Economy

Demeter

(85,373 posts)

25. It was impossible to spot Libor rigging: UK watchdog FEBRUARY

Mon Mar 25, 2013, 08:18 AM

Mar 2013

I WONDER IF HE'S STILL GOT HIS JOB...

http://www.reuters.com/article/2013/02/27/us-libor-britain-fsa-idUSBRE91Q0NX20130227

Regulators could not have spotted the "lowballing" of Libor interest rates during the financial crisis even if they had looked, Britain's Financial Services Authority said.

The watchdog's chairman, Adair Turner, told a parliamentary commission on banking standards on Wednesday it was much easier to see abuses in share trading by using computers.

Manipulation of the London interbank offered rate (Libor) during the 2008 crisis, for which three banks - Barclays BARC.L, Royal Bank of Scotland (RBS.L) and UBS (UBSN.VX) - have been fined so far was far harder to see, he said.

"There was no information on the trader manipulation," Turner told the commission. Libor is used to price trillions of dollars of financial products from derivatives to mortgages...

NOPE!

Adair Turner: Bankers 'no longer in denial'

Lord Turner took charge of the FSA just as the financial world fell apart. As he prepares to leave the regulator, the man who once described banks as 'socially useless’ tells Kamal Ahmed that behaviour has improved, why the bail-out was right, and reveals his next project - a book .

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9934819/Adair-Turner-Bankers-no-longer-in-denial.html

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