• LIBOR | Money, banking and central banks | Finance & Capital Markets | Khan Academy

    London InterBank Offer Rate. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/federal-reserve/v/fed-open-market-operations?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/banking-and-money/v/frb-commentary-3-big-picture?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: We all use money and most of us use banks. Despite this, the actual working of the banking system is a bit of a mystery to most (especially fractional reserve banking). This older tutorial (bad handwriting and resolution) starts from a basi...

    published: 11 Apr 2011
  • What is The London Inter-Bank Offer Rate (LIBOR)?

    LIBOR is the world's most widely-used benchmark for short-term interest rates. It serves as the primary indicator for the average rate at which banks that contribute to the determination of LIBOR may obtain short-term loans in the London interbank market. Currently there are 11 to 18 contributor banks for five major currencies (US$, EUR, GBP, JPY, CHF), giving rates for seven different maturities. A total of 35 rates are posted every business day with the 3-month U.S. dollar rate being the most common. By Barry Norman, Investors Trading Academy.

    published: 18 Jun 2014
  • RBS fined over Libor

    The Royal Bank of Scotland has fined been fined £390m for attempting to rig Libor, the inter bank lending rate. The Financial Services Authority says wrongdoing was taking place two years after it was bailed out by the tax payer. Read the full story here: http://www.channel4.com/news/rbs-fined-for-libor-rate-fixing Follow Siobhan Kennedy on Twitter here: https://twitter.com/siobhankennedy4

    published: 06 Feb 2013
  • What is “Libor” and Why Is It Being Phased Out?

    (Schwab Market Snapshot 083) London Interbank Offered Rate, or “Libor”—it’s a term you’ve probably heard before, but you may not know exactly what it is. In this week’s Schwab Market Snapshot, Randy Frederick and Collin Martin talk about the phase-out of the Libor, and how this change might impact investors. Subscribe to our channel: https://www.youtube.com/charlesschwab Click here for more insights: http://insights.schwab.com/ (0817-7R8K)

    published: 10 Aug 2017
  • Interest rate swap 1 | Finance & Capital Markets | Khan Academy

    The basic dynamic of an interest rate swap. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/interest-rate-swaps-tut/v/interest-rate-swap-2?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/credit-default-swaps-tut/v/financial-weapons-of-mass-destruction?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Interest is the basis of modern capital markets. Depending on whether you are lending or borrowing, it can be viewed as a return on an asset (lending) or the cost of capital (borrowing). This tutori...

    published: 16 Sep 2011
  • ⚠️ Bank Loan Creation Crashes Most Since The Financial Crisis & Libor Rate Spikes To 8Yr High ⚠️

    Bank Loan Creation Crashes At Fastest Pace Since The Financial Crisis http://www.zerohedge.com/news/2017-03-19/bank-loan-creation-crashes-fastest-pace-financial-crisis Bank Lending Signals Caution https://www.wsj.com/articles/bank-lending-signals-caution-1488131391 https://www.federalreserve.gov/releases/h8/Current/ Libor Spikes Most In 15 Months To 8 Year Highs http://www.zerohedge.com/news/2017-03-01/libor-spikes-most-15-months-8-year-highs Last weekend, after looking at the latest H.8 statement by the Fed, we noted something concerning: total loans and leases by U.S. commercial banks were rising at an annual pace of about 4.6%, based on weekly Fed data. That is down from a 6.4% pace for all of last year and peak rates of around 8% in mid-2016. This is the slowest pace of debt creati...

    published: 19 Mar 2017
  • The Emerging LIBOR Scandal

    This is what you need to understand about LIBOR - It's stands for the London InterBank Offered Rate. So what does that mean? It's basically the rate that banks around the world are lending money to each other. And the way it's calculated is each day - the banks submit what rate they can afford to borrow money at - and the average of what all the banks submit becomes the LIBOR rate. But what's really important to remember here is - LIBOR doesn't just apply to the rate banks lend money to each other. It also applies to the rate that we consumers pay on several different types of loans - including mortgages, car loans, and credit card rates. So if those rates are manipulated by banks - and artificially driven higher - then it affects a lot of people - and leads to working people paying more o...

    published: 06 Jul 2012
  • Your Money: Understanding the Libor Rate

    Libor is a relatively unknown term to most investors, but as AP Personal Finance Editor Trevor Delaney explains, it plays a huge role in the financial markets.. (Oct. 13)

    published: 14 Oct 2008
  • Inter Bank Offer Rates, Lecture 018, Securities Investment 101, Video00021

    In this lecture we discuss what inter-bank offer rates are, where they originated, and how they are typically calculated on a daily business-day basis. Although providing a 'generic' description of how they work, and mentioning several of the major international alternatives, we also provide information on one of the major inter-bank offer rates (as of 2013), which is LIBOR, the London Inter-Bank Offer Rate. Previous lecture: http://www.youtube.com/watch?v=BW4J2HAd4VI Next lecture: http://www.youtube.com/watch?v=u_iGRKTnUfs For financial education from London to Singapore and beyond, please contact MithrilMoney via the following website: http://mithrilmoney.com/ This MithrilMoney lecture was delivered by Andy Duncan, CQF. Please read our disclaimer: http://mithrilmoney.com/disclaime...

    published: 30 Jun 2013
  • Libor-style scandal brewing with gas prices

    Remember the Libor scandal where the banks rigged the bank lending rate? There may be a similar one brewing as energy companies are accused of rigging the wholesale price of gas. .

    published: 13 Nov 2012
  • Rate rise is not wise - Trade.com

    Focusing in on Central Banks  The November 2nd MPC meeting and Rate Rise decision fast approaches. It is looking likely that the Bank of England will raise rates. After disappointing retails sales this morning we take a look at the economy of the United Kingdom as a whole. Current rate rise projections however are not linked with recent economic data, but are more linked to Mark Carney and his speeches. With the target rate at 2% Mark Carney said that the difficulty in the MPC mandate is not just in reaching the target rate but avoiding being detrimental to economic growth and employment in the lead up. The BoE have in recent meetings come across as more forceful in their suggestions of when they will move rates. Traders are however asking the question: "What is the point of one and done...

    published: 19 Oct 2017
  • What is LIBOR ?

