US Regulators Summon 7 UK Banks in Ever-Expanding Libor Inquiry 2012 August 16 Posted by Stephen Cook

US Regulators Summon 7 UK Banks in Ever-Expanding Libor Inquiry
2012 August 16

Posted by Stephen Cook

New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly investigating and have requested information from JP Morgan Chase, Barclays, state-backed lender Royal Bank of Scotland and HSBC
US Regulators Summon 7 UK Banks in Ever-Expanding Libor Inquiry

Stephen: I know some of you may feel I am banging on about the Libor scandal, but this is the real tipping point to dismantling the entire world financial system, as everything revolves around or is related to the banking sector’s illegal operations on every level.

There are two key things taking place right now. One is Disclosure; the other is the imminent official announcement of the new financial system.

This Libor scandal meanwhile is going to hit every country – in an ever-faster and ever-growing snowball. Find one, find them all – and fix them for good.
Libor scandal: US Regulators Summon Seven Banks

By Angela Monaghan, and Szu Ping Chan, The telegraph, UK – August 16, 2012

http://tinyurl.com/8fnn9p2

Pressure on the banking sector over the Libor-rigging scandal was ramped up after it emerged that seven banks, including the Royal Bank of Scotland and HSBC, have been issued with subpoenas in the US.

New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly investigating and have requested information from JP Morgan Chase, Barclays, state-backed lender Royal Bank of Scotland and HSBC.

The threat of prosecutions loomed closer as authorities in New York and Connecticut became the latest to widen the investigation into the alleged manipulation of the interbank lending rate.

New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly investigating and have requested information from JP Morgan Chase, Barclays, state-backed lender Royal Bank of Scotland and HSBC. UBS, Deutsche Bank and Citigroup were also named in the report by Bloomberg.

Ralph Silva, a banking analyst at SRN, said: “This is actually a bit surprising. We expected to hear more banks being served with Libor subpoenas, but we didn’t expect to see them all happen at the same time.

“It’s quite clear that over the past six months [regulators] have put a tremendous amount of resources into this, and it looks like all those investigations are coming to a head right about now.”

Barclays has already been fined £290m for its role in rate rigging. The scandal prompted the resignation of its chief executive Bob Diamond and chairman Marcus Agius. It is expected that investigations into other banks will result in further fines and resignations.

We’re going to see a lot of change in senior management for some of the the world’s biggest banks. There will be some turmoil in the banking industry over the next few months,” said Mr Silva.

UBS said in its second quarter results that agencies including state attorneys general were examining whether it and other banks had tried to manipulate the rate.

Earlier this month, Stephen Hester, RBS chief executive, admitted that the bank had sacked staff over the scandal.

“I think that the regulators must decide how they want to deal with the situation. We will stand up and take any punishment that comes our way,” he said.

In the UK the Serious Fraud Office has said it will investigate “a number of financial institutions” over the alleged manipulation of Libor and related interest rate benchmarks.

The Government has also commissioned a review of the Libor-setting system after it was widely accepted that the current system based on subjective submissions from banks is no longer viable. Sir Mervyn King, governor of the Bank of England, has been among those to say that Libor is not working and must be replaced,

Martin Wheatley, who heads conduct regulation at the Financial Services Authority and is leading the review of Libor for the Government, said last week that his proposals would be published by the end of September.

Thanks Shakes!

Well hello HerbLady!! Good to see you again-How is life treating you? I hope all is well with you and yours!! :) ;)

Has it crossed anyones mind that this may be a "structured" collapse? That perhaps its all planned to usher in the NWO and a Worldwide Central Banking system. I hate to rain on ya'lls parade of joy, but something tells me that this is all in their plan...Maybe its just me...

From what I understand, that is exactly what they want you to think- But the truth of the theft of the system by the cabal is already on the table, so to speak- And they WILL pay for it, one way or the other!! :twisted:

I know someone is going to pay. We shall see. The elite know that they have been caught, hense the tsunami planned for this country. Its supposed to be here before the end of the year. Drill some holes in the Atlantic, plant the nukes, and POOF, a larger scale than Japan Tsunami...I was told do not be within 150 miles of the east coast, because its coming.....

Their plan will be foiled, because someone let the 'cat' out of the bag-Whoever was going to employ this plan was caught red handed-This was supposed to have gone down in '05, '06, and was foiled then, too- :)