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class="vector-toc-list"> </ul> </li> <li id="toc-Awareness_of_central_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Awareness_of_central_banks"> <div class="vector-toc-text"> 1.2 Awareness of central banks </div> </a> <ul id="toc-Awareness_of_central_banks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Regulatory_investigations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Regulatory_investigations"> <div class="vector-toc-text"> 1.3 Regulatory investigations </div> </a> <ul id="toc-Regulatory_investigations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Breadth_of_scandal_becomes_apparent" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Breadth_of_scandal_becomes_apparent"> <div class="vector-toc-text"> 2 Breadth of scandal becomes apparent </div> </a> <button aria-controls="toc-Breadth_of_scandal_becomes_apparent-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Breadth of scandal becomes apparent subsection </button> <ul id="toc-Breadth_of_scandal_becomes_apparent-sublist" class="vector-toc-list"> <li id="toc-United_States_investigations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States_investigations"> <div class="vector-toc-text"> 2.1 United States investigations </div> </a> <ul id="toc-United_States_investigations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Parliamentary_investigation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Parliamentary_investigation"> <div class="vector-toc-text"> 2.2 Parliamentary investigation </div> </a> <ul id="toc-Parliamentary_investigation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Civil_lawsuits" class="vector-toc-list-item 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href="https://simple.wikipedia.org/wiki/Libor_scandal" title="Libor scandal – Simple English" lang="en-simple" hreflang="en-simple" data-title="Libor scandal" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target">Simple English</a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Liborov_skandal" title="Liborov skandal – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Liborov skandal" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target">Srpskohrvatski / српскохрватски</a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Liborskandalen" title="Liborskandalen – Swedish" lang="sv" hreflang="sv" data-title="Liborskandalen" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li><li 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class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">London banking fraud</div> <style data-mw-deduplicate="TemplateStyles:r1224211176">.mw-parser-output .quotebox{background-color:#F9F9F9;border:1px solid #aaa;box-sizing:border-box;padding:10px;font-size:88%;max-width:100%}.mw-parser-output .quotebox.floatleft{margin:.5em 1.4em .8em 0}.mw-parser-output .quotebox.floatright{margin:.5em 0 .8em 1.4em}.mw-parser-output .quotebox.centered{overflow:hidden;position:relative;margin:.5em auto .8em auto}.mw-parser-output .quotebox.floatleft span,.mw-parser-output .quotebox.floatright span{font-style:inherit}.mw-parser-output .quotebox>blockquote{margin:0;padding:0;border-left:0;font-family:inherit;font-size:inherit}.mw-parser-output .quotebox-title{text-align:center;font-size:110%;font-weight:bold}.mw-parser-output .quotebox-quote>:first-child{margin-top:0}.mw-parser-output .quotebox-quote:last-child>:last-child{margin-bottom:0}.mw-parser-output .quotebox-quote.quoted:before{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" “ ";vertical-align:-45%;line-height:0}.mw-parser-output .quotebox-quote.quoted:after{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" ” ";line-height:0}.mw-parser-output .quotebox .left-aligned{text-align:left}.mw-parser-output .quotebox .right-aligned{text-align:right}.mw-parser-output .quotebox .center-aligned{text-align:center}.mw-parser-output .quotebox .quote-title,.mw-parser-output .quotebox .quotebox-quote{display:block}.mw-parser-output .quotebox cite{display:block;font-style:normal}@media screen and (max-width:640px){.mw-parser-output .quotebox{width:100%!important;margin:0 0 .8em!important;float:none!important}}</style><div class="quotebox pullquote floatright" style="width:20%; ;"> <div class="quotebox-title" style="">Scale of the scandal</div> <blockquote class="quotebox-quote left-aligned" style=""> This dwarfs by orders of magnitude any financial scam in the history of markets.<a href="#cite_note-1">[1]</a><a href="#cite_note-2">[2]</a> </blockquote> <cite class="left-aligned" style=""><a href="/wiki/Andrew_Lo" title="Andrew Lo">Andrew Lo</a>, <a href="/wiki/Massachusetts_Institute_of_Technology" title="Massachusetts Institute of Technology">MIT</a> Professor of Finance</cite> </div>The Libor scandal was a series of fraudulent actions connected to the <a href="/wiki/Libor" title="Libor">Libor</a> (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered in 2012 that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.<a href="#cite_note-3">[3]</a> Libor underpins approximately $350 trillion in <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a>. It is currently administered by <a href="/wiki/Intercontinental_Exchange" title="Intercontinental Exchange">Intercontinental Exchange</a> (ICE), which took over running the Libor in January 2014.<a href="#cite_note-bba_technical-4">[4]</a> The banks are supposed to submit the actual <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> they are paying, or would expect to pay, for borrowing from other banks. The Libor is supposed to be the total assessment of the health of the financial system because if the banks being polled feel confident about the state of things, they report a low number and if the member banks feel a low degree of confidence in the financial system, they report a higher interest rate number. In June 2012, multiple criminal settlements by <a href="/wiki/Barclays_Bank" class="mw-redirect" title="Barclays Bank">Barclays Bank</a> revealed significant fraud and collusion by <a href="/wiki/British_Bankers%27_Association" title="British Bankers' Association">member banks</a> connected to the rate submissions, leading to the scandal.