    This video explains the features of London Inter-Bank Offered Rate

    published: 12 Feb 2017
  • Chartered Financial Analyst | What do you mean by LIBOR?

    Learn the Concept of LIBOR To Learn more concepts related to CFA here. https://www.apnacourse.com/course/cfa-1

    published: 16 Jul 2014
  • LIBOR Explained

    "Late last month, Barclay's Bank, a multinational bank and financial institution based in the United Kingdom, admitted to regulators that it tried to manipulate something called "Libor" before and during the financial crisis in 2008. "Libor" is an acronym for London Interbank Offered Rate. It is a rate used as a benchmark for the cost of lending throughout the financial system, and it is also used as a reference rate for a wide range of financial products like car loans, adjustable-rate mortgages, student loans and credit cards. "The Libor is not based on an objective measure of the interest for bank-to-bank loans. It is the average of a daily poll of the Association's member banks, who give an estimate of the interest rate they think they would pay if they sought to borrow from another b...

    published: 12 Jul 2012
  • Episode 112 - Lies, damn lies and Libor rates

    Dr Nick Motson on the bank lending rate probe

    published: 01 Mar 2012
  • Lloyds Banking Group To Pay $370 Million Libor Rate Rigging Fines

    Britain's Lloyds Banking Group has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a government lending scheme. The settlement is the seventh joint penalty handed out by U.S. and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks, which are used to price around $450 trillion of financial products worldwide. The penalties comprise a fine of 105 million pounds ($178 million) by Britain's Financial Conduct Authority, $105 million by the U.S. Commodity Futures Trading Commission and an $86 million fine by the U.S. Department of Justice. http://feeds.reuters.com/~r/reuters/businessNews/~3/...

    published: 28 Jul 2014
  • What is OVERNIGHT INDEXED SWAP? What does OVERNIGHT INDEXED SWAP mean?

    What is OVERNIGHT INDEXED SWAP? What does OVERNIGHT INDEXED SWAP mean? OVERNIGHT INDEXED SWAP meaning - OVERNIGHT INDEXED SWAP definition -OVERNIGHT INDEXED SWAP explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. An overnight indexed swap (OIS) is an interest rate swap where the periodic floating payment is generally based on a return calculated from a daily compound interest investment. The reference for a daily compounded rate is an overnight rate (or overnight index rate) and the exact averaging formula depends on the type of such rate. The index rate is typically the rate for overnight unsecured lending between banks, for example the Federal funds rate for US dollars, Eonia for Euros or Sonia for sterling. The fixed rat...

    published: 13 May 2017
  • Prime Rate What is it

    Prime Rate What is it? Prime Lending Rate is the rate at which banks lend money to each other overnight and is used to determine short term lending rates to consumers. Read the full story at http://delawaremortgageloans.net/prime-rate-what-is-it/ Prime Lending Rate is used to determine the rates on many variable rate consumer loans such as credit cards, car loans, home equity lines of credit, and some business loans. Prime is about 3% higher than the Fed Funds Rate and will move when Feds changed their rate. John R. Thomas Certified Mortgage Planner - NMLS 38783 Primary Residential Mortgage, Inc. 248 E Chestnut Hill Rd Newark, DE 19713 302-703-0727 Office Apply Online at http://www.PrimaryResidentialMortgage... Free Delaware First Time Home Buyer Seminar - http://www.DelawareHomeBuye...

    published: 01 Oct 2016
  • Historical libor interest rates

    http://www.lendinguniverse.com provides historical libor interest rates for all types of real estate loans and all of your lending needs in California Florida and all other states. Connect with http://www.mortgagecalculator-loan.com for residential commercial and land loans also Mobile Home, Construction Loan, Notary, Refinancing and best interest rate, bad credit mortgage solution. Simply complete our simple form and we will deliver you fast, accurate multiple results. We are neither a lenders nor a broker we give borrower tools to find and track all the negotiations. Lenders compete- You decide. Here is partial list of Calculators the site does a lot more: mortgage rates fed interest rate current mortgage rates federal interest rate historical libor interest rates interest r...

    published: 10 Mar 2009
  • What Is A Libor Rate?

    This page also lists some interest rate swaps based on short libor rates currently trade the interbank market for maturities up to 50 years. London interbank offered rate (libor) investopedia1 month libor 3 6 rates bond index current wikipedia. In the libor rate is what banks charge each other for short term loans. S 3 jul 2012 and one british bank international interest rate may have had a strong effect on libor stands for london interbank offered definition of rates the charged to short term loans. Libor what is it and why does matter? Bbc news bbc. Libor current libor interest rates global. Back to basics what is libor? Finance & development imf. Libor the london interbank offered rate prime. London interbank offered rates markets data center wsj. This interest rate is applied to large ...

    published: 10 Sep 2017
  • Money Minute: Libor, Credit Swaps, Circuit City

    As bank-to-bank lending rates gradually slide lower, the credit climate is looking a bit brighter. The AP's Mark Hamrick reports. (Oct. 20)

    published: 20 Oct 2008
  • 7 Financial Mysteries that Will SHAKE You

    7 Financial Mysteries & Conspiracies of History The Bank of Credit and Commerce International was at its peak the seventh largest private bank in the world, with assets of over 20 billion dollars and operations in 78 different countries. But in the 1980s it became clear that they'd been subjected to some pretty lax regulations, and by this we mean they did whatever the hell they wanted and nobody gave a shit because rich guys, that's why. If you were asked to name the toughest place to get into where would you think of? Anyone who said Emma Watson's underwear is perverted, but most people would probably say Fort Knox. Fort Knox is where the US stashes its official gold reserves worth approximately $175 billion dollars…or is it? The Federal Reserve is one of those weird institutions whic...

