not the banks. Shareholders did not have a say in the internal dirty dealings, nor did they share much of the loot. Bonuses mostly went [...]
Man Utd unveil IPO in New York to pay off debts July 3, 2012 MANCHESTER United last night filed documents for an initial public offering (IPO) of shares to be sold on the New York Stock Exchange. The size of the offering has initially been listed at $100m yet analysts expect that the figure could change significantly, with the price and quantity of shares yet to be decided. The [...]
FTSE edges up as Barclays chief quits July 3, 2012 The FTSE 100 edged up in early trading to continue two sessions of strong gains fuelled by hopes that the Eurozone could avert collapse. Significantly Barclays edged up slightly after chief executive Bob Diamond quit with immediate effect over the Libor rate-rigging scandal. Britain’s third-largest bank also accepted the resignation of chairman Marcus Agius on [...]
UK construction slumps July 3, 2012 British construction activity fell at its fastest pace in two-and-a-half years in June as underlying business conditions worsened and an extra public holiday hit output, a survey showed. The gloomy data will make grim reading for the government and Bank of England who are facing increasing calls to act and boost growth in an economy [...]
BlackRock to buy Swiss Re private equity business July 3, 2012 US investment management firm BlackRock is buying Swiss Re’s European private equity and infrastructure fund of funds franchise, it said. BlackRock said the terms of the all-cash deal, which also includes a strategic alternative investments deal with the world’s second-biggest reinsurer, were not being disclosed and it expected the deal to be completed by the [...]
Persimmon says new strategy paying off July 3, 2012 British housebuilder Persimmon said it had made an excellent start to its new strategic plan by completing more new homes, attracting more viewers and selling them for a higher fee, giving it confidence for the full year. Britain’s largest householder by market value followed other property developers by saying that market conditions had been relatively [...]
Diamond quits over rate fixing scandal July 3, 2012 Barclays chief executive Bob Diamond quit with immediate effect on Tuesday over an interest rate-rigging scandal, becoming the highest-profile victim so far in a probe that spans a dozen major banks across the world. Britain’s third-largest bank said that outgoing chairman Marcus Agius – who himself announced his departure a day earlier – would lead [...]
BANKS GO UNDER THE MICROSCOPE July 2, 2012 DAVID Cameron yesterday announced two wide-ranging inquiries into the banking system, pledging to probe the “culture and standards of the industry and bring those responsible for fixing the Libor interest rate to justice”. “The British people want to see bankers who acted improperly punished,” Cameron told the House of Commons. The news came soon after [...]
