Bob Diamond | InvestmentWatch

CONFIRMED: The attempted cover-up of how JP Morgan torpedoed Lehman Brothers

With news breaking that JP Morgan is involved with yet another segregated client funds vanishing act at PFG, it has been confirmed that The Morgue intentionally torpedoed Lehman Brothers in the fall of 2008 by withholding $138 billion in Lehman customer segregated funds owed to Lehman Bros for nearly 2 weeks.
Lehmnan Brothers Holdings Inc. filed suit against JP Morgan over the action that likely precipitated Lehman’s collapse, and JP Morgan has agreed to [...]

ATTN: US Cities, states, companies, and even private individuals are suing some of the world’s largest banks over Libor manipulation — including Barclays, Bank of America, JPMorgan Chase, Citigroup, and many more…

“The news on Wednesday that cities and states are suing some of the world’s largest banks over Libor manipulation shows how this scandal could blow up into one of history’s biggest bank frauds. That’s because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids — adding to the human suffering [...]

Banks’ Libor costs could reach $22 billion

Twelve global banks, including the Bank of America, Citigroup, JP Morgan Chase could be fined for interest rate fixing that totals almost $22 billion according to estimates.

More banks are likely to be punished for rigging their Libor submissions – the London Interbank Offered Rate at which banks lend to each other – and face penalties like Barclays, says Morgan Stanley.

Barclays, the British bank which has been the first so far [...]

Paul Tucker ‘aware of move to fix Libor’… will be grilled by MPs over the Libor scandal and whether regulators decided to turn a blind eye to misconduct.

The deputy governor of the Bank of England was warned that UK lenders were manipulating interest rates a year before he allegedly gave Barclays “a nod and a wink” to rig its own, in a call with former chief executive Bob Diamond in 2008.

Paul Tucker will on Monday be grilled by MPs on the Treasury Select Committee (TSC) over the Libor scandal, where he will be asked whether regulators decided [...]

New emails have emerged showing the depth of concern among senior government officials at the height of the financial crisis in 2008 over the amount Barclays had to pay to fund itself in the money market

In an email dated October 22, 2008, from Sir Jeremy Heywood, then principal private secretary to Gordon Brown, to Paul Tucker, then head of markets at the Bank of England, he asks why Barclays is paying “ABOVE Libor” to fund in the sterling money market.

Mr Tucker replies that he is aware of the issue, but adds “I don’t think that can be all of it”.

The emails publication comes ahead of the appearance of Mr [...]

‘Liborgate’ could trigger crucial banking reform

Finally, the British political classes are starting to get it. Finally, a head of steam is building. Over the past week, calls to impose a proper division between investment and commercial banking have become louder, more authoritative and part of mainstream debate. Pressure for the introduction – or reintroduction – of this crucial split could soon become irresistible, however much the politicians wiggle and the investment bankers deceive.

Until now, it’s [...]

Matt Taibbi – That is explosive stuff – Why is Nobody Freaking Out About the LIBOR Banking Scandal?

The LIBOR manipulation story has exploded into a major scandal overseas. The CEO of Barclays, Bob Diamond, has resigned in disgrace; his was the first of what will undoubtedly be many major banks to walk the regulatory plank for fixing the interbank exchange rate. The Labor party is demanding a sweeping criminal investigation. Mervyn King, Governor of the Bank of England,responded the way a real public official should (i.e. not like Ben Bernanke), blasting [...]

REVEALED: Jet-set life of NYC socialite who came out fighting for her Barclays bank dad

She has a gilded lifestyle — even if she has a tarnished father.

Before Nell Diamond, the 23-year old daughter of former Barclays Bank chief Bob Diamond, became infamous for a foul-fingered tweet, she was known as a socialite darling with a passion for fashion.

The Princeton-educated Diamond, who works as an analyst at Deutche Bank in New York City, has documented her lively life on Instagram.

The wealthy Diamond has photographs of herself with [...]

This Is BIG SHTF News: LIBOR-gate Expands to 20 More Banks, All Under Criminal Investigation Now; This affects EVERYONE!

Barclays shares drop 15 per cent as pressure on Diamond grows
George Osborne promises new criminal sanctions for market abusers
RBS, HSBC and Lloyds all named as under investigation as scandal widens

Hundreds of bankers across three continents are embroiled in the interest-rate fixing scandal that has left Barclays chief executive Bob Diamond fighting to save his job.

As pressure intensified on Britain’s highest paid banking boss to quit, MPs heard a string of [...]

Must Reads for today – 7/4/2012

Janet Calls Out The Media

Wall Street still giving to Obama

Why Isn’t Wall Street In Jail!

Hot new filing claims internal docs show rating agencies lied on MBS

There’s Something Rotten in Banking

The Fed And LIBOR – The Biggest Manipulator Of Them All

Wall Street Supporters In Congress Unmoved By Libor Probe

‘For you … anything.’ Barclays Libor emails paint ugly picture

Bailout Update – $1.5 Trillion Still Owed To Treasury, Fed

Howard Schultz: “The American dream is in [...]

Banking Scandal: How Document Trail Reveals Global Scam

The interest rate rigging scandal that has engulfed Barclays was the result of a coordinated attempt at collusion by traders working for a coterie of leading banks over at least five years, according to a series of lawsuits and legal rulings filed in courts in Asia and North America.

The lawsuits allege the fraud was extensive, spanning at least three continents and involving trades worth tens of billions of pounds. The allegations raise [...]

Scandal that could ruin banking giants: U.S. lawyers prepare to sue financial firms for hundreds of BILLIONS over global interest rate-fixing

Resigned: American Barclays Chief Executive Bob Diamond has quit over the scandal

An American lawyer leading a class action suit in the United States has said that Barclays and other banks accused of rigging the Libor lending rate could be liable for hundreds of billions of dollars in damages.