    published: 11 May 2016
  • Bank of Cardiff News - Libor interest rate to be axed following a series of scandals

    http://www.bankofcardiff.com/news/libor-interest-rate-to-be-axed-following-a-series-of-scandals/ Libor index will not be used after 2021 because banks are wary of participating in setting rates. Welcome to our latest Bank of Cardiff review. Customer reviews show Bank of Cardiff is the leading equipment finance & working capital bank in America. These days, customers are as likely to take to social media as they are to confront the seller with a complaint, so how should businesses manage complaints – and are review sites a trustworthy source of information for consumers? Bank of Cardiff is the nation's premier small-business direct lender. Bank of Cardiff - www.bankofcardiff.com offers direct funding to small business owners, making working capital loans, small business lines of credi...

    published: 04 Aug 2017
  • Fraud squad to probe Libor manipulation

    http://www.euronews.com/ The British government has called in the fraud squad to investigate possible crimes and will tighten laws over attempts to manipulate interbank lending rates. That scandal has engulfed Barclays - which will pay 364 million euros to settle allegations - and is set to spread to other banks. Barclays chief executive Bob Diamond acknowledged that the settlement would damage customer trust in the bank. British Prime Minister David Cameron said: "This is a scandal, it's extremely serious. They've paid a very large fine and quite rightly but frankly the Barclays management team have some big questions to answer. Who was responsible? Who was going to take responsibility? How are they being held accountable?" Nicholas Dunbar, author of 'The Devil's Derivatives' said th...

    published: 28 Jun 2012
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LIBOR | Money, banking and central banks  | Finance & Capital Markets | Khan Academy

LIBOR | Money, banking and central banks | Finance & Capital Markets | Khan Academy

  • Order:
  • Duration: 3:37
  • Updated: 11 Apr 2011
  • views: 103562
videos
London InterBank Offer Rate. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/federal-reserve/v/fed-open-market-operations?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/banking-and-money/v/frb-commentary-3-big-picture?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: We all use money and most of us use banks. Despite this, the actual working of the banking system is a bit of a mystery to most (especially fractional reserve banking). This older tutorial (bad handwriting and resolution) starts from a basic society looking to do more than barter and incrementally builds to a modern society with fraction reserve banking. Through this process, you will hopefully gain a deep understanding of how money and banking works in our modern world. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
https://wn.com/Libor_|_Money,_Banking_And_Central_Banks_|_Finance_Capital_Markets_|_Khan_Academy
What is The London Inter-Bank Offer Rate (LIBOR)?

What is The London Inter-Bank Offer Rate (LIBOR)?

  • Order:
  • Duration: 1:43
  • Updated: 18 Jun 2014
  • views: 976
videos
LIBOR is the world's most widely-used benchmark for short-term interest rates. It serves as the primary indicator for the average rate at which banks that contribute to the determination of LIBOR may obtain short-term loans in the London interbank market. Currently there are 11 to 18 contributor banks for five major currencies (US$, EUR, GBP, JPY, CHF), giving rates for seven different maturities. A total of 35 rates are posted every business day with the 3-month U.S. dollar rate being the most common. By Barry Norman, Investors Trading Academy.
https://wn.com/What_Is_The_London_Inter_Bank_Offer_Rate_(Libor)
RBS fined over Libor

RBS fined over Libor

  • Order:
  • Duration: 3:43
  • Updated: 06 Feb 2013
  • views: 2618
videos
The Royal Bank of Scotland has fined been fined £390m for attempting to rig Libor, the inter bank lending rate. The Financial Services Authority says wrongdoing was taking place two years after it was bailed out by the tax payer. Read the full story here: http://www.channel4.com/news/rbs-fined-for-libor-rate-fixing Follow Siobhan Kennedy on Twitter here: https://twitter.com/siobhankennedy4
https://wn.com/Rbs_Fined_Over_Libor
What is “Libor” and Why Is It Being Phased Out?

What is “Libor” and Why Is It Being Phased Out?

  • Order:
  • Duration: 4:19
  • Updated: 10 Aug 2017
  • views: 5231
videos
(Schwab Market Snapshot 083) London Interbank Offered Rate, or “Libor”—it’s a term you’ve probably heard before, but you may not know exactly what it is. In this week’s Schwab Market Snapshot, Randy Frederick and Collin Martin talk about the phase-out of the Libor, and how this change might impact investors. Subscribe to our channel: https://www.youtube.com/charlesschwab Click here for more insights: http://insights.schwab.com/ (0817-7R8K)
https://wn.com/What_Is_“Libor”_And_Why_Is_It_Being_Phased_Out
Interest rate swap 1 | Finance & Capital Markets | Khan Academy

Interest rate swap 1 | Finance & Capital Markets | Khan Academy

  • Order:
  • Duration: 3:51
  • Updated: 16 Sep 2011
  • views: 189640
videos
The basic dynamic of an interest rate swap. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/interest-rate-swaps-tut/v/interest-rate-swap-2?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/credit-default-swaps-tut/v/financial-weapons-of-mass-destruction?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Interest is the basis of modern capital markets. Depending on whether you are lending or borrowing, it can be viewed as a return on an asset (lending) or the cost of capital (borrowing). This tutorial gives an introduction to this fundamental concept, including what it means to compound. It also gives a rule of thumb that might make it easy to do some rough interest calculations in your head. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
https://wn.com/Interest_Rate_Swap_1_|_Finance_Capital_Markets_|_Khan_Academy
⚠️ Bank Loan Creation Crashes Most Since The Financial Crisis & Libor Rate Spikes To 8Yr High ⚠️

⚠️ Bank Loan Creation Crashes Most Since The Financial Crisis & Libor Rate Spikes To 8Yr High ⚠️

