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Topic: Libor

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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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  • Jamie Dimon scores big win in bank shareholder vote

    Jamie Dimon's chairmanship of JPMorgan Chase easily survived a vote from the bank's shareholders Tuesday. The vote was a major victory for Dimon, but shareholders sent a message that the bank needs better oversight by giving only narrow approval to three of the bank's board members.

  • UBS to pay $1.5 billion in fines over LIBOR rate scandal

    The Swiss bank agreed to the fine Wednesday, settling with US, British, and Swiss regulators. In the case, UBS employees tried to rig the London Interback Offered Rate, or LIBOR, using different currencies.

  • 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:

  • The New Economy Greed is (not) good. Here's a better capitalism.

    Profit should not be the sole goal of business. Profit should be the byproduct of business excellence. 

  • As Standard Chartered plunges, taint for London banks spreads

    Standard Chartered loses a fifth of its value in early trading a day after allegations of money laundering for Iran. It's the latest of a long string of scandals for London banks.

  • Latin America Monitor Does oil giant Chevron want Chavez to win reelection in Venezuela?

    Chevron has been in Venezuela since the 1920s when politicians were heavier handed than Chavez. Now, Chevron in Venezuela may be too big to nationalize, writes a guest blogger.

  • Briefing Libor scandal: What is it and why you should care

    One bank caught trying to rig an interest rate may be tip of an iceberg. With an estimated $300 trillion in loans or derivative contracts around the world pegged to the interest rate, the scandal is again shaking faith in major international banking centers like Wall Street and London City.

  • HSBC money laundering: Bank vows fixes. Senators doubtful.

    HSBC money laundering comes under the microscope in a Senate hearing. Bank officials promise to shut down operations in the Cayman Islands, tied to HSBC money laundering. 

  • The Daily Reckoning A crisis veiled in public spectacle

    Over the course of three odd decades, billions of dollars were lent to people who shouldn’t have been allowed to borrow lunch money. And now, there are losses in the trillions. The real question is, will the market finally be allowed to correct itself?

  • Senators push Bernanke: Was Fed asleep in the LIBOR rate scandal?

    Fed Chairman Ben Bernanke was questioned by senators Tuesday about the central bank's role in the LIBOR rate-setting scandal.  He said the Fed had pushed for reform of the rate setting process in 2008 when it became concerned about manipulation of the influential benchmark.

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