britain banks

Banking Fraud Is Just the New Way of Doing Business

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bigbenThe manipulation of the LIBOR scandal just keeps growing. Ever since Barclays was busted for manipulating this key critical interbank interest rate, more outrageous details keep pouring out.

Europe wants to make such evil financial dealings criminal. Yes, that's right, already manipulating a key interest rate is being classified as not criminal by this announcement.

Europe's top regulatory official intends to propose new rules that would criminalize the manipulation of benchmarks such as Libor.

Other investigations are also being announced:

The U.K. Serious Fraud Office opened a criminal probe into the attempted rigging of interest rates that led to a record fine against Barclays Plc (BARC), adding to pressure on banks already under investigation by regulators around the globe.

Supposedly the U.S. opened a criminal probe in February 2012:

Several major global banks, including Citigroup Inc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and UBS AG, have disclosed that they have been approached by authorities investigating how Libor is set.

Here comes the next banking crisis

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First it was Bear Stearns. Then it was the Countrywide and the mortgage lenders. Then it was Lehman and AIG.
Now we have another banking crisis brewing, but this one is different because it's not from America. This one is from the other side of the Pond.

Jim Rogers, chairman of Singapore-based Rogers Holdings, said the “U.K. is finished” and investors should sell the currency.
...
“I would urge you to sell any sterling you might have,” said Rogers. “It’s finished. I hate to say it, but I would not put any money in the U.K.”