  • Order:
  • Duration: 6:17
  • Updated: 19 Mar 2017
  • views: 292
videos
Bank Loan Creation Crashes At Fastest Pace Since The Financial Crisis http://www.zerohedge.com/news/2017-03-19/bank-loan-creation-crashes-fastest-pace-financial-crisis Bank Lending Signals Caution https://www.wsj.com/articles/bank-lending-signals-caution-1488131391 https://www.federalreserve.gov/releases/h8/Current/ Libor Spikes Most In 15 Months To 8 Year Highs http://www.zerohedge.com/news/2017-03-01/libor-spikes-most-15-months-8-year-highs Last weekend, after looking at the latest H.8 statement by the Fed, we noted something concerning: total loans and leases by U.S. commercial banks were rising at an annual pace of about 4.6%, based on weekly Fed data. That is down from a 6.4% pace for all of last year and peak rates of around 8% in mid-2016. This is the slowest pace of debt creation since the spring of 2014. This deceleration has prompted numerous questions about the sustainability of the recovery, and led the WSJ to noted that the slowdown, "is at odds with the idea of a stronger economy and rising sentiment." But the slowdown was especially acute in the all important for growth Commercial and Industrial loan category, which after growing at a pace of 10% in the first half of 2016, had unexpectedly slowed to just 4.0%, nearly 50% lower than the 7% growth notched at the start of the year. This was the lowest pace of loan growth since July of 2011. Fast forward one week, when after the latest update to the Fed's latest weekly commercial bank loan data, we find that the trends have deteriorated substantially. As shown in the chart below, after growing 4.6% one week ago, total loans and leases grew only 4.2% in the week ended March 8: the lowest growth rate since May 2014. However, it was once again the Commercial and Industrial loans creation - or lack thereof - which was more problematic, because after growing 4.0% on a year over year basis as of March 1, and 5.7% one month ago as of February 8, the growth rate has since tumbled to just 2.9%, a 1.1% decline in the growth rate over the past week. As shown in the chart below, on a cumulative 4-week basis the slowdown in C&I loan creation tumbled by 2.8% as of the latest period: this was the biggest monthly slowdown going back to the financial crisis. There has been no definitive explanation for this sudden phenomenon, prompting the WSJ to inquire "who hit the brakes?" which is ironic because just as troubling as the big drop in C&I loans is the relentless grind lower in auto loans, which are likewise growing at a pace of just 4.9% Y/Y, or half what it was as recently as last September, when Ford ominously warned that the US auto market had plateaued. As we noted last week, two potential ideas have been put forth to explain the sharp slowdown: according to Barclays analyst Jason Goldberg it is possible that companies have shifted from the loan to the bond market, and are selling more bonds to lock in cheap financing before rates rise, while not encumbering assets with issuing unsecured debt. To be sure, corporate debt issuance in January soared by 43% from a year earlier, however the number may be misleading as it comes from a low base in the year-earlier period, when global markets were in turmoil. The other, more troubling explanation is that either political uncertainty is causing companies and banks to put off big decisions until the outlook for trade and tax policy is clearer, or that consumer demand for loans has plunged, forcing a sharp slowing in loan demand, as the underlying economy suffering a steep slowdown perhaps on the back of surging interest rates. The lending slowdown began showing up clearly just before the election last year, which also coincided with the sharp jump in interest rates. If it is uncertainty, and should it persist, caution on the part of lenders and borrowers could become a growing drag on the economy. Alternatively, if the slowdown is rate-dependent, any future Fed rate hikes will only further pressure loan growth: 3M Libor has continued its relentless rise higher, and with every passing day makes new 8 year highs. Finally, to revise our forecast from last week, when we said "C&I loan growth may turn negative Y/Y within a few months" it now appears the inflection point can hit within the next few weeks, and since historically US economic growth has been a function of easy bank credit, should the recent drop not be arrested, the Fed may have no choice but to reverse its tightening course in the very near future. ✔️ PLEASE LIKE, COMMENT, SHARE & SUBSCRIBE ✔️ SUBSCRIBE TO EMAIL NEWSLETTER: http://eepurl.com/b9Uh2X ✔️ SUBSCRIBE ON MINDS.COM: https://minds.com/newsupdate ✔️SUPPORT ME @ PATREON: https://patreon.com/worldnews ✔️ LIKE ON FB: http://fb.com/etimenews ✔️ SUBSCRIBE YOUTUBE: https://youtube.com/channel/UCfpGXdit6pfo1y0eebM6CAQ
https://wn.com/⚠️_Bank_Loan_Creation_Crashes_Most_Since_The_Financial_Crisis_Libor_Rate_Spikes_To_8Yr_High_⚠️
The Emerging LIBOR Scandal

The Emerging LIBOR Scandal

  • Order:
  • Duration: 10:44
  • Updated: 06 Jul 2012
  • views: 16801
videos
This is what you need to understand about LIBOR - It's stands for the London InterBank Offered Rate. So what does that mean? It's basically the rate that banks around the world are lending money to each other. And the way it's calculated is each day - the banks submit what rate they can afford to borrow money at - and the average of what all the banks submit becomes the LIBOR rate. But what's really important to remember here is - LIBOR doesn't just apply to the rate banks lend money to each other. It also applies to the rate that we consumers pay on several different types of loans - including mortgages, car loans, and credit card rates. So if those rates are manipulated by banks - and artificially driven higher - then it affects a lot of people - and leads to working people paying more on their loans. Which is exactly what happened. Earlier this week - the CEO and COO of Barclays bank resigned after it was revealed their bank was routinely manipulating LIBOR rates between 2005 and 2009. Barclays has since been hit with a $450 million fine for this criminal activity. But the question is - was Barclays alone in this? Or were other banks involved as well - and not only that - were governments and regulators involved in the scam too? Disgraced Barclays CEO Bob Diamond is alleging just that. As the Washington Post reported on Wednesday: "Fallen banking titan Bob Diamond on Wednesday described regulators on both sides of the Atlantic as partly complicit in a scandal involving the manipulation of a key interbank lending rate, telling a British parliamentary committee that government watchdogs had failed to act after his bank, Barclays, informed them of industry-wide irregularities during the U.S. financial crisis." So just how deep does this scandal go - and how much money did the banksters make this time screwing us? For more on this story - I want to welcome Max Fraad Wolff back to the show - he is an Economist an Instructor with the Graduate Program in International Affairs at the New School University.
https://wn.com/The_Emerging_Libor_Scandal
Your Money: Understanding the Libor Rate

Your Money: Understanding the Libor Rate

  • Order:
  • Duration: 1:15
  • Updated: 14 Oct 2008
  • views: 2340
videos
Libor is a relatively unknown term to most investors, but as AP Personal Finance Editor Trevor Delaney explains, it plays a huge role in the financial markets.. (Oct. 13)
https://wn.com/Your_Money_Understanding_The_Libor_Rate
Inter Bank Offer Rates, Lecture 018, Securities Investment 101, Video00021

