Topic: The Royal Bank of Scotland Group plc
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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 09/02
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Spending cuts: As Washington frets, Wall Street shrugs (so far)
Spending cuts set to pummel most government programs starting today so far haven't had much effect on investors. The $85 billion in across-the-board 'sequestration' cuts were expected to cause airport delays, disrupt public services and result in lower pay or layoffs for millions of government workers.
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Jack Lew expected to lead Treasury (+video)
Jack Lew, President Obama's likely pick for Treasury secretary, will face tricky economic topics in his new role. If confirmed, Lew will be an important player in the president's plans for deficit reduction.
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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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Stocks nudge upward after tepid jobs report
Stocks barely moved Friday following yesterday's surge in the stock market. The Dow rose 14 points and the S&P 500 was up 5.
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Home sales rise as housing market rebounds. Slowly.
Home sales rose in July, continuing a slow rebound for the housing market. Home sales have been a rare bright spot in the economy this year.
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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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Barclays scandal prompts furious public backlash in Britain
Barclays CEO Robert Diamond resigned today. As investigations of lending rate manipulation continue a government official says a 'culture that had flourished in the age of irresponsibility' must end.
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As fears about Europe's future worsen, the Dow closes down
Fearing a financial rupture in Europe, investors around the world fled from risk Wednesday. They punished stocks and the euro, and the yield on a benchmark US bond hit its lowest point since World War II. The Dow closed down 161 points to land at 12419.
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The New Economy Is US a model for austerity-wary Europe?
Despite its sluggishness, the US economy is growing while Europe's is contracting. A rising number of policymakers blame Europe's austerity moves.
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A banker's punishment: Sir Fred Goodwin is now just Fred
Fred Goodwin, the former head of the Royal Bank of Scotland, was stripped of his knighthood for his role in the bank's 2008 crisis. But it's not clear hefty bonuses will get similar treatment.
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Scotland talks independence – but can it afford it?
With a vote on Scotland's independence from the UK becoming more inevitable, Scots want to know how an independent Scotland would pay its bills.
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Downgrade of France's credit rating dashes uplifting week for eurozone
Unexpectedly successful bond auctions for Spain and Italy and additional lending from the European Central Bank generated speculation about a turnaround – until S&P announced it had downgraded France.
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Global markets drop sharply on US, Europe outlook
Global markets reflect worry about rising interest rates for eurozone's weakest nations and possibility of a US recession. Among global markets to tumble most: Germany, down 5.3 percent and France, down 4.7 percent.
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Faulty mortgage loans catch up with 17 big banks
Faulty mortgage loans were a major contributor to the recession and now a US regulator is suing 17 big banks for their role in those faulty loans.
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US sues biggest banks over risky mortgages
Government lawsuit claims 17 banks, including Bank of America, Citigroup, and JP Morgan, misrepresented the value of $196 billion worth of mortgage-backed securities when it sold them to Fannie Mae and Freddie Mac.
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Futures market tumbles after S&P downgrade of US
Futures market for US stock fell on Monday after the US credit rating was reduced from AAA to AA+ on Friday. For the Dow, the futures market fell 200 points, S&P 500 futures fell 24 points, and Nasdaq futures fell 44 points.
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European markets tumble as investors fear Italian default
Investors in Europe have set their sights on Italy, speculating that if a Greek bailout isn't approved and Athens defaults on its government debt, Italy is next.
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A reeling bond market has EU members pushing for Ireland bailout
An Ireland bailout is possible after government bonds tumbled in recent weeks. The country is under pressure to accept a $100 billion bailout that could prove a bitter pill for the former 'Celtic Tiger.'
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Britain's government-owned banks: Sell, but not too fast
The British government should wait on Santander bank's public offering, then sell Lloyds. RBS is more problematic.
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Liverpool FC sale to Red Sox ownership goes through
Liverpool FC was owned by Tom Hicks and George Gillett, Jr., a pair of American businessmen. Hicks and Gillett, Jr. claim they were forced to sell Liverpool FC to Boston Red Sox owner John Henry by the Royal Bank of Scotland and the club's board of directors.
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Photos of the Day: Photos of the Day 09/02
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Hacker's extradition for cyber heist: sign US is gaining in cyber crime fight
US investigators may be gaining ground in the fight against international cyber crime. Recent extradition of an alleged hacker from Estonia is latest victory in prosecuting such cases.
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Were EU bank stress tests too weak?
In time, it will become clearer whether these stress tests bring financial stability or whether, as appears more likely, the market discounts them.
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Q&A: Why China has become the Middle East's favorite customer
China’s stake in the Middle East is growing. It buys more oil and sells more goods in the region than any other country, including the US. So why did Beijing vote in favor of Iran sanctions?
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Europe puts limits on banker bonuses
The European Parliament passed a bill today that would cap and defer financial traders' and bankers' bonuses, giving Europe the toughest regimes in the world. The caps are a backlash against the global financial meltdown, and the bonuses that followed.
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