publication . Preprint . 2012

"The LIBOR Scandal: The Fix Is In--the Bank of England Did It!"

Jan Kregel;
Open Access
  • Published: 01 Aug 2012
Abstract
As the results of the various official investigations spread, it becomes more and more apparent that a large majority of financial institutions engaged in fraudulent manipulation of the benchmark London Interbank Offered Rate (LIBOR) to their own advantage, and that bank management and regulators were unable to effectively monitor the activity of institutions because they were too big to manage and too big to regulate. However, instead of drawing the obvious conclusion—that structural changes are needed to reduce banks to a size that can be effectively regulated, as proposed on numerous occasions by the Levy Economics Institute—discussion in the media and politi...
Related Organizations

Bank of England. 2007. Minutes: Sterling Money Markets Liaison Group. November 15. Available at: www.bankof england.co.uk/markets/Documents/money/ mmlgnov 07.pdf.

British Bankers' Association (BBA). 2012. bbalibor™ Explained. Available at: www.bbalibor.com/bbalibor-explained.

Commodity Futures Trading Commission (CFTC). 2012. Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, as Amended, Making Finds and Imposing Remedial Sanctions. Docket No. 12-25. June 27. Available at: www.cftc.gov/ucm/ groups/public/@lrenforcementactions/documents/legal pleading/enfbarclaysorder062712.pdf.

US Department of Justice (DoJ). 2012a. Nonprosecution Agreement, Barclays Bank PLC. Criminal Division, Fraud Section. June 26. Available at: www.justice.gov/iso/opa/ resources/337201271017335469822.pdf.

---. 2012b. Statement of Facts. Appendix A to Nonprosecution Agreement, Barclays Bank PLC. Criminal Division, Fraud Section. Available at: www.justice.gov/ iso/opa/resources/9312012710173426365941.pdf.

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Financial Services Authority (FSA). 2012. Final Notice to Barclays Bank PLC. June 27. Available at: www.fsa.gov.uk/static/pubs/final/barclays-jun12.pdf.

House of Commons Treasury Committee. 2012. Evidence from Paul Tucker, Deputy Governor, Bank of England. July 9. Available at: www.parliamentlive.tv/Main/ Player.aspx?meetingId=11191.

---. 2012. Evidence from Robert Diamond, Former Chief Executive, Barclays Bank. July 4. Available at: www.parlia mentlive.tv/Main/Player.aspx?meetingId=11170.

Levy Economics Institute. 2011. Minsky on the Reregulation and Restructuring of the Financial System. Research Project Report. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. April.

---. 2012. Using Minsky to Simplify Financial Regulation. Research Project Report. Annandale-on-Hudson, N.Y.: Levy Economics Institute of Bard College. April.

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