‘There are thousands if not tens of thousands of entities that could possibly have a claim,’ said Michael Hausfeld, whose Washington-based firm Hausfeld [...]

Barclays And 20 More Banks, Including HSBC, Facing Criminal Inquiry Over Interest Rate Fix Scandal… THIS IS HUGE!

Barclays shares drop 15 per cent as pressure on Diamond grows
George Osborne promises new criminal sanctions for market abusers
RBS, HSBC and Lloyds all named as under investigation as scandal widens

Hundreds of bankers across three continents are embroiled in the interest-rate fixing scandal that has left Barclays chief executive Bob Diamond fighting to save his job.

As pressure intensified on Britain’s highest paid banking boss to quit, MPs heard a string of [...]

BlackRock’s Fink: Europe is wake-up call; US politicians snoring away

BlackRock CEO Larry Fink spoke with Bloomberg Television’s Erik Schatzker and Trish Regan on “Market Makers” today and said that, “our politicians are guardians too, and they’re not acting in ways that guardians should…Europe is a great wake-up call and they’re still snoring away.”

Fink went on to say, “we need more clarity, and that is my message to every politician I see…it’s all about confidence. No one is investing for [...]

Is It Time to Start Locking Up Bankers?

Daniel Knowles
Telegraph
June 28, 2012

Two hundred and ninety million pounds – that’s how much Barclays has been fined for attempting to manipulate the Libor interest rate. That’s not much less than the estimated £300m cost of last year’s riots in London, and it may only be a small fraction of the total damage Barclays has caused. As Philip Aldrick noted yesterday, loans with a value of $10 trillion are indexed using Libor, while [...]

A new nightmare on Wall Street? U.S. banks face criminal probe into global interest rate-fixing scheme as Barclays blows the whistle on America’s financial giants

Some of America’s top banks are set to be dragged into a major criminal investigation of a global interest rate-fixing scandal about to engulf some of Wall Street’s biggest institutions.

The worldwide probe centres on claims traders at Barclays colluded with rival banks to keep interest rates at levels to their benefit.

Barclays agreed to pay a whopping $453million in fines to the U.S. Justice Department and the UK’s Financial Services Authority.

But it [...]

Art Cashin On Bernanke’s Secret Banker Meeting To Keep Europe Afloat

Last week Mario Monti, like a good (ex) Goldmanite, did his best to buy what Goldman is selling, namely telling anyone gullible enough to believe that the “European crisis is almost over.” Funny then that we learn that just as this was happening, Ben Bernanke held a secret meeting with the entire banker caretel, in which discussed was not American jobs (seasonally adjusted or otherwise), nor $5 gas, but… helping European [...]

Rumors in market: A French bank being in trouble

hich is odd because Bernanke had lunch with the Bankers last week and told them to start helping with the EU debt crisis. Odder still since Mario Monti said (almost at same time as this lunch was held) that the EU crisis was almost over.

Perhaps this is Jamie Dimons way of helping ;)

Fortune has learned that attendees included Jamie Dimon (J.P. Morgan), Bob Diamond (Barclays), Brady Dougan (Credit Suisse), Larry Fink [...]

Ben Bernanke makes a rare Wall Street appearance

After completing a series of public lectures in Washington, D.C. last week, Federal Reserve Chairman Ben Bernanke quietly slipped into New York City for a private luncheon on Friday with Wall Street executives.

Fortune has learned that attendees included Jamie Dimon (J.P. Morgan), Bob Diamond (Barclays), Brady Dougan (Credit Suisse), Larry Fink (Blackrock), Gerald Hassell (Bank of New York Mellon), Glenn Hutchins (Silver Lake), Colm Kelleher (Morgan Stanley), Brian Moynihan (Bank of [...]

Barclays Bank today pays out over £1.5 billion ($2.4 billion) in bankster bonuses an dare to pay out over £2.15 billion ($3.3 billion) or over half of the entire bank profits in bankster bonuses for the year:

Barclays has reported a 3% fall in profits to £5.9bn for last year, hit by a slowdown at its investment bank arm.

The bank also said the bonus pool at the investment banking division was down 32% to £1.5bn in 2011.

Chief executive Bob Diamond declined to discuss his own bonus during a news conference.

But senior executives will see bonuses cut about 48%, which BBC business editor Robert Peston says would [...]

Barclays Warns May Miss Medium-Term Profit Goal

British bank Barclays warned it may miss its medium-term profitability target after it ended 2011 with its worst quarter for three years as the euro zone debt crisis hit bond trading, dragging its annual profit down on the year before.

Sang Tan / AP
A branch of Barclays Bank in central London (AP Photo/Sang Tan)

Chief Executive Bob Diamond set the return on equity target as part of a strategic review just last year.

“Thirteen [...]

Outrage: Banks ‘still expect taxpayer to pay for their failure’ – Telegraph

Telegraph.co.uk

A key Bank of England policymaker has contradicted the public statements of senior bankers by revealing that some privately expect the taxpayer to pick up the tab in the event of another financial crisis.

Paul Fisher claimed the crisis was partially caused because bank bosses “seemed to have had no grasp of how risky their exposures really were”. Photo: REUTERS

In a paper published yesterday, [...]

"Main Street's Boycott Of Capital Markets Succeeding: Barclays First Casualty, To Fire Hundreds Due To Plunge In Market Activity"

For the longest time it was consensus thought that only Wall Street could fuck Main Street. The ride is now turning. After what the FT reports was a 16% decline in fixed income, currencies and commodities trading revenues for Q2, coupled with advisory revenues down 17%, the bank is now “planning to cut up to several hundred employees following a sharp fall in market [...]

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