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Study Casts Doubt on Key Rate
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The WSJ study reported by Carrick Mollenkamp and Mark Whitehouse in the Journal on May 29, 2008, set off the investigation into the lowballing of the London Interbank Offered Rate or LIBOR by the 16 bank panel reporting the rate daily to the British Bankers Association. The rate is critical in setting the interest rate on trillions of dollars in transactions worldwide for securities, home and auto loans, derivatives and swaps. The apparent motive being to prevent negative perceptions of a bank's health if one bank was borrowing at a higher rate than its peers during the financial crisis of 2008-2009. banks doing the most lowballing for the LIBOR rate such as Citigroup, HBOS, were already perceived in financial markets to have higher risk during the financial crisis, divergence in LIBOR rates would reinforce these perceptions. Investigations later showed other banks such as UBS manipulated the rate they reported and influenced other banks to do so to increase trading profits. UBS settled charges for $1.5 billion and Barlays for $450 million. UBS was seen as an egregious offender as the practice was in the words of the Financial Services Authority, the UK regulator, quite "routine and widespread" at UBS.
The WSJ's May 2008 study that set off the LIBOR investigation
05/29/2008
The analysis by the WSJ using credit default insurance showed banks were lowballing the rate they reported daily to the British Bankers Association as part of a 16 bank panel. The apparent intention was to protect perception of the bank's health during the financial crisis. Investigations later showed the other motive was to increase trading profits at banks such as UBS. WSJ analysis showed banks rates clustering together showing possible collusion in setting the rates. Banks which lowballed the most in the WSJ analysis were Citigroup, HBOS, UBS, WestLB, JP Morgan Chase. West LB, Citigroup and HBOS, were considered banks with higher risks during the financial crisis. The LIBOR or London Interbank Offered Rate helps determine the rate for trillions of dollars of transactions in financial markets ranging from home securities, home and auto loans to derivatives and swaps and is critical for the integrity of financial markets worldwide.
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Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
U.K. Serious Fraud Office Plans More Libor Charges in the Fall
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Wall Street Journal 05/29/2008
Britain's Serious Fraud office and its investigation into improper LIBOR rate setting by Barclays and other banks
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Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
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Osborne Promises More Regulatory Powers to Split Up British Banks
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U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
U.K. Serious Fraud Office Plans More Libor Charges in the Fall
Wall Street Journal 08/05/2015
LIBOR reforms 2012-2013
05/29/2008
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Wall Street Journal 07/15/2011
NYSE Euronext to Take Over Libor
Wall Street Journal 07/10/2013
NYSE Euronext to Take Over Administration of LIBOR
New York Times 07/09/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Libor Furor: Key Rate Gets New Scrutiny
Wall Street Journal 09/28/2012
Swiss Bank UBS and the $1.5 billion LIBOR rate manipulation settlement
05/29/2008
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Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
UBS Admits Rigging Rates in 'Epic' Plot
Wall Street Journal 12/20/2012
Wall Street Journal 05/29/2008
The European Commission's regulatory authorites and LIBOR
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Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
Europe Sets Big Fines In Settling Libor Case
New York Times 12/04/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
EU Calls for Close Oversight of Key Gauges
Wall Street Journal 07/25/2012
New York Times 08/06/2012
The LIBOR investigation in the U.S.
05/29/2008
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Wall Street Journal 07/15/2011
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Wall Street Journal 07/11/2012
Q. and A.: Understanding LIBOR
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Wall Street Journal 07/12/2012
New York Fed May Shed Light on Libor Scandal
Wall Street Journal 07/12/2012
Treasury Secretary Geithner and the LIBOR investigation in the U.S.
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U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Geithner drawn into Libor scandal - The Washington Post
Washington Post 07/13/2012
Geithner Wrote Libor Memo in 2008
Wall Street Journal 07/13/2012
Geithner Tried to Curb Rate Rigging in 2008
New York Times 07/12/2012
Barclays $450 million settlement for manipulating the LIBOR rate and other settlements
05/29/2008
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Wall Street Journal 07/15/2011
Barclays's Hector Sants Takes Leave of Absence for Stress
Wall Street Journal 10/16/2013
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
Europe Sets Big Fines In Settling Libor Case
New York Times 12/04/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
LIBOR (the London interbank offered rate) and its diminishing importance in gauging global financial health
05/29/2008
During the 2008 crisis the libor rate jumped sharply. In today's financial markets with banks flush with cash the borrowing between banks has dropped significantly, making libor less useful.
Grouped Articles
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Barclays's Agius Is Stepping Down
Wall Street Journal 07/02/2012
Wall Street Journal 07/15/2011
Chief Executive of Barclays Resigns
New York Times 07/03/2012
New York Times 07/02/2012
Wall Street Journal 06/28/2012
New rules for setting the London Interbank Offered Rate (LIBOR)
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
NYSE Euronext to Take Over Libor
Wall Street Journal 07/10/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Barclays's Agius Is Stepping Down
Wall Street Journal 07/02/2012
Chief Executive of Barclays Resigns
New York Times 07/03/2012
The British Bankers' Association (BBA) and management of LIBOR
05/29/2008
A decision by th BBA to discontinue managment of LIBOR in Sept 2012.
Grouped Articles
Wall Street Journal 07/15/2011
NYSE Euronext to Take Over Libor
Wall Street Journal 07/10/2013
NYSE Euronext to Take Over Administration of LIBOR
New York Times 07/09/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
British Banks Step Back From Libor Role
Wall Street Journal 09/26/2012
Wall Street Journal 05/29/2008
The Labor party, Conservative party, and the Bank of England in the fallout from the manipulation of LIBOR rates by Barclays
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
U.K. Serious Fraud Office Plans More Libor Charges in the Fall
Wall Street Journal 08/05/2015
The Unraveling of Tom Hayes Part Five The Trial
Wall Street Journal 09/18/2015
The Unraveling of Tom Hayes Part Five The Trial
Wall Street Journal 09/18/2015
The responsibility of regulators in the manipulation of LIBOR rates by banks
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
The Unraveling of Tom Hayes Part Four The Waiting Game
Wall Street Journal 09/16/2015
The Unraveling of Tom Hayes Part Two The Gambler
Wall Street Journal 09/14/2015
Bank Scandal Turns Spotlight to Regulators
New York Times 07/09/2012
UBS $1 billion legal settlement with global regulators for manipulating LIBOR rates
05/29/2008
Grouped Articles
Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
New York Times 10/29/2013
After Fraud, the Fog Around Libor Hasnât Lifted
New York Times 10/31/2013
U.K. to Criminalize Manipulation of Financial Benchmarks
Wall Street Journal 12/23/2014
Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
Wall Street Journal 08/04/2015
UBS in Talks Over $1 Billion Penalty
Wall Street Journal 12/14/2012
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