<a href="#cite_note-cftc-5">[5]</a><a href="#cite_note-usdoj-6">[6]</a><a href="#cite_note-fsa-7">[7]</a> Because Libor is used in US <a href="/wiki/Derivatives_market" title="Derivatives market">derivatives markets</a>, an attempt to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a violation of American law. Since mortgages, <a href="/wiki/Student_loan" title="Student loan">student loans</a>, <a href="/wiki/Financial_derivative" class="mw-redirect" title="Financial derivative">financial derivatives</a>, and other <a href="/wiki/Financial_product" class="mw-redirect" title="Financial product">financial products</a> often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide. On 27 July 2012, the <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a> published an article by a former trader which stated that Libor manipulation had been common since at least 1991.<a href="#cite_note-8">[8]</a> Further reports on this have since come from the <a href="/wiki/BBC_News" title="BBC News">BBC</a><a href="#cite_note-9">[9]</a><a href="#cite_note-10">[10]</a> and <a href="/wiki/Reuters" title="Reuters">Reuters</a>.<a href="#cite_note-11">[11]</a> On 28 November 2012, the Finance Committee of the <a href="/wiki/Bundestag" title="Bundestag">Bundestag</a> held a hearing to learn more about the issue.<a href="#cite_note-12">[12]</a> The <a href="/wiki/British_Bankers%27_Association" title="British Bankers' Association">British Bankers' Association</a> (BBA) said on 25 September 2012 that it would transfer oversight of Libor to <a href="/wiki/UK" class="mw-redirect" title="UK">UK</a> regulators, as predicted by bank analysts,<a href="#cite_note-13">[13]</a> proposed by <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a> managing director <a href="/wiki/Martin_Wheatley" title="Martin Wheatley">Martin Wheatley</a>'s independent review recommendations.<a href="#cite_note-BloombergMain-14">[14]</a> Wheatley's review recommended that banks submitting rates to Libor must base them on actual inter-bank deposit market transactions and keep records of those transactions, that individual banks' LIBOR submissions be published after three months, and recommended criminal sanctions specifically for manipulation of benchmark interest rates.<a href="#cite_note-Blakes-15">[15]</a> Financial institution customers may experience higher and more volatile borrowing and hedging costs after implementation of the recommended reforms.<a href="#cite_note-Brettell-16">[16]</a> The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them.<a href="#cite_note-Thomson-17">[17]</a> Significant reforms, in line with the Wheatley Review, came into effect in 2013 and a new administrator took over in early 2014.<a href="#cite_note-reforms-18">[18]</a><a href="#cite_note-19">[19]</a> The UK controls Libor through laws made in the <a href="/wiki/UK_Parliament" class="mw-redirect" title="UK Parliament">UK Parliament</a>.<a href="#cite_note-UK_Policy-20">[20]</a><a href="#cite_note-21">[21]</a> In particular, the <a href="/wiki/Financial_Services_Act_2012" title="Financial Services Act 2012">Financial Services Act 2012</a> brings Libor under UK regulatory oversight and creates a criminal offence for knowingly or deliberately making false or misleading statements relating to benchmark-setting.<a href="#cite_note-reforms-18">[18]</a><a href="#cite_note-FSBillPR-22">[22]</a> As of November 2017<a class="external text" href="https://en.wikipedia.org/w/index.php?title=Libor_scandal&action=edit">[update]</a>, 13 traders had been charged by the UK <a href="/wiki/Serious_Fraud_Office_(United_Kingdom)" title="Serious Fraud Office (United Kingdom)">Serious Fraud Office</a> as part of their investigations into the Libor scandal. Of those, eight were acquitted in early 2016.<a href="#cite_note-23">[23]</a><a href="#cite_note-24">[24]</a><a href="#cite_note-25">[25]</a> Four were found guilty (<a href="/wiki/Tom_Hayes_(trader)" title="Tom Hayes (trader)">Tom Hayes</a>, Alex Pabon, Jay Vijay Merchant and Jonathan James Mathew),<a href="#cite_note-26">[26]</a> and one pleaded guilty (Peter Charles Johnson).<a href="#cite_note-27">[27]</a> The UK <a href="/wiki/Serious_Fraud_Office_(United_Kingdom)" title="Serious Fraud Office (United Kingdom)">Serious Fraud Office</a> closed its investigation into the rigging of Libor in October 2019 following a detailed review of the available evidence.<a href="#cite_note-28">[28]</a> It is estimated that the seven-year investigation of the Libor scandal in the UK cost at least £60 million.<a href="#cite_note-29">[29]</a> BBC Radio 4 produced a programme, The Lowball Tapes, that questions whether the right people were convicted for rigging rates.<a href="#cite_note-30">[30]</a> The programme also alleges that at the height of the financial crisis, the Bank of England was giving instructions to banks to rig Libor to a much greater extent than the traders ever did on their own account. This was subsequently published as a book.<a href="#cite_note-31">[31]</a> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Early_reports">Early reports</h2>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=1" title="Edit section: Early reports">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="WSJ_study">WSJ study</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=2" title="Edit section: WSJ study">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1224211176"><div class="quotebox pullquote floatright" style="width:20%; ;"> <div class="quotebox-title" style="text-align: left;">Libor manipulation to lower rate</div> <blockquote class="quotebox-quote left-aligned" style=""> Hi Guys, We got a big position in 3m libor for the next 3 days. Can we please keep the libor fixing at 5.39 for the next few days. It would really help. We do not want it to fix any higher than that. Tks a lot. </blockquote> <cite class="left-aligned" style="">Barclays Bank trader in New York to submitter, 13 September 2006<a href="#cite_note-nytimes_behind-32">[32]</a></cite> </div> On 16 April 2008, <a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a> released an article, and later study, suggesting that some banks might have understated borrowing costs they reported for the Libor during the 2008 credit crunch that may have misled others about the financial position of these banks.