Inter Bank Offer Rates, Lecture 018, Securities Investment 101, Video00021

  • Order:
  • Duration: 11:22
  • Updated: 30 Jun 2013
  • views: 2971
videos
In this lecture we discuss what inter-bank offer rates are, where they originated, and how they are typically calculated on a daily business-day basis. Although providing a 'generic' description of how they work, and mentioning several of the major international alternatives, we also provide information on one of the major inter-bank offer rates (as of 2013), which is LIBOR, the London Inter-Bank Offer Rate. Previous lecture: http://www.youtube.com/watch?v=BW4J2HAd4VI Next lecture: http://www.youtube.com/watch?v=u_iGRKTnUfs For financial education from London to Singapore and beyond, please contact MithrilMoney via the following website: http://mithrilmoney.com/ This MithrilMoney lecture was delivered by Andy Duncan, CQF. Please read our disclaimer: http://mithrilmoney.com/disclaimer/
https://wn.com/Inter_Bank_Offer_Rates,_Lecture_018,_Securities_Investment_101,_Video00021
Libor-style scandal brewing with gas prices

Libor-style scandal brewing with gas prices

  • Order:
  • Duration: 9:28
  • Updated: 13 Nov 2012
  • views: 651
videos
Remember the Libor scandal where the banks rigged the bank lending rate? There may be a similar one brewing as energy companies are accused of rigging the wholesale price of gas. .
https://wn.com/Libor_Style_Scandal_Brewing_With_Gas_Prices
Rate rise is not wise - Trade.com

Rate rise is not wise - Trade.com

  • Order:
  • Duration: 16:33
  • Updated: 19 Oct 2017
  • views: 29
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Focusing in on Central Banks  The November 2nd MPC meeting and Rate Rise decision fast approaches. It is looking likely that the Bank of England will raise rates. After disappointing retails sales this morning we take a look at the economy of the United Kingdom as a whole. Current rate rise projections however are not linked with recent economic data, but are more linked to Mark Carney and his speeches. With the target rate at 2% Mark Carney said that the difficulty in the MPC mandate is not just in reaching the target rate but avoiding being detrimental to economic growth and employment in the lead up. The BoE have in recent meetings come across as more forceful in their suggestions of when they will move rates. Traders are however asking the question: "What is the point of one and done? Will it bring inflation down? Will it support Sterling?" Bill Hubard, Chief Economist for TRADE.com and Marc Ostwald, Strategist for ADMISI then move their eye to yesterdays employment numbers of 317,000. Of which more than 70% were females. Suggesting that women either want to go to work, or lower wages mean the joint incomes are lower, which is a worrying sign for the UK economy. However this is more of a concern at a street level but not such a large concern for Central Banks. The Federal Reserve Tomorrow we see the release of the Fed's Beige Book. For the first time in a long time, all 12 districts were leaning from modest to moderate. The 3 districts that were on the moderate end of the scale, Richmond, Dallas, Atalanta were all affected by the recent spate of hurricanes. Looking at the situation in the United States, you can see that there is a severe job shortage in construction, transportation. Job creation has been in low skilled jobs. Perhaps the economy has reached a point where they have tipped the scales. Underestimating how much wages and inflation will go up. Rate Rise Conclusions The market is assuming inflation will undershoot central Bank targets for a long period of time. LIBOR (unsecured lending) and OIS (secured lending) spreads tell us that there is a premium for secured lending. Because of Brexit uncertainty, BoE uncertainty, people are trying to secure current rates not knowing where they might be in the future. This suggests that the Banks themselves don't know what will happen if rates change as they seem to prefer to lend money with collateral rather than using unsecured. Both Bill and Marc agreed that the Bank of England shouldn't move on November 2nd, but it unfortunately looks like they will. Core Finance is part of Core London, a TV production company based in Belgravia, London. Core Finance aims to provide its viewers with insightful market commentary, helping investors navigate global financial markets. Making the content provided invaluable to viewers. Our shows are closely followed by fund managers, day traders, retail investors, company CEO's, experienced investors and those new to the financial markets. Core Finance covers all asset classes ranging from currencies (forex), equities, bonds, commodities, crypto-currencies, ETF's, futures and options. Views expressed are solely those of guests and presenters and do not constitute investment advice and are not the views of Core Finance or Core London. See More At: www.corelondon.tv Twitter: @CoreLondonTV Facebook: CoreLondonTV
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What is LIBOR ?

What is LIBOR ?

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  • Duration: 5:04
  • Updated: 12 Feb 2017
  • views: 3220
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This video explains the features of London Inter-Bank Offered Rate
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Chartered Financial Analyst | What do you mean by LIBOR?

Chartered Financial Analyst | What do you mean by LIBOR?

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  • Duration: 1:48
  • Updated: 16 Jul 2014
  • views: 237
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Learn the Concept of LIBOR To Learn more concepts related to CFA here. https://www.apnacourse.com/course/cfa-1
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LIBOR Explained

