Mercury Rising 鳯女

Politics, life, and other things that matter

The fix was in

Posted by Charles II on July 26, 2011

Hooboy.

Brooke Masters, Caroline Bingham, and Megan Murphy, FT report that lawyers have warnd UBS, Bank of America, Citigroup and Barclays to expect “dawn raids” from regulatory authorities. UBS has turned state’s evidence that the London-Tokyo collusion in setting yen rates, as well as fixing the Japanese interbank rate, TIBOR. Barclay’s traders were, in particular, believed to be communicating over the “Chinese Wall” to their treasury department to make rates move in the desired direction. Some banks may have also claimed to be able to borrow at lower rates than they actually could in order to make their financial situation seem stronger.

Back in March they were looking at LIBOR (the London interbank rate). Unclear whether that is still active.

Let me just say: I am not surprised.

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