<a href="#cite_note-33">[33]</a><a href="#cite_note-wsj-study-34">[34]</a> In response, the BBA claimed that the Libor continued to be reliable even in times of financial crisis. Other authorities contradicted The Wall Street Journal article saying there was no evidence of manipulation. In its March 2008 Quarterly Review, the <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> stated that "available data do not support the hypothesis that contributor banks manipulated their quotes to profit from positions based on fixings."<a href="#cite_note-35">[35]</a> Further, in October 2008, the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> published its regular Global Financial Stability Review which also found that "Although the integrity of the U.S. dollar Libor-fixing process has been questioned by some market participants and the financial press, it appears that U.S. dollar Libor remains an accurate measure of a typical creditworthy bank's marginal cost of unsecured U.S. dollar term funding."<a href="#cite_note-36">[36]</a> A study by economists <a href="/w/index.php?title=Connan_Snider&action=edit&redlink=1" class="new" title="Connan Snider (page does not exist)">Connan Snider</a> and <a href="/w/index.php?title=Thomas_Youle&action=edit&redlink=1" class="new" title="Thomas Youle (page does not exist)">Thomas Youle</a>, in April 2010 corroborated the results of the earlier Wall Street Journal study, concluding that the Libor submissions by some member banks were being understated.<a href="#cite_note-37">[37]</a> Unlike the earlier study, Snider and Youle suggested that the reason for understatement by member banks was not that the banks were trying to appear strong, especially during the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, but rather that the banks sought to make substantial profits on their large Libor interest-linked portfolios.<a href="#cite_note-Snider13-38">[38]</a> For example, in the first quarter of 2009, <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a> had <a href="/wiki/Interest_rate_swaps" class="mw-redirect" title="Interest rate swaps">interest rate swaps</a> of <a href="/wiki/Notional_value" class="mw-redirect" title="Notional value">notional value</a> of $14.2 trillion, <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a> had interest rate swaps of notional value of $49.7 trillion and <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a> had interest rate swaps of notional value of $49.3 trillion.<a href="#cite_note-Snider11-39">[39]</a> Given the large notional values, a small unhedged exposure to the Libor could generate large incentives to alter the overall Libor. In the first quarter of 2009, Citigroup for example reported that it would make that quarter $936 million in net interest revenue if interest rates would fall by .25 percentage points a quarter, and $1,935 million if they were to fall by 1 percentage point instantaneously.<a href="#cite_note-Snider12-40">[40]</a> <div class="mw-heading mw-heading3"><h3 id="Awareness_of_central_banks">Awareness of central banks</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=3" title="Edit section: Awareness of central banks">edit</a>]</div> In November 2008, the Governor of the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, <a href="/wiki/Mervyn_King_(economist)" class="mw-redirect" title="Mervyn King (economist)">Mervyn King</a>, told the UK Parliament that since the start of the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, "hardly anybody is willing to lend to any bank around the world for three months unsecured; they want to lend secured." As a result, he said that Libor had become "in many ways the rate at which banks do not lend to each other, ...it is not a rate at which anyone is actually borrowing."<a href="#cite_note-41">[41]</a><a href="#cite_note-42">[42]</a> The <a href="/wiki/New_York_Federal_Reserve" class="mw-redirect" title="New York Federal Reserve">New York Federal Reserve</a> chose to take no action against them at that time.<a href="#cite_note-43">[43]</a><a href="#cite_note-huff1-44">[44]</a> Minutes by the Bank of England similarly indicated that the bank and its deputy governor <a href="/wiki/Paul_Tucker_(banker)" title="Paul Tucker (banker)">Paul Tucker</a> were also aware as early as November 2007 of industry concerns that the Libor rate was being under-reported.<a href="#cite_note-45">[45]</a><a href="#cite_note-46">[46]</a> In one 2008 document, a Barclays employee told a New York Fed analyst, "We know that we're not posting an honest Libor, and yet we are doing it, because if we didn't do it, it draws unwanted attention on ourselves."<a href="#cite_note-huff1-44">[44]</a> The documents show that in early 2008, a memo written by then New York Fed President <a href="/wiki/Tim_Geithner" class="mw-redirect" title="Tim Geithner">Tim Geithner</a> to Bank of England chief <a href="/wiki/Mervyn_King_(economist)" class="mw-redirect" title="Mervyn King (economist)">Mervyn King</a> looked into ways to "fix" Libor.<a href="#cite_note-47">[47]</a><a href="#cite_note-48">[48]</a> While the released memos suggest that the New York Fed helped to identify problems related to Libor and press the relevant authorities in the UK to reform, there is no documentation that shows any evidence that Geithner's recommendations were acted upon or that the Fed tried to make sure that they were. In October 2008, several months after Geithner's memo to King, a Barclays employee told a New York Fed representative that Libor rates were still "absolute rubbish."<a href="#cite_note-huff1-44">[44]</a> <div class="mw-heading mw-heading3"><h3 id="Regulatory_investigations">Regulatory investigations</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=4" title="Edit section: Regulatory investigations">edit</a>]</div> The Wall Street Journal reported in March 2011 that regulators were focusing on Bank of America Corp., Citigroup Inc. and UBS AG in their probe of Libor rate manipulation.