LIBOR Explained

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  • Duration: 3:25
  • Updated: 12 Jul 2012
  • views: 5258
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"Late last month, Barclay's Bank, a multinational bank and financial institution based in the United Kingdom, admitted to regulators that it tried to manipulate something called "Libor" before and during the financial crisis in 2008. "Libor" is an acronym for London Interbank Offered Rate. It is a rate used as a benchmark for the cost of lending throughout the financial system, and it is also used as a reference rate for a wide range of financial products like car loans, adjustable-rate mortgages, student loans and credit cards. "The Libor is not based on an objective measure of the interest for bank-to-bank loans. It is the average of a daily poll of the Association's member banks, who give an estimate of the interest rate they think they would pay if they sought to borrow from another bank. "It is supposed to be the way the financial system assesses the overall health of the financial system, because if the banks being polled feel confident about the state of things, they report a low number, because they assume that if they had to borrow from another bank, their cost of borrowing would be low. If member banks feel a low degree of confidence in the financial system, they report a higher interest rate. And from that the Libor is calculated, affecting the interest rate on financial products around the globe. "What has emerged from the Barclay's Bank inquiry is evidence that banks may have in fact been deliberately manipulating Libor rates for years. The evidence so far is that one arm of a bank responding to the Libor poll would change their number based on what another arm of the same bank wanted—and that other arm could consist of the bank's traders who make their money on whether the rate goes up or down. This means that millions of consumers, investors and businesses have been paying the wrong interest rate. Or rather, they haven't been paying an interest rate that is set according to some legitimate benchmark. Instead they are paying a rate based on a gentlemen's agreement at financial institutions, a method that practically incentivizes those banks to game the system to maximize their profits. "And remember, the British Bankers Association, the group that is responsible for setting the rate, is not a government agency. It is just a trade group of big banks-- Bank of America, JPMorgan Chase and Deutsche Bank and others--whose decisions on such a crucial number are not based on honest accounting or rules or regulatory oversight, but on a gentlemen's agreement of honesty. "We don't know just how deep this scandal goes. But the fact is that if a fundamental component of our financial system has been or is being manipulated, we have the right to know about it. Banks are not above the law and they should not be allowed to operate in secrecy, especially when they have a history of taxpayer bailout and when we are forced to rely on them to provide capital for economic growth."
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Episode 112 - Lies, damn lies and Libor rates

Episode 112 - Lies, damn lies and Libor rates

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  • Duration: 4:24
  • Updated: 01 Mar 2012
  • views: 1520
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Dr Nick Motson on the bank lending rate probe
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Lloyds Banking Group To Pay $370 Million Libor Rate Rigging Fines

Lloyds Banking Group To Pay $370 Million Libor Rate Rigging Fines

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  • Duration: 1:01
  • Updated: 28 Jul 2014
  • views: 45
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Britain's Lloyds Banking Group has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a government lending scheme. The settlement is the seventh joint penalty handed out by U.S. and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks, which are used to price around $450 trillion of financial products worldwide. The penalties comprise a fine of 105 million pounds ($178 million) by Britain's Financial Conduct Authority, $105 million by the U.S. Commodity Futures Trading Commission and an $86 million fine by the U.S. Department of Justice. http://feeds.reuters.com/~r/reuters/businessNews/~3/O6ZDZUFH5w0/story01.htm http://www.wochit.com
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What is OVERNIGHT INDEXED SWAP? What does OVERNIGHT INDEXED SWAP mean?

What is OVERNIGHT INDEXED SWAP? What does OVERNIGHT INDEXED SWAP mean?

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  • Duration: 4:27
  • Updated: 13 May 2017
  • views: 576
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What is OVERNIGHT INDEXED SWAP? What does OVERNIGHT INDEXED SWAP mean? OVERNIGHT INDEXED SWAP meaning - OVERNIGHT INDEXED SWAP definition -OVERNIGHT INDEXED SWAP explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. An overnight indexed swap (OIS) is an interest rate swap where the periodic floating payment is generally based on a return calculated from a daily compound interest investment. The reference for a daily compounded rate is an overnight rate (or overnight index rate) and the exact averaging formula depends on the type of such rate. The index rate is typically the rate for overnight unsecured lending between banks, for example the Federal funds rate for US dollars, Eonia for Euros or Sonia for sterling. The fixed rate of OIS is typically an interest rate considered less risky than the corresponding interbank rate (LIBOR) because there is limited counterparty risk. The LIBOR–OIS spread is the difference between LIBOR and the (OIS) rates. The spread between the two rates is considered to be a measure of health of the banking system. It is an important measure of risk and liquidity in the money market, considered by many, including former US Federal Reserve chairman Alan Greenspan, to be a strong indicator for the relative stress in the money markets. A higher spread (high Libor) is typically interpreted as indication of a decreased willingness to lend by major banks, while a lower spread indicates higher liquidity in the market. As such, the spread can be viewed as indication of banks' perception of the creditworthiness of other financial institutions and the general availability of funds for lending purposes. The LIBOR–OIS spread has historically hovered around 10 basis points (bps). However, in the midst of the financial crisis of 20072010, the spread spiked to an all-time high of 364 basis points in October 2008, indicating a severe credit crunch. Since that time the spread has declined erratically but substantially, dropping below 100 basis points in mid-January 2009 and returning to 10–15 basis points by September 2009. Three-month LIBOR is generally a floating rate of financing, which fluctuates depending on how risky a lending bank feels about a borrowing bank. The OIS is a swap derived from the overnight rate, which is generally fixed by the local central bank. The OIS allows LIBOR-based banks to borrow at a fixed rate of interest over the same period. In the United States, the spread is based on the LIBOR Eurodollar rate and the Federal Reserve's Fed Funds rate. LIBOR is risky in the sense that the lending bank loans cash to the borrowing bank, and the OIS is stable in the sense that both counterparties only swap the floating rate of interest for the fixed rate of interest. The spread between the two is, therefore, a measure of how likely borrowing banks will default. This reflects counterparty credit risk premiums in contrast to liquidity risk premiums. However, given the mismatch in the tenor of the funding, it also reflects worries about liquidity risk as well. In the United States, the LIBOR–OIS spread generally maintains around 10 bps. This changed abruptly, as the spread jumped to a rate of around 50 bps in early August 2007 as the financial markets began to price in a higher risk environment. Within months, the Bank of England was forced to rescue Northern Rock from failure. The spread continued to maintain historically high levels as the crisis continued to unfold. As markets improved, the spread fell and as of October 2009, stood at 10 bps once again, only to rise again as struggles of the PIIGS countries threatened European banks. As of December 2011, the spread again stands at 40+ bps level. Whilst liquidity is provided in excess by monetary policy authorities the LIBOR-OIS is less of an indicator of stress.
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Prime Rate What is it

