Conspiracy of Dunces: Central bank manipulations in crisis

On Monday we discover further evidence that the Bank Of England in 2008 was pressuring banks to manipulate the LIBOR rates lower as a result of the financial crisis. At the time Mervyn King was the Governor of the Bank of England and his staff were said to be questioning UK banks — including Barclays […]

Brexit overshadowed Q1 GDP abomination

With all the Brexit talk I neglected to write about the final revision for US Q1 GDP. It came in at a robust 1.1% annualized or 0.2525% for the quarter. To show where we are, that number beat the last revision of 0.8, which was also near consensus. Just short of eight years under Obama […]

Global banks shedding CEOs, hmmm

So let’s look at the euro banks. What does it tell us about this global economy? Deutsche Bank two weeks ago fired Anshu Jain and Juergen Fitschen its former co-CEO. On Wednesday Barclays Chief Executive Antony Jenkins was ousted after the board decided fresh blood is needed after three lackluster years with Jenkins leading the […]

Libor + 6 banks = no criminal charges

My apologies, I am in the last throes of a kitchen remodeling and its a little crazy in the mornings. That said, so the Dept. of Justice slapped JPMorgan Chase, Citigroup, Barclays, UBS and Royal Bank of Scotland on Wednesday with a $5.8 billion penalty for pleading guilty to manipulating global currency markets and London […]