<a href="#cite_note-49">[49]</a> A year later, it was reported in February 2012 that the <a href="/wiki/US_Department_of_Justice" class="mw-redirect" title="US Department of Justice">US Department of Justice</a> was conducting a criminal investigation into Libor abuse.<a href="#cite_note-50">[50]</a> Among the abuses being investigated were the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an unprecedented amount of insider knowledge into global instruments.<a href="#cite_note-Eagle_fried-51">[51]</a> In court documents, a trader from the <a href="/wiki/Royal_Bank_of_Scotland" title="Royal Bank of Scotland">Royal Bank of Scotland</a> claimed that it was common practice among senior employees at his bank to make requests to the bank's rate setters as to the appropriate Libor rate, and that the bank also made on occasions rate requests for some <a href="/wiki/Hedge_funds" class="mw-redirect" title="Hedge funds">hedge funds</a>.<a href="#cite_note-52">[52]</a> One trader's messages from <a href="/wiki/Barclays_Bank" class="mw-redirect" title="Barclays Bank">Barclays Bank</a> indicated that for each basis point (0.01%) that Libor was moved, those involved could net, "about a couple of million dollars."<a href="#cite_note-Eagle_fried-51">[51]</a> The Canadian <a href="/wiki/Competition_Bureau" title="Competition Bureau">Competition Bureau</a> was reported on 15 July 2012 to also be carrying out an investigation into <a href="/wiki/Price_fixing" title="Price fixing">price fixing</a> by five banks of the yen denominated Libor rates. Court documents filed indicated that the Competition Bureau had been pursuing the matter since at least January 2011. The documents offered a detailed view of how and when the international banks allegedly <a href="/wiki/Colluded" class="mw-redirect" title="Colluded">colluded</a> to fix the Libor rates. The information was based on a <a href="/wiki/Whistleblower" class="mw-redirect" title="Whistleblower">whistleblower</a> who traded immunity from prosecution in exchange for turning on his fellow conspirators. In the court documents, a federal prosecutor for the bureau stated, "IRD (interest-rate derivatives) traders at the participant banks communicated with each other their desire to see a higher or lower yen LIBOR to aid their trading positions." The alleged participants were the Canadian branches of the <a href="/wiki/Royal_Bank_of_Scotland" title="Royal Bank of Scotland">Royal Bank of Scotland</a>, <a href="/wiki/HSBC" title="HSBC">HSBC</a>, <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>, <a href="/wiki/JP_Morgan_Chase" class="mw-redirect" title="JP Morgan Chase">JP Morgan Bank</a>, and <a href="/wiki/Citibank" title="Citibank">Citibank</a>, as well as <a href="/wiki/ICAP_(company)" class="mw-redirect" title="ICAP (company)">ICAP (Intercapital)</a>, an interdealer broker.<a href="#cite_note-53">[53]</a> <div class="mw-heading mw-heading2"><h2 id="Breadth_of_scandal_becomes_apparent">Breadth of scandal becomes apparent</h2>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=5" title="Edit section: Breadth of scandal becomes apparent">edit</a>]</div> By 4 July 2012, the breadth of the scandal was evident and became the topic of analysis on news and financial programs that attempted to explain the importance of the scandal.<a href="#cite_note-54">[54]</a> Two days later, it was announced that the UK <a href="/wiki/Serious_Fraud_Office_(United_Kingdom)" title="Serious Fraud Office (United Kingdom)">Serious Fraud Office</a> had also opened a criminal investigation into manipulation of interest rates. The investigation was not limited to Barclays.<a href="#cite_note-55">[55]</a><a href="#cite_note-56">[56]</a> It has been reported since then that regulators in at least ten countries on three different continents are investigating the rigging of the Libor and other interest rates.<a href="#cite_note-57">[57]</a><a href="#cite_note-58">[58]</a> Around 20 major banks have been named in investigations and court cases.<a href="#cite_note-59">[59]</a> Early estimates are that the rate manipulation scandal cost US states, counties, and local governments at least $6 billion in fraudulent interest payments, above $4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation.<a href="#cite_note-60">[60]</a> An increasingly smaller set of banks are participating in setting the Libor, calling into question its future as a benchmark standard, but without any viable alternative to replace it.<a href="#cite_note-61">[61]</a> <div class="mw-heading mw-heading3"><h3 id="United_States_investigations">United States investigations</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=6" title="Edit section: United States investigations">edit</a>]</div> The <a href="/wiki/United_States_Congress" title="United States Congress">United States Congress</a> began investigating on 10 July 2012. <a href="/wiki/Senate_Banking_Committee" class="mw-redirect" title="Senate Banking Committee">Senate Banking Committee</a> Chairman <a href="/wiki/Tim_Johnson_(South_Dakota_politician)" title="Tim Johnson (South Dakota politician)">Tim Johnson</a> (<a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">D.</a>, <a href="/wiki/South_Dakota" title="South Dakota">South Dakota</a>) said he would question <a href="/wiki/US_Treasury_Secretary" class="mw-redirect" title="US Treasury Secretary">Treasury Secretary</a> <a href="/wiki/Timothy_Geithner" title="Timothy Geithner">Timothy Geithner</a> and <a href="/wiki/Federal_Reserve_chairman" class="mw-redirect" title="Federal Reserve chairman">Federal Reserve chairman</a> <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> about the scandal during scheduled hearings. Rep. <a href="/wiki/Randy_Neugebauer" title="Randy Neugebauer">Randy Neugebauer</a> (<a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">R.</a>, <a href="/wiki/Texas" title="Texas">Texas</a>) of the <a href="/wiki/House_Financial_Services_Committee" class="mw-redirect" title="House Financial Services Committee">House Financial Services Committee</a>, wrote <a href="/wiki/New_York_Federal_Reserve" class="mw-redirect" title="New York Federal Reserve">New York Federal Reserve</a> (New York Fed) President <a href="/wiki/William_Dudley_(economist)" class="mw-redirect" title="William Dudley (economist)">William Dudley</a>. He was seeking records of communications between the New York Fed and Barclays between August 2007 and November 2009 related to Libor-like rates.