Prime Rate What is it

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  • Duration: 1:22
  • Updated: 01 Oct 2016
  • views: 1779
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Prime Rate What is it? Prime Lending Rate is the rate at which banks lend money to each other overnight and is used to determine short term lending rates to consumers. Read the full story at http://delawaremortgageloans.net/prime-rate-what-is-it/ Prime Lending Rate is used to determine the rates on many variable rate consumer loans such as credit cards, car loans, home equity lines of credit, and some business loans. Prime is about 3% higher than the Fed Funds Rate and will move when Feds changed their rate. John R. Thomas Certified Mortgage Planner - NMLS 38783 Primary Residential Mortgage, Inc. 248 E Chestnut Hill Rd Newark, DE 19713 302-703-0727 Office Apply Online at http://www.PrimaryResidentialMortgage... Free Delaware First Time Home Buyer Seminar - http://www.DelawareHomeBuyerSeminar.com Free Maryland First Time Home Buyer Seminar - http://www.MarylandHomeBuyerSeminars.com Primary Residential Mortgage Newark Delaware Branch NMLS – 106170 Primary Residential Mortgage Company NMLS – 3094 Licensed by Delaware State Bank Commissioner – No. 010608 Licensed by Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation No. 18566 Licensed by Pennsylvania Department of Banking No. 23296.004 Licensed by Indiana Department of Financial Institutions Consumer Credit Division, First Lien License 11069 Secretary of State Securities Commission Second Lien License 103936 Licensed by New Jersey Department of Banking and Insurance Licensed by Virginia Bureau of Financial Institutions: MC 2248 Broker MC-2248 NMLS#3094 (http://nmlsconsumeraccess.org) Equal Housing Lender #DelawareMortgageRates #DelawareMortgageLoans #DelawareMortgages #JohnThomas #PrimaryResidentialMortgage #DelawareMortgageCompany #mortgagerate #DelawareHomeLoans #DelawareLoanOfficer #BragAboutYourLoanOfficer #johnthomasteam
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Historical libor interest rates

Historical libor interest rates

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  • Duration: 0:37
  • Updated: 10 Mar 2009
  • views: 311
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http://www.lendinguniverse.com provides historical libor interest rates for all types of real estate loans and all of your lending needs in California Florida and all other states. Connect with http://www.mortgagecalculator-loan.com for residential commercial and land loans also Mobile Home, Construction Loan, Notary, Refinancing and best interest rate, bad credit mortgage solution. Simply complete our simple form and we will deliver you fast, accurate multiple results. We are neither a lenders nor a broker we give borrower tools to find and track all the negotiations. Lenders compete- You decide. Here is partial list of Calculators the site does a lot more: mortgage rates fed interest rate current mortgage rates federal interest rate historical libor interest rates interest rates today's mortgage rates lowest mortgage rates mortgage interest rates federal reserve interest rates what is the prime interest rate prime interest rate what is the current fed interest rate mortgage rates predictions what is the libor interest rate compare mortgage rates current prime interest rate wells fargo mortgage rates interest rate calculator mortgage interest rates in maine home mortgage rates current mortgage interest rates best mortgage rates how are mortgage rates determined todays mortgage rates refinance mortgage rates
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What Is A Libor Rate?

What Is A Libor Rate?

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  • Duration: 0:46
  • Updated: 10 Sep 2017
  • views: 11
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This page also lists some interest rate swaps based on short libor rates currently trade the interbank market for maturities up to 50 years. London interbank offered rate (libor) investopedia1 month libor 3 6 rates bond index current wikipedia. In the libor rate is what banks charge each other for short term loans. S 3 jul 2012 and one british bank international interest rate may have had a strong effect on libor stands for london interbank offered definition of rates the charged to short term loans. Libor what is it and why does matter? Bbc news bbc. Libor current libor interest rates global. Back to basics what is libor? Finance & development imf. Libor the london interbank offered rate prime. London interbank offered rates markets data center wsj. This interest rate is applied to large loans ranging from one day 10 jul 2012 the london interbank offered rate, more commonly known as libor, of most important numbers in financial worldLibor current libor rates global. Econ tells us what libor is and why interest rates move closely in line with short term the u. What are libor rates? Definition and meaning businessdictionary qunderstanding the new york times. Libor rates overnight us dollar libor rate current and historylibor 30 year historical chart interest to be phased out after string of scandals 1 month london interbank offered (libor), based on dollarwhat is why do move for mortals an easy explainer marketplace. It stands for the libor is among most common of benchmark interest rate indexes used to make adjustments adjustable mortgages. What is libor? Calculations, 2012 scandal, phase out the balancecurrent rate definition history moneycafe. 2012 scandal libor 1 year libor index current libor rate, historical table, rate chart what is the libor rate? What is libor? Find out at moneycafe 5 libor. How it's calculated and usedfinancial crisis. Libor is the average interbank interest rate at which a selection of banks on london money market are prepared to libor or ice (previously bba libor) benchmark that some world's leading charge each other for short term loans. The london interbank offered rate, or libor, is the annualized, average interest rate at which a select group of large, reputable banks john kiff used widely as benchmark but has come under fire libor rates (usd), latest, wk ago, high, low. Libor 1 libor, the london inter bank lending rate, is considered to be one of most important interest rates in finance, upon which trillions financial contracts rest libor usd, current and historical us dollar overnight rate at a panel selected banks borrow funds from another with maturity ice (formerly known as bba libor) benchmark produced for five currencies seven maturities quoted each ranging 12 this interactive chart compares month, 3 6 month back 1986 28 jul 2017 several senior bankers lost their jobs manipulation trader, tom hayes, was jailed 11 years. Photograph gary yeowell getty graph and download economic data from 1986 01 02 to 2017 08 11 about 1 month, libor, interest rate, interest, usa dr.
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Money Minute: Libor, Credit Swaps, Circuit City

Money Minute: Libor, Credit Swaps, Circuit City

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  • Duration: 1:09
  • Updated: 20 Oct 2008
  • views: 397
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As bank-to-bank lending rates gradually slide lower, the credit climate is looking a bit brighter. The AP's Mark Hamrick reports. (Oct. 20)
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7 Financial Mysteries that Will SHAKE You

