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Barclay’s Bank, Libor Scandal and Romney’s London Fund-raiser
Barclays, JP Morgan, Bank of America and UBS are among the banks being investigated over allegations that they colluded to fix rates between 2005 and 2007. Last month, Barclays paid a record $451m to settle charges it submitted false numbers for the benchmark rates, which are used as the basis for $500tn in securities including complex derivatives, car loans and 45% of US mortgages.
New York and Connecticut are investigating whether they lost money in their own investments as a result of the alleged manipulation. The city of Baltimore has already filed a lawsuit against many of the banks allegedly involved, claiming that the alleged manipulation cost them money.
UK Parliament Resolution Calls On Barclays Execs To Stop Donating To Romney
Seven MPs say the bank’s leadership should stop fundraising activities for Romney and “concentrate entirely on repairing confidence and trust in the banking system instead.”
Link to Facebook declaration of MP’s to stop Barclay’s donations to Mitt Romney – Barclay’s Bank, Libor Fraud and Republican Donations.
Battle for 250,000 votes is joined in the 51st state of America they call Britain
(Independent) – Four years on from Mr McCain’s defeat, the Republicans’ latest attempt to recapture the White House has London’s über-wealthy American bankers, fund managers and lawyers heading for Mayfair and a Grade 1 Georgian mansion where the presidential hopeful Mitt Romney will hold a $75,000 a plate fundraising dinner next week on the eve of the Olympics.
Embattled banker drops out of Romney’s $75,000 London fund-raiser
(Bloomberg) – The July 27 Romney fundraising dinner, scheduled for a day when Romney is in town for the Olympics, will proceed without Diamond. The financial sector has been one of Romney’s top sources of campaign contributions. Romney is a former Massachusetts governor and co-founder of Bain Capital LLC, a private-equity firm based in Boston.
Supporters in the investment and securities industry contributed about $9.4 million to Romney’s campaign through the end of May, compared with at least $3.4 million that President Barack Obama has raised from them, according to the Washington- based Center for Responsive Politics.
Diamond gave $2,500 to Romney last year and has donated to a variety of candidates, including Senator Kirsten Gillibrand, a New York Democrat, and Senator Scott Brown, a Massachusetts Republican.
« click The Swank Wyoming Resort Where Dick Cheney Is Hosting An Exclusive Fundraiser For Mitt Romney
Culture of fear on the Barclays trading floor ‘that led to staff rigging interest rates’
(Mail Online) – A former senior employee of Barclays has spoken out about a ‘culture of fear’ that existed at the bank – and alleged that it is ‘impossible’ that bosses did not know about the interest rate rigging taking place on their watch. The banker claims disgraced ex-chief executive Bob Diamond would have been aware that his traders were involved in Libor fiddling in 2008.
Mr Diamond maintains that he knew nothing about the rate fixing and told MPs this week that he only heard about it last month.
Today’s revelations follow demands from furious shareholders that the bank strips its former boss of his entitlement to an £18 million bonus, while the Serious Fraud Office yesterday confirmed it is pursuing criminal investigations into the industry-wide conspiracy.
- The Bain migraine by Walter Shapiro
"But I will not let myself be reduced to silence."