<a href="#cite_note-62">[62]</a> On 4 October 2012, Republican <a href="/wiki/United_States_Senate" title="United States Senate">US Senators</a> <a href="/wiki/Chuck_Grassley" title="Chuck Grassley">Chuck Grassley</a> (<a href="/wiki/Iowa" title="Iowa">Iowa</a>) and <a href="/wiki/Mark_Kirk" title="Mark Kirk">Mark Kirk</a> (<a href="/wiki/Illinois" title="Illinois">Illinois</a>) announced that they were investigating <a href="/wiki/United_States_Treasury_Secretary" class="mw-redirect" title="United States Treasury Secretary">Treasury Secretary</a> <a href="/wiki/Tim_Geithner" class="mw-redirect" title="Tim Geithner">Tim Geithner</a> for complicity with the rate manipulation scandal. They accused Geithner of knowledge of the rate-fixing, and inaction which contributed to litigation that "threatens to clog our courts with multi-billion dollar class action lawsuits" alleging that the manipulated rates harmed state, municipal and local governments. The senators said that an American-based interest rate index is a better alternative which they would take steps towards creating.<a href="#cite_note-63">[63]</a> Timothy Lee, a capital markets expert at the <a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a> Office of Inspector General, said in a 3 November memo that <a href="/wiki/Fannie_Mae" title="Fannie Mae">Fannie Mae</a> and <a href="/wiki/Freddie_Mac" title="Freddie Mac">Freddie Mac</a> may have lost more than $3 billion because of the manipulation.<a href="#cite_note-64">[64]</a> <div class="mw-heading mw-heading3"><h3 id="Parliamentary_investigation">Parliamentary investigation</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=7" title="Edit section: Parliamentary investigation">edit</a>]</div> Appearing before Parliament on 16 July, Jerry del Missier, a former senior Barclays executive, said that he had received instructions from Robert Diamond to lower rates after Diamond's discussions with bank regulators. He said that he had received information of a conversation between Diamond and Paul Tucker, deputy governor of the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, in which they had discussed the bank's financial position at the height of the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>. It was his understanding that senior British government officials had instructed the bank to alter the rates. Del Missier's testimony followed statements from Diamond in which he denied that he had told his deputies to report false Libor rates. Speaking before Parliament the previous week, Tucker stated that he had shared concerns regarding Barclays Libor rates because the markets might view Barclays to be at risk if its Libor submissions continued to be higher than those of other international banks. In the midst of the <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a> collapse, there was concern the bank might need to be bailed out if the financial markets perceived it was a credit risk. Tucker told the committee, "I wanted to make sure that Barclays' day-to-day funding issues didn't push it over the cliff."<a href="#cite_note-65">[65]</a> <div class="mw-heading mw-heading2"><h2 id="Civil_lawsuits">Civil lawsuits</h2>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=8" title="Edit section: Civil lawsuits">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Cartel_operation">Cartel operation</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=9" title="Edit section: Cartel operation">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1224211176"><div class="quotebox pullquote floatright" style="width:20%; ;"> <div class="quotebox-title" style="text-align: left;">Libor fixing a banking cartel</div> <blockquote class="quotebox-quote left-aligned" style=""> It's just amazing how Libor fixing can make you that much money or lose if opposite. It's a cartel now in London. </blockquote> <cite class="left-aligned" style="">RBS trader in Singapore to Deutsche Bank trader, 19 August 2007<a href="#cite_note-Tan-66">[66]</a></cite> </div> In court documents filed in Singapore, <a href="/wiki/Royal_Bank_of_Scotland" title="Royal Bank of Scotland">Royal Bank of Scotland</a> (RBS) trader <a href="/w/index.php?title=Tan_Chi_Min&action=edit&redlink=1" class="new" title="Tan Chi Min (page does not exist)">Tan Chi Min</a> told colleagues that his bank could move global interest rates and that the Libor fixing process in London had become a <a href="/wiki/Cartel" title="Cartel">cartel</a>. Tan in his court affidavit stated that the Royal Bank of Scotland knew of the Libor rates manipulation and that it supported such actions. In instant messages, traders at RBS extensively discussed manipulating Libor rates. In a released transcript of a 21 August 2007 chat, <a href="/w/index.php?title=Jezri_Mohideen&action=edit&redlink=1" class="new" title="Jezri Mohideen (page does not exist)">Jezri Mohideen</a>, who was the head of yen products in Singapore, asked to have the Libor fixed in a conversation with other traders:<a href="#cite_note-Tan-66">[66]</a> <dl><dd>Mohideen: "What's the call on the Libor?"</dd> <dd>Trader 2: "Where would you like it, Libor that is?"</dd> <dd>Trader 3: "Mixed feelings, but mostly I'd like it all lower so the world starts to make a little sense."</dd> <dd>Trader 4: "The whole HF [hedge fund] world will be kissing you instead of calling me if Libor move lower."</dd> <dd>Trader 2: "OK, I will move the curve down 1 <a href="/wiki/Basis_point" title="Basis point">basis point</a>, maybe more if I can."</dd></dl> In another conversation on 27 March 2008, Tan asked that RBS raise its Libor submission and noted that an earlier lower figure that the bank had submitted had cost his team £200,000. In other released instant chats, Tan made it clear that the Libor fixing process had become a highly lucrative money making cartel. Tan in a conversation with traders at other banks, including Deutsche Bank's Mark Wong said on 19 August 2007:<a href="#cite_note-Tan-66">[66]</a> <dl><dd>Tan: "It's just amazing how Libor fixing can make you that much money or lose if opposite. It's a cartel now in London."