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Five ways big banks' Libor scandal affects you
London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:
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Photos of the Day: Photos of the Day 05/04
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Top 5 overlooked stories of 2010
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Stocks pause rally on economic skepticism
Stocks paused on Wall Street Monday as investors assessed whether stock valuations were overstating the recent improvement in the economy. Stocks have surged this year, boosted by an improving economy, Federal Reserve stimulus and record corporate earnings.
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Energy Voices JPMorgan Chase accused of rigging energy markets
JPMorgan Chase developed schemes to sell electricity at falsely attractive prices in Michigan and California, according to The New York Times. The market manipulation could result in JPMorgan Chase receiving penalties from the Federal Energy Regulatory Commission.
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Southern Europe digs in against further austerity, as IMF calls for relief
But the EU has little room to give, as Europe waits for signals from September elections in Germany – the ultimate decider of Europe's economic direction.
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Stocks soar, led by gains in technology
Stocks rose sharply on Wall Street Wednesday, pushing the Standard & Poor's 500 index and Dow Jones industrial average to record highs. Technology stocks surged after network communication company Adtran reported earnings that were double what Wall Street analysts expected.
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Stocks slide with slowdown in manufacturing growth
Stocks opened April on a weak note, ending slightly lower after an industry group reported that US manufacturing growth cooled in March. Industrial stocks fell the most in the S&P 500.
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Stocks rise; Dow logs longest winning streak in 2 years
Stocks closed up on Wall Street Tuesday with the Dow barely extending its winning streak to eight days. Stocks have surged this year as investors became encouraged by a recovery in the housing market and a pickup in hiring.
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Latin America Monitor Desperate for cash, Honduras to hawk bonds
Honduras is broke, writes a guest blogger, and despite a recent credit downgrade it is now trying to privately place over $750 million in bonds.
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Stocks rise with S&P 500 in longest winning streak since 2004
Stocks rose on Wall Street Friday as the Standard & Poor's 500 index closed above 1,500 for the first time since the start of the Great Recession in 2007. Apple stock continued to decline, allowing Exxon Mobil to once again surpass the electronics giant as the world's most valuable publicly traded company
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Stocks up; S&P 500 hits five-year high
Stocks closed higher on Wall Street Thursday, sending the S&P 500 index to another five-year high. A good start to earning reports season helped push stocks up.
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Stocks fall with Fed undecided on stimulus
Stocks faded Thursday after rallying for two days when investors caught drift of bank officials at the Federal Reserve disagreeing over continued economic stimulus. Mixed holiday sales didn't help stocks either.
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Stocks move higher as budget talks progress
Stocks rose Monday as signs of fiscal cliff progress in Washington made their way to Wall Street. Stock traders paused for a minute of silence at 9:15 a.m. EST to remember those killed in a gunman's rampage through a Connecticut elementary school.
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Stocks edge higher; Dow boosted by McDonald's
Stocks rose Monday despite concerns about the surprise resignation of Italy's prime minister. A strong sales report from McDonald's pushed stocks higher on Wall Street.
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Five ways big banks' Libor scandal affects you
London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:
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International investors hot on ... Zambia?
Investors bombarded Zambia's debut international bond offering, with demand outstripping supply of the debt by 15 times, and leading to an unusually low rate of borrowing for an African sovereign.
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PGA Tour Championship: Who's in contention for $10 million FedEx Cup? (+video)
FedEx Cup finale: Northern Ireland's Rory McIlroy has enjoyed a terrific run at the end of the 2012 PGA Tour season, winning the last two events. But Tiger Woods and others have themselves in position to capture the FedEx Cup.
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On fifth anniversary of credit crisis, global markets fall
The unofficial anniversary of the start of the global credit crisis sees markets down, despite hopes of more Chinese stimulus and encouraging US jobs data.
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The Daily Reckoning Did the Feds rig the system?
Bill Bonner and the analysts over at The Daily Reckoning are feeling fairly vindicated this week. They have been investigating how the federal government may have rigged the system over the past 30 years, directing funds to help the rich get richer.
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The Reformed Broker Down the rabbit hole: The Barclays scandal grows
The scandal at Barclays continues to grow as emails dating back to 2005 attest to a pattern of greed and corrupt business practices. What is not well known is what the final cost could be to the world's financial institutions, and these costs could be enormous.
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Weary investors sell stocks as Spain seeks help
Spain formally asked for help to rescue its ailing banks, but its request left many questions unanswered, including just how big a bailout it needs. Unsettled markets contributed to the Dow dropping 138 points to close at 12,502.
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J.C. Penney stock tumbles after president's exit
J.C. Penney stock tumbled Tuesday after the sudden exit of Michael Francis, who was brought in last October to help redefine the department store's brand. J.C. Penney stock fell 10.1 percent by midday Tuesday, nearing its lowest levels in two years.
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Robert Reich Dimon in the rough: Keeping regulators off of Wall Street
The main regulator of derivatives (bets on bets), wants to extend Dodd-Frank regulations to the foreign branches and subsidiaries of Wall Street banks. But JPMorgan CEO Jamie Dimon would greatly prefer this not happen.
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Stocks jump in Europe and US on hopes of rescue for Spanish banks
On a day that Moody's downgraded the safety rating of six German banks over the eurozone debt crisis, major stock indexes that have been roiled by the crisis rose 2 percent on the Spanish rescue hopes.
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Chamber of Commerce president: don't overreact to JPMorgan losses
US Chamber of Commerce president Thomas Donohue, at a Monitor breakfast Monday, advised a wait-and-see approach after JPMorgan's $2 billion in trading losses.
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China rails at 30 percent tariff on solar panels
China says the US is "deliberately provoking trade friction in the clean energy sector." The US says Chinese exporters were dumping cut-price solar panels in the US market.
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The Daily Reckoning Will taxing the rich really fix the economy?
The rich are roundly blamed for the country's economic woes. But the problems the economy faces run deeper than tax code matters.
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