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Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Monday, June 24, 2013

More Banks Named in Libor Rate Fixing Case

HSBC Tower, the international headquarters for...
HSBC Tower, the international headquarters for HSBC Holdings plc in Canary Wharf, London. Photo taken in 2005. (Photo credit: Wikipedia)
Employees of some of the world's largest financial institutions conspired with a former bank trader to rig benchmark interest rates, British prosecutors alleged Thursday, a sign authorities have their sights on an array of banks and brokerages.

The U.K.'s Serious Fraud Office this week charged former UBS AG and Citigroup Inc. trader Tom Hayes with eight counts of "conspiring to defraud" in an alleged attempt to manipulate the London interbank offered rate, or Libor. Mr. Hayes appeared in a London court Thursday, where prosecutors for the first time detailed their allegations against him, including a list of institutions whose employees Mr. Hayes allegedly conspired with.

The banks include New York-based J.P. Morgan Chase & Co.; Germany's Deutsche Bank AG; British banks HSBC Holdings PLC and Royal Bank of Scotland Group PLC; and Dutch lender Rabobank Groep NV. Prosecutors alleged Mr. Hayes also worked with employees of ICAP PLC, Tullett Prebon PLC and R.P. Martin Holdings Ltd., which are London-based interdealer brokers that serve as middlemen between bank traders.  - WSJ.com

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