</dd> <dd>Wong: "Must be damn difficult to trade man, especially [if] you [are] not in the loop."</dd></dl> <div class="mw-heading mw-heading3"><h3 id="Mortgage_rate_manipulation">Mortgage rate manipulation</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=10" title="Edit section: Mortgage rate manipulation">edit</a>]</div> Homeowners in the US filed a <a href="/wiki/Class_action" title="Class action">class action</a> lawsuit in October 2012 against twelve of the largest banks which alleged that Libor manipulation made mortgage repayments more expensive than they should have been. Statistical analysis indicated that the Libor rose consistently on the first day of each month between 2000 and 2009 on the day that most <a href="/wiki/Adjustable-rate_mortgage" title="Adjustable-rate mortgage">adjustable-rate mortgages</a> had as a change date on which new repayment rates would "reset". An email referenced in the lawsuit from the Barclay's settlement, showed a trader asking for a higher Libor rate because "We're getting killed on our three-month resets."<a href="#cite_note-Binham-67">[67]</a> During the analysed period, the Libor rate rose on average more than two basis points above the average on the first day of the month, and between 2007 and 2009, the Libor rate rose on average more than seven and one-half basis points above the average on the first day of the month.<a href="#cite_note-Touryalai-68">[68]</a> The five lead plaintiffs included a <a href="/wiki/Pensioner" title="Pensioner">pensioner</a> whose home was repossessed after her subprime mortgage was <a href="/wiki/Securitization" title="Securitization">securitised</a> into Libor-based <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralised debt obligations</a>, sold by banks to investors, and <a href="/wiki/Foreclosure" title="Foreclosure">foreclosed</a>. The plaintiffs could number 100,000, each of whom has lost thousands of dollars.<a href="#cite_note-69">[69]</a> The complaint estimates that the banks earned hundreds of millions, if not billions of dollars, in wrongful profits as a result of artificially inflating Libor rates on the first day of each month during the complaint period.<a href="#cite_note-Touryalai-68">[68]</a> <div class="mw-heading mw-heading3"><h3 id="Municipalities_losses">Municipalities losses</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=11" title="Edit section: Municipalities losses">edit</a>]</div> The city of <a href="/wiki/Baltimore" title="Baltimore">Baltimore</a> and others in the US filed a class action lawsuit in April 2012 against Libor setting banks which alleged that the manipulation of Libor caused payments on their <a href="/wiki/Interest_rate_swaps" class="mw-redirect" title="Interest rate swaps">interest rate swaps</a> to be smaller than they should have been.<a href="#cite_note-Baltimore-70">[70]</a> Before the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, states and localities bought $500 billion in interest rate swaps to hedge their <a href="/wiki/Municipal_bond" title="Municipal bond">municipal bond</a> sales. It is estimated that the manipulation of Libor cost municipalities at least $6 billion. These losses were in addition to $4 billion that localities had already paid to unwind backfiring interest rate swaps.<a href="#cite_note-Preston-71">[71]</a> Municipalities began using interest rate swaps to <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedge</a> their municipal bond sales in the late 1990s. At this time, <a href="/wiki/Investment_banker" class="mw-redirect" title="Investment banker">investment bankers</a> began offering local governments a way to save money on the sale of municipal bonds. The banks suggested instead of selling fixed interest rate bonds that local governments sell variable interest rate bonds which typically have interest rates as much as one percentage point lower than fixed interest rate bonds. For a municipal government this could mean saving as much as $1 million a year on the sale of a $100 million bond.<a href="#cite_note-Gandel-72">[72]</a> To hedge costs on the sale of variable interest rate bonds, which can rise and fall with the market, local governments, such as Baltimore, purchased interest rate swaps which exchange a variable interest rate for a fixed interest rate.<a href="#cite_note-Rushe-73">[73]</a> In a swap deal, when the interest rate rises, the swap seller pays the local government the increased cost on the bond, while when the interest rate falls, the swap seller saves and pays the local government the decreased cost on the bond. The interest rate swap mechanism generally works well; however, between 2007 and 2010 the payments to local governments on their swaps artificially decreased but the cost on their <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> remained at actual market rates. This was because most interest rate swaps are linked to the Libor interest rate, while municipal bond rates are linked to the SIFMA Municipal Bond Index interest rate. During the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a> the two benchmark rates decoupled. Municipalities continued to pay on their bonds at the actual market Sifma rate but were paid on their interest rate swaps at the artificially lower Libor rate.<a href="#cite_note-Gandel-72">[72]</a> <div class="mw-heading mw-heading2"><h2 id="Reactions">Reactions</h2>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=12" title="Edit section: Reactions">edit</a>]</div> The cost to colluding and suspect banks from litigation, penalties, and loss of confidence may drive down <a href="/wiki/Finance_industry" class="mw-redirect" title="Finance industry">finance industry</a> profits for years. The cost of litigation from the scandal may exceed that of <a href="/wiki/Asbestos_and_the_law#Civil_litigation" title="Asbestos and the law">asbestos lawsuits</a>.