7 Financial Mysteries that Will SHAKE You

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  • Duration: 7:12
  • Updated: 11 May 2016
  • views: 306889
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7 Financial Mysteries & Conspiracies of History The Bank of Credit and Commerce International was at its peak the seventh largest private bank in the world, with assets of over 20 billion dollars and operations in 78 different countries. But in the 1980s it became clear that they'd been subjected to some pretty lax regulations, and by this we mean they did whatever the hell they wanted and nobody gave a shit because rich guys, that's why. If you were asked to name the toughest place to get into where would you think of? Anyone who said Emma Watson's underwear is perverted, but most people would probably say Fort Knox. Fort Knox is where the US stashes its official gold reserves worth approximately $175 billion dollars…or is it? The Federal Reserve is one of those weird institutions which isn't under government control or privately owned. Those with the most influence over the Federal Reserve are the banks who elect its directors and recommend their governors, so it's not much of a stretch to imagine these people being influenced by those who elected them. It's a case of you scratch my back, I'll help you artificially control the economy. Believers of the Electronic Conspiracy Theory claim a secret group aim to control the world by forcing humanity to rely on electronic money. They apparently began manipulating world finances during the Renaissance, when precious metal-based currency was first replaced in Europe by paper notes, eliminating mankind's need for gold and silver trading. This was followed by the creation of virtual money, i.e. credit cards, and the replacement of credit cards by online processes such as internet banking. The world's biggest banks lend each other money all the time, and they impose certain interest rates to make money from these transactions. The most important is the Libor, the London inter-bank lending rate which impacts trillions of international financial contracts worth over 450 trillion dollars. Now imagine if someone could manipulate the Libor rate for personal gain, that'd probably be the biggest financial scandal in history right? Well yes, it was.
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Bank of Cardiff News - Libor interest rate to be axed following a series of scandals

Bank of Cardiff News - Libor interest rate to be axed following a series of scandals

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  • Duration: 4:18
  • Updated: 04 Aug 2017
  • views: 13
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http://www.bankofcardiff.com/news/libor-interest-rate-to-be-axed-following-a-series-of-scandals/ Libor index will not be used after 2021 because banks are wary of participating in setting rates. Welcome to our latest Bank of Cardiff review. Customer reviews show Bank of Cardiff is the leading equipment finance & working capital bank in America. These days, customers are as likely to take to social media as they are to confront the seller with a complaint, so how should businesses manage complaints – and are review sites a trustworthy source of information for consumers? Bank of Cardiff is the nation's premier small-business direct lender. Bank of Cardiff - www.bankofcardiff.com offers direct funding to small business owners, making working capital loans, small business lines of credit, equipment financing & equipment leasing to all 50 states. http://www.bankofcardiff.com/products/small-business-working-capital-loans/ Unsure about whether your business will be approved? Bad credit? Bad business credit? Startup business? Worry not, Bank of Cardiff offers loans and leasing to all credit types. Watch this video and learn why a Bank of Cardiff Working Capital Loan is right for your business: http://youtu.be/u8ZQGpsiajA Most applications can be approved in minutes, not days or even hours. Did you know that 9 out of 10 applications for loans or leases are approved within an hour! That's a 90% loan approval rate!! Lowest Rate Business Loan, Lowest Rate Working Capital Business Loan, Lowest Rate Equipment Financing, Lowest Rate Equipment Leasing all available through Bank of Cardiff Small Business Lending Not a Small-Business? No problem. Bank of Cardiff offers Middle Market firms and other large companies financing as well: http://www.bankofcardiff.com/products/large-business-working-capital-loans/ Bank of Cardiff Reviews and Bank of Cardiff Testimonials: We have an A+ with the BBB, 5 stars with Yelp, and 5 stars on Google+ Apply and get approved for a low rate Bank of Cardiff business loan in minutes: http://www.bankofcardiff.com/apply/working-capital/ Facebook: https://www.facebook.com/bankofcardiff Twitter: https://twitter.com/BankofCardiff LinkedIn: https://www.linkedin.com/company/bank-of-cardiff Blog: http://www.bankofcardiff.com/blog/ Google+: https://plus.google.com/+Bankofcardiff/posts YouTube channel: https://www.youtube.com/user/bankofcardiff Call Bank of Cardiff today to apply 1-855-234-0166
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Fraud squad to probe Libor manipulation

Fraud squad to probe Libor manipulation

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  • Duration: 1:11
  • Updated: 28 Jun 2012
  • views: 1039
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http://www.euronews.com/ The British government has called in the fraud squad to investigate possible crimes and will tighten laws over attempts to manipulate interbank lending rates. That scandal has engulfed Barclays - which will pay 364 million euros to settle allegations - and is set to spread to other banks. Barclays chief executive Bob Diamond acknowledged that the settlement would damage customer trust in the bank. British Prime Minister David Cameron said: "This is a scandal, it's extremely serious. They've paid a very large fine and quite rightly but frankly the Barclays management team have some big questions to answer. Who was responsible? Who was going to take responsibility? How are they being held accountable?" Nicholas Dunbar, author of 'The Devil's Derivatives' said the manipulation of the London interbank rate - known as Libor - reveals problems with the system: ''The people in the casino, the derivatives traders with their trillions of bets, are influencing this rate, which is supposed to be old fashioned interbank lending, and it has been completely contaminated by these traders, and you see these emails quoted in the Financial Services Authority report saying 'There's a bottle of Bollinger for doing this for me'." Barclays is the first bank to settle, but the British regulator the FSA and its US counterpart are investigating others including Citigroup, HSBC, Royal Bank of Scotland and UBS. The Libor rate, compiled from rates that banks pay each other for loans, is used throughout the financial system to set loan rates around the world. The investigation - which disclosed e-mails in which bankers appeared to promised bottles of champagne to thank each other for help in setting the rates - has added to a storm of anger against the financial industry. "Done ... for you big boy," read one message sent by a Barclays banker to one of the lender's traders, who had asked him to fix a key lending rate artificially low. In another message, after Barclays submitted a rate that was lower than the previous day's, an external trader says: "Dude, I owe you big time! Come over one day after work and I'm opening a bottle of Bollinger." British Finance Minister George Osborne said the e-mail exchanges "read like an epitaph to an age of irresponsibility". Find us on: Youtube http://bit.ly/zr3upY Facebook http://www.facebook.com/euronews.fans Twitter http://twitter.com/euronews
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