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Mark Newton, Greywolf Execution Partners, and Peter Boockvar, Miller Tabak, discuss whether it's time to buy Barclays amid allegations that the bank manipulated the Libor rate.
Barclays may have lost its chairman, chief executive and chief operating officer but the bank remains as defiant as ever about the Libor scandal.
Famed market timer Doug Kass believes the market is at a critical juncture. And he doesn’t think it takes much more for it to tip over, entirely.
Warren Buffett likes bank stocks, just not investment banks. And for good reason.
Philip Parker, Founder, Managing Director and CIO at Parker Asset Management and Justin O'Brien, Director, Centre of Law, Markets and Regulation at The University of New South Wales debate on the impact of the Libor scandal on the banking industry and whether there will be another form of rate that will be used instead.
Stocks closed lower in thin trading Thursday after a round of interest rate cuts by major central banks and as investors remained cautious ahead of Friday’s key government jobs report.
Former Barclays CEO faced tough questions at a three-hour hearing before a British parliamentary panel over the rate fixing scandal, with CNBC's Kelly Evans. Christopher Whalen, Tangent Capital Partners, and Edward Butowsky, weigh in. "The environment in the UK is poisonous right now," says Whalen.
On July 4, members of UK Parliament grilled an American banking executive who had to resign this week. CNBC's Kelly Evans offers an update on Barclays' rate fixing scandal.
Moody's and Standard & Poor's both lowered their outlooks on Barclays to "negative" from "stable" in the wake of the interest rate manipulation scandal. CNBC's Kelly Evans reports.
Futures turned negative again in choppy pre-market trading Thursday as grim comments from ECB President Mario Draghi weighed on sentiment and even trumped a pair of better-than-expected employment reports.
Take a look at some of Thursday’s morning movers:
CNBC's Kelly Evans reports on all the market moving events from Europe, including UK lawmakers voting on the next step for the Libor rate-fixing probe, and an expected rate cut by the ECB.
"A judicial inquiry is used when we want to know what has happened, in this case we already know what has happened, we have had a full finding by the FSA, this is not about what happened this is what are politicians going to do about it?" John Thurso, member of the treasury select committee, House of Commons, told CNBC.
"From a trading perspective I would buy banking stops right now, but it is challenging of course the purging of the banking sector in Europe in particular has not ended yet, not even near," Beat Wittmann, CEO and Partner of Dynapartners, told CNBC.
Robert E. Diamond Jr., the former chief executive of Barclays, told a British parliamentary committee on Wednesday that the manipulation of global interest rate benchmarks involving 14 traders at the bank had made him “physically sick.” The NYT reports.
Hans Goetti, Chief Investment Officer Asia, Finaport discusses the implications the controversy will have on the market and on the banking sector. He adds that changes will most probably have to be made to Libor.
Michael Lewitt, Vice President & Portfolio Manager at Cumberland Advisors, in an interview alongside guest host Andrew Pease of Russell Investments, says Barclays CEO Bob Diamond's U.K. testimony left many questions unanswered.
"What's clear in the documents that Barclays produced yesterday is that they have raised very serious questions about the complicity and collusion among the UK establishment in trying to lower LIBOR during the financial crisis period." Simon Nixon, European Editor of Heard on the Street at The Wall Street Journal told CNBC. "I've no idea whether Bob [Diamond] will try and throw a nuclear bomb under London today or not but what's clear is those documents raise very serious questions," he added.
"What is going to be interesting from Bob Diamond this morning is that they were raising concerns that there were problems with the whole Libor rate setting system back in 2005, 6,7, it is a far from perfect system this guide price," Chris Tinker, founder at Libra Investment Services, told CNBC.
"Given the flurry of news stories I think that first questions will address Bob Diamond and the assertions he has made implicitly regarding contact with the Bank of England " Lord John McFall, former chairman of the Treasury Select Committee, told CNBC.