The Trump Administration just published a small notice in the Federal Register announcing that it would waive the outstanding criminal sanctions against some of the world's largest banks, Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank.
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In 2013, we learned that the world's largest banks had spent years rigging LIBOR, an interest-rate benchmark that served as a linchpin in trillions of dollars' worth of financial instruments, a fraud that could have cost the world $500 trillion
, all to fatten the banks' bottom lines and bankers' pay-packets by paltry millions. In The Spider Network
, Wall Street Journal veteran reporter gives us a novelistic and remarkably easy-to-follow account of one of the most baroque frauds in finance's history, and, in so doing, reveals the rot and mediocrity at the heart of the very financial system.
The biggest banks in the world have admitted to rigging LIBOR, a key interest rate that determines the value of trillions of dollars' worth of assets -- they paid billions in fines as a result. Read the rest
Jonathan Mathew is one of the bankers at Barclays who participated in the Libor rigging fraud, which cost people all over the world trillions of dollars in higher payments on mortgages, government bonds, student loans, and other assets totalling $350 trillion. Read the rest