<a href="#cite_note-74">[74]</a> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=13" title="Edit section: United States">edit</a>]</div> US experts such as former <a href="/wiki/Assistant_Secretary_of_the_Treasury" class="mw-redirect" title="Assistant Secretary of the Treasury">Assistant Secretary of the Treasury</a> Paul Craig Roberts have argued that the Libor Scandal completes the picture of public and private financial institutions manipulating <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> to prop up the prices of bonds and other <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a> instruments, and that "the motives of the Fed, Bank of England, US and UK banks are aligned, their policies mutually reinforcing and beneficial. The Libor fixing is another indication of this collusion."<a href="#cite_note-OpEd_News-75">[75]</a> In that perspective they advocate stricter <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">bank regulation</a>, and a profound reform of the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a>. Former Citigroup chairman and CEO <a href="/wiki/Sandy_Weill" class="mw-redirect" title="Sandy Weill">Sandy Weill</a>, considered one of the driving forces behind the considerable financial <a href="/wiki/Deregulation" title="Deregulation">deregulation</a> and "mega-mergers" of the 1990s, surprised <a href="/wiki/Financial_analyst" title="Financial analyst">financial analysts</a> in Europe and North America by calling for splitting up the <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a> from the <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">investment banks</a>. In effect, he says, "Bring back the <a href="/wiki/Glass-Steagall_Act_of_1933" class="mw-redirect" title="Glass-Steagall Act of 1933">Glass-Steagall Act of 1933</a> which led to half a century, free of financial crises."<a href="#cite_note-Forbes-76">[76]</a> <div class="mw-heading mw-heading3"><h3 id="Europe">Europe</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=14" title="Edit section: Europe">edit</a>]</div> Mainland European scholars discussed the necessity of far-reaching banking reforms in light of the current crisis of confidence, recommending the adoption of binding regulations that would go further than the <a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Act</a>: notably in France where <a href="/wiki/SFAF" class="mw-redirect" title="SFAF">SFAF</a> and <a href="https://fr.wikipedia.org/wiki/Forum_Mondial_des_Fonds_de_Pension" class="extiw" title="fr:Forum Mondial des Fonds de Pension">World Pensions Council (WPC)</a> banking experts have argued that, beyond national legislations, such rules should be adopted and implemented within the broader context of <a href="/wiki/Separation_of_powers" title="Separation of powers">separation of powers</a> in <a href="/wiki/European_Union_law" class="mw-redirect" title="European Union law">European Union law</a>, to put an end to <a href="/wiki/Anti-competitive" class="mw-redirect" title="Anti-competitive">anti-competitive</a> practices akin to <a href="/wiki/Exclusive_dealing" title="Exclusive dealing">exclusive dealing</a> and limit <a href="/wiki/Conflicts_of_interest" class="mw-redirect" title="Conflicts of interest">conflicts of interest</a>.<a href="#cite_note-77">[77]</a><a href="#cite_note-Le_Parisien-78">[78]</a> This perspective gained ground after the unraveling of the Libor scandal, with mainstream opinion leaders such as the <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>' called for the adoption of an EU-wide "Glass–Steagall II."<a href="#cite_note-FT-79">[79]</a> <div class="mw-heading mw-heading3"><h3 id="Recommendations">Recommendations</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=15" title="Edit section: Recommendations">edit</a>]</div> The British Bankers' Association said on 25 September 2012 that it would transfer oversight of Libor to UK regulators, as proposed by <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a> managing director <a href="/wiki/Martin_Wheatley" title="Martin Wheatley">Martin Wheatley</a> and CEO-designate of the new <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a>.<a href="#cite_note-BloombergMain-14">[14]</a> On 28 September, Wheatley's independent review was published, recommending that an independent organisation with government and regulator representation, called the Tender Committee, manage the process of setting Libor under a new external oversight process for transparency and accountability. Banks that make submissions to Libor would be required to base them on actual inter-bank deposit market transactions and keep records of their transactions supporting those submissions. The review also recommended that individual banks' Libor submissions be published, but only after three months, to reduce the risk that they would be used as a measure of the submitting banks' creditworthiness. The review left open the possibility that regulators might compel additional banks to participate in submissions if an insufficient number do voluntarily. The review recommended criminal sanctions specifically for manipulation of benchmark interest rates such as the Libor, saying that existing criminal regulations for manipulation of financial instruments were inadequate.<a href="#cite_note-Blakes-15">[15]</a> Libor rates could be higher and more volatile after implementation of the reforms, so financial institution customers may experience higher and more volatile borrowing and hedging costs.<a href="#cite_note-Brettell-16">[16]</a> The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them.<a href="#cite_note-Thomson-17">[17]</a> <a href="/wiki/Bloomberg_LP" class="mw-redirect" title="Bloomberg LP">Bloomberg LP</a> CEO <a href="/wiki/Dan_Doctoroff" class="mw-redirect" title="Dan Doctoroff">Dan Doctoroff</a> told the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> that Bloomberg LP could develop an alternative index called the Bloomberg Interbank Offered Rate that would use data from transactions such as market-based quotes for <a href="/wiki/Credit_default_swap" title="Credit default swap">credit default swap</a> transactions and corporate bonds.