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Why Is The Chinese Government Engineering a Banking Crisis?
Friday, June 21, 2013 - 8:40am | 1072Read More...SHIBOR has now become a commonplace phrase among investors. The acronym for the Shanghai Interbank Offered Rate, the equivalent of Libor for Chinese banks or the rate at which banks will lend to each other, has risen sharply over the past week and poses a severe threat to the economy. However, the...
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Barclays Names New CEO
Thursday, August 30, 2012 - 9:44am | 477Read More...British banking giant Barclays (NYSE: BCS) has named Antony Jenkins, previously the head of the retail and business banking unit, its new Chief Executive Officer. Jenkins took the job with immediate effect, and he will have to hit the ground running because Barclays has been under a negative...
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Justice Department Seeks Cooperation At UBS Over LIBOR Probe
Thursday, August 9, 2012 - 10:35am | 343Read More...The Justice Department is seeking the cooperation of low-level UBS (NYSE: UBS) employees in its investiation of the global interest rate-setting scandal, the Wall Street Journal reports. The U.S. will not seek to prosecute junior-level employees who help to reveal higher-ups that may have played a...
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Deutsche Bank to Cut 1,900 Jobs
Tuesday, July 31, 2012 - 4:18pm | 285Read More...Germany's largest bank is handing out pink slips. Deutsche Bank says it will eliminate 1,900 jobs by the end of the year. The news comes as Deutsche Bank said its second quarter profit dropped 46 percent to 650 million euros. Overall, the company's corporate banking and securities division, where...
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UBS Profits Plunge, Hit by Facebook IPO Loss
Tuesday, July 31, 2012 - 11:15am | 437Read More...UBS (NYSE: UBS), Switzerland's largest bank by assets, announced Tuesday a 58 percent drop in net profit to 425 million francs. Losses stemming from the Facebook (NYSE: FB) initial public offering (IPO) were 349 million Swiss francs ($356 million). UBS indicated in a statement, "We will take...
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Barclays Under Investigation Again
Friday, July 27, 2012 - 8:13am | 478Read More...British bank Barclays (NYSE: BCS) is under the microscope yet again after it set aside millions of pounds to cover bad decisions made selling financial products. Barclays must surely be sick of the sight of regulators and the word "investigation" following the London Interbank Offered Rate (LIBOR...
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Libor Scandal Explained: What It Means For You
Wednesday, July 11, 2012 - 6:52pm | 424Read More...The Libor scandal has engulfed banks around the world in controversy, forcing numerous traders and executives to resign. Banks globally are being charged with manipulating the rate that is used in setting trillions in dollars of derivatives worldwide, and the true impact of this scandal may yet be...
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Former Barclays Chief Executive Diamond Remains in the Rough
Wednesday, July 11, 2012 - 12:01pm | 520Read More...Bob Diamond, former CEO of Barclays Bank (NYSE: BCS), has been accused of misleading a parliamentary inquiry. It is the story that doesn't want to go away. On July 2, Benzinga reported that company Chairman Marcus Agius had resigned in the middle of the bank's rate-fixing scandal. The previous...
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Second Quarter Market Update
Monday, July 9, 2012 - 1:10pm | 956Read More...Stock market returns were looking pretty dismal coming into the final few trading days of the second quarter; but, the European Union Summit, the 19th such meeting in the past three years, provided some early 4th of July fireworks. The last trading day of the quarter saw domestic large...
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Barclays Chairman Resigns Amid Scandal
Monday, July 2, 2012 - 8:05am | 424Read More...Barclays (NYSE: BCS) Chairman Marcus Agius has resigned his position on Monday in the middle of the bank's rate-fixing scandal. Agius stepped up and said that "the buck stops with me," before quitting his job and saying that the scandal has dealt a "devastating blow," to the reputation of the bank...
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Banks, Collusion, Investigations, Oh My! (C, BAC, UBS)
Thursday, April 14, 2011 - 4:25pm | 311Read More...Did some of the world's biggest banks collude to manipulate a key interest rate before and during the financial crisis? According to the Wall Street Journal, the answer might be yes. Banks in both Europe and the United States may have understated their own borrowing costs, which are used to...
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The Euro is a Red Herring!!!
Friday, May 21, 2010 - 6:00am | 840Read More...“The Euro is falling!” they scream on CNBC. Who cares!? Not me. It’s supposed to be falling. They’ve got too much debt and slowing growth. EUR denominated rates should come down and there is growing risk the European Monetary Union will break up. By themselves, these facts (assertions?) do...
