A crush of big cap earnings and arguably the most important economic reports until September make next week the busiest of the summer for markets.» Read More
"When Bob Diamond was going on the stand I said I didn't think we would learn a great deal and I don't think we did to be quite honest, Barclays had released the information that's why I was pretty comfortable Bob wouldn't give us anything further," Chris Wheeler, bank analyst at Mediobanca, told CNBC.
"The Libor problem is a London trading problem mostly," says Richard Holwell, Holwell Shuster & Goldberg partner, discussing whether JPMorgan traders will face criminal charges on losses associated with risky bets on corporate debt.
In light of the recent scandals at Barclays, JPMorgan Chase, and others, the obvious question that must be asked is: Where was the board?
As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal. The New York Times reports.
Mary Jo Jacobi, fmr assistant US Secretary of Commerce, told CNBC, "I don't see how we can avoid the Libor scandal blowing up, it is a big scandal you have disclosures from the New York Fed going back to 2008, you have Deutsche Bank turning states evidence in a plea for leniency, who knows where else it is going to go."
Tim Bush, head of governance and Financial Analysis at PIRC (Pensions Investment Research Consultants Limited) and Simon Nixon, European editor at the WSJ, joined CNBC to discuss whether the the Libor scandal will shift focus from Barclays.
Discussing whether Timothy Geithner should have taken more action, by "jawboning" the bank, with Mark Calabria, The Cato Institute, and Darrell Duffie, Stanford University.
The Libor rate-rigging scandal has had an adverse effect on London’s reputation as a leading financial center, Mark Boleat, policy chairman at the City of London Corporation, told CNBC.
Italy gets a downgrade; videogame sales continue to plummet; Ackmans sets sights on P&G; Lexmark revises outlook and Google’s Larry Page is back in the office.
CNBC's Brian Shactman and Eamon Javers report the New York Fed is expected to release its report on the LIBOR case tomorrow, and HSBC is preparing to pay big fines for not having necessary controls in place to prevent terror financing.
CNBC's Jane Wells reports on how city bankruptcies are impacting the municipality market; and Alexandra Lebenthal, Lebenthal & Company, offers insight, and discusses the LIBOR scandal's effect on municipalities.
MIT Professor Simon Johnson points out that it is a mistake to treat the Libor scandal as confined to Barclays.
The softening global economy is leading central banks to cut rates, and that could change your carry trade strategy.
"This is a very big blow for Barclays, it's a blow for banks, it's a blow for London, the question is how much? Because the first big bank to be fined is in London it is certainly having an adverse effect on reputation," Mark Boleat, policy chairman at the City of London Corporation, told CNBC.
The decision by U.S. regulators to overhaul supervision of the country's largest banks following the financial crisis left front-line suprevisors without a deep knowledge of JPMorgan's trading operations during a brief yet critical moment, the New York Times reports.
HSBC is to apologize to US lawmakers for failing to have appropriate controls in place to ensure it did not facilitate the financing of terrorism and other criminal activities, transgressions that analysts estimate may cost it up to $1 billion in fines.The FT reports.
Cities, states, and municipal agencies nationwide are looking at whether they suffered damages from the Libor scandal, and weighing legal action. Brian Gardner, Keefe, Bruyette & Woods, and Mark Calabria, Cato Institute, weigh in. "It's important to separate out two issues--one, you had the Libor manipulations before the crisis that were directly aimed at benefiting Barclays, and the other part was during the crisis," says Calabria.
One of the oddest things about the Barclays Libor manipulation scandal is that no one has actually demonstrated that the British bank ever successfully manipulated Libor.
Cities and states are now filing lawsuits against more than a dozen banks, claiming the alleged rate-rigging scandal is partly to blame for their financial distress. Zachary Karabell, River Twice Research, and attorney Andrew Stoltmann, share their opinions over just how big this could get.
Former chair of the FDIC, Sheila Bair, discusses the looming fiscal fiasco in Europe; JPMorgan's trading losses; and weighs in on Barclays rate fixing scandal.