In an effort to offer a more transparent alternative to U.S. dollar Libor, the New York Federal Reserve released its first Secured Overnight Financing Rate (SOFR) Tuesday. SOFR opened at 1.80. Considerably lower than either the ICE Libor 1 month or 3 month rates. The Secured Overnight Financing Rate (SOFR) is a broad measure of […]
Bank of England Pushed Banks to Rig Libor…
The Bank of England repeatedly urged commercial banks to lower their Libor settings during the financial crisis, according to a secret tape obtained by BBC journalists. The 2008 recording adds to evidence that the central bank participated in one of the biggest rate-rigging scandals in history, the U.K.’s national broadcaster said in a report. The […]
J-Holed: Stocks Slide After “Good” Yellen, “Bad” Powell, & “Ugly” Fischer…
Yellen was hawkish but offered some dovish hope, Fischer dashed that hope, and Powell piled on… (Once again it seems VIX 14 was the target)…
Barclays to Pay $100 Million to U.S. States over Libor Scandal…
Agreement with 43 US states and District of Columbia follows £290m fine four years ago from UK regulators…
Three Former Barclays Traders Convicted Of LIBOR Manipulation…
The first bank to admit that it engaged in massive manipulation of the LIBOR rate was Barclays back in 2012, and traders are still being scapegoated tried in court to this day…
Why Are So Many Bankers Committing Suicide?…
Three bankers in New York, London and Siena, Italy, died within 17 months of each other in 2013-14 in what authorities deemed a series of unrelated suicides…