Barc | InvestmentWatch

Why make a loan and be forced to reserve precious capital against it when you can be assured of a gain by cutting interest expense?

Despite the government’s best efforts at pushing them to boost lending, flush U.K. banks find it easier (and less risky) to profit by paying a premium to buy back their bonds. Why make a loan and be forced to reserve precious capital against it when you can be assured of a gain by cutting interest expense?

From WSJ:

Flush with cash but wary of making any more bad loans, U.K. banks are [...]

STANDARD CHARTERED MAY FACE SUSPENSION OVER IRAN TRANSACTIONS!!! U.K. index down as Standard Chartered plunges 25%!!!

Just because one foreign – note: not local because US bankers know very well where the bodies are buried - bank (whose CEO forgot to bribe American congressmen as efficiently as some other bank CEOs), namely HSBC, was not enough to convince Americans just how active America’s corrupt political muppets are when it comes to eradicating the evil banking scourge, here comes redirection target #2:

STANDARD CHARTERED MAY FACE SUSPENSION OVER IRAN TRANSACTIONS
BANK HAD $250 [...]

Libor Flaws Allowed Banks To Rig Rates Without Conspiracy

By Liam Vaughan and Katie Linsell, Bloomberg News

Flaws in the way Libor is set allowed individual banks to manipulate the key global interest rate for profit for years, according to traders.

While employees allegedly tried to rig the benchmark for $500 trillion of securities worldwide, they didn’t need to conspire with counterparts at other firms to affect where the rate was set each [...]

Barclays Corrupts Libor and Maybe a Lot More | Bloomberg

If Barclays Plc (BARC) would lie about its borrowing costs, what else would it lie about?

That question gets to the heart of the damage Barclays did to itself by submitting false numbers for years to the British Bankers’ Association as part of the surveys used to set the London interbank offered rate, the benchmark for $360 trillion of financial instruments globally. The most important asset any bank has is trust — especially [...]

FHFA Sues Merrill Lynch Bank of Americal over mortgage securities over losses for $30.85 billion: RTRS

by ZH

And so it begins:

FHFA Sues Barclays over mortgage securities over losses for $4.9 billion: RTRS
FHFA Sues Merrill Lynch Bank of Americal over mortgage securities over losses for $30.85 billion: RTRS

Put a fork in Bank of Countrywide Lynch.

In the meanime, just about 10 more banks to go.

Update:

FHFA Sues Nomura for $2 billion in losses: RTRS

Update 2:

Citi… and so on.

Complete summary:

Federal housing finance agency sues Barclays PLC BARC.L – court filing

Federal [...]

Chavez Emptying Bank of England Vault

Venezuelan President Hugo Chavez ordered the central bank to repatriate $11 billion of gold reserves held in developed nations’ institutions such as the Bank of England as the metal rises to record levels behind a weakening U.S. dollar.

Venezuela, which holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss institutions, will progressively return the bars to the central bank’s vault, Chavez said yesterday. JPMorgan [...]

California Plans $5.4 Billion Short-Term Note Sale to Repay a Bridge Loan

Wells Fargo & Co. (WFC) and Barclays Plc (BARC) will be senior managers of California’s $5.4 billion short-term notes sale the week of Sept. 12, a spokesman for state Treasurer Bill Lockyer said.

The first such issue since November will have De La Rosa & Co. as co-senior manager and Wells Fargo as book runner, Tom Dresslar, a Lockyer spokesman, said in an e-mail yesterday.

Proceeds from the sale of the revenue [...]

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