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 […]

DB’s in-house ‘fixer’ named deputy CEO

A big piece of the Deutsche Bank’s announcement by CEO John Cryan that it was selling $8.5 billion additional shares in its latest attempt to raise capital was missed by me until yesterday. The news was that Cryan also appointed a new management team, promoting Finance head Markus Schenck and retail head Christian Sewing became […]

Banks settling up with regulators

Two Wall Street banks agreed to pay multi-million fines Wednesday without admitting guilt as usual. Goldman Sachs was fined $120 million for rigging a key interest rate index, according to the Commodity Futures Trading Commission. And JPMorgan agreed to settle charges and pay $30 million fine brought by Swiss financial regulators for rigging Libor and […]

There’s scary things in the overnight lending district

US markets tried to erase Friday’s near 400 point loss on Monday with an 80% retracement to the upside, yet there was little follow through in Asia or Europe on Tuesday. This tells me that while the Federal Reserve came out yesterday with yet another contrarian voice — a dovish Fed Governor Lael Brainard countered […]

Yellen looking to help swaps market with Sept. rate rise

The narratives coming out of the banks in the most recent reports have a dire warning theme running through them. The worry of a market collapse weaves its way through reports from Citigroup, Morgan Stanley and a few others I have glanced at since Labor Day. Most hint of a bond vigilante rise arriving in […]

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 […]