apparently affects $800tn's worth of contracts.
Yep. Nearly a quadrillion.
First time I've seen a number that large in the world of finance.
The whole financial industry is thrust a wee bit off-kilter.
It is just a little bit embarrassing.
Diamond claims hints were made by senior bank officials. Sorry, but you don't commit a crime merely because you get the hint that it is okay.
"British officials, and Tucker individually, deny that Tucker gave Diamond permission to rig rates. But a report by British regulators did conclude that the two were talking about Barclays LIBOR submissions on October 29, 2008, and that as a result of that conversation, Diamond came away with a “misunderstanding.” The Daily Mail quotes the Financial Services Authority report:
However, as the substance of the telephone conversation was relayed down the chain of command at Barclays, a misunderstanding or miscommunication occurred.
This meant that Barclays’ submitters believed mistakenly that they were operating under an instruction from the Bank of England (as conveyed by senior management) to reduce Barclays’ Libor submissions."
Read more: http://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703#ixzz1ztnykU8x
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