<a href="#cite_note-:0-80">[80]</a><a href="#cite_note-:1-81">[81]</a> <div class="mw-heading mw-heading3"><h3 id="Reforms">Reforms</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=16" title="Edit section: Reforms">edit</a>]</div> As of July 2013, the administration of Libor has itself become a regulated activity overseen by the UK's <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a>.<a href="#cite_note-regactivity-82">[82]</a> Furthermore, knowingly or deliberately making false or misleading statements in relation to benchmark-setting had been made a criminal offence in UK law under the <a href="/wiki/Financial_Services_Act_2012" title="Financial Services Act 2012">Financial Services Act 2012</a>.<a href="#cite_note-reforms-18">[18]</a><a href="#cite_note-UK_Policy-20">[20]</a><a href="#cite_note-FSBillPR-22">[22]</a> The Danish, Swedish, Canadian, Australian and New Zealand Libor rates were terminated.<a href="#cite_note-reforms-18">[18]</a><a href="#cite_note-regactivity-82">[82]</a> From the end of July 2013, only five currencies and seven maturities were to be quoted every day (35 rates), reduced from 150 different Libor rates – 15 maturities for each of ten currencies, making it more likely that the rates submitted are underpinned by real trades.<a href="#cite_note-reforms-18">[18]</a><a href="#cite_note-regactivity-82">[82]</a> Since the beginning of July 2013, each individual submission from the banks is embargoed for three months to reduce the motivation to submit a false rate to portray a flattering picture of creditworthiness.<a href="#cite_note-reforms-18">[18]</a><a href="#cite_note-83">[83]</a> As of July 2013, a new code of conduct, introduced by a new interim oversight committee, built on this by outlining the systems and controls firms need to have in place around Libor. For example, each bank must now have a named person responsible for Libor, accountable if there is any wrongdoing. The banks must keep records so that they can be audited by the regulators if necessary.<a href="#cite_note-reforms-18">[18]</a><a href="#cite_note-84">[84]</a><a href="#cite_note-85">[85]</a> As of early 2014, <a href="/wiki/NYSE_Euronext" title="NYSE Euronext">NYSE Euronext</a> has taken over the administration of Libor from the <a href="/wiki/British_Bankers_Association" class="mw-redirect" title="British Bankers Association">British Bankers Association</a>.<a href="#cite_note-86">[86]</a> The new administrator is NYSE Euronext Rates Administration Limited,<a href="#cite_note-87">[87]</a> a London-based, UK registered company, regulated by the UK's <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a>.<a href="#cite_note-reforms-18">[18]</a> <div class="mw-heading mw-heading3"><h3 id="Australia">Australia</h3>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=17" title="Edit section: Australia">edit</a>]</div> As of June 2015, Australian regulators were still investigating involvement of Australian banks in manipulation of key market interest rates. The <a href="/wiki/Australian_Securities_and_Investments_Commission" title="Australian Securities and Investments Commission">Australian Securities and Investments Commission</a> (ASIC) described the <a href="/wiki/Australia_and_New_Zealand_Banking_Group" class="mw-redirect" title="Australia and New Zealand Banking Group">Australia and New Zealand Banking Group</a> as being "obstructionist" in its attitude towards this investigation.<a href="#cite_note-88">[88]</a> While the overall outcome of the investigation was still pending, one Australian man has been charged in relation to Libor.<a href="#cite_note-89">[89]</a> It was understood that <a href="/wiki/Australian_Securities_and_Investments_Commission" title="Australian Securities and Investments Commission">ASIC</a> was on the verge of launching legal action against ANZ.<a href="#cite_note-afr.com-90">[90]</a> However, ANZ was not the only bank to have been caught up in the scandal with ASIC entering enforceable undertakings with BNP, Royal Bank of Scotland and UBS and imposed fines totalling $3.6 million.<a href="#cite_note-afr.com-90">[90]</a><a href="#cite_note-91">[91]</a><a href="#cite_note-92">[92]</a><a href="#cite_note-93">[93]</a> <div class="mw-heading mw-heading2"><h2 id="Fines">Fines</h2>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=18" title="Edit section: Fines">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1224211176"><div class="quotebox pullquote floatright" style="width:20%; ;"> <div class="quotebox-title" style="text-align: left;">Libor manipulation to raise rate</div> <blockquote class="quotebox-quote left-aligned" style=""> Pls go for 5.36 libor again, very important that the setting comes as high as possible ... thanks. </blockquote> <cite class="left-aligned" style="">Barclays Bank trader in New York to submitter, 29 July 2007<a href="#cite_note-nytimes_behind-32">[32]</a></cite> </div> On 27 June 2012, <a href="/wiki/Barclays_Bank" class="mw-redirect" title="Barclays Bank">Barclays Bank</a> was fined $200 million by the <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a>,<a href="#cite_note-cftc-5">[5]</a> $160 million by the <a href="/wiki/United_States_Department_of_Justice" title="United States Department of Justice">United States Department of Justice</a><a href="#cite_note-usdoj-6">[6]</a> and £59.5 million by the <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a><a href="#cite_note-fsa-7">[7]</a> for attempted manipulation of the Libor and Euribor rates.<a href="#cite_note-94">[94]</a> The United States Department of Justice and Barclays officially agreed that "the manipulation of the submissions affected the fixed rates on some occasions".<a href="#cite_note-usdoj_statement_of_facts-95">[95]</a><a href="#cite_note-96">[96]</a><a href="#cite_note-97">[97]</a> Barclays manipulated rates for at least two reasons. Routinely, from at least as early as 2005, traders sought particular rate submissions to benefit their financial positions. During the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, they artificially lowered rate submissions to make their bank seem healthy.<a href="#cite_note-usdoj-6">[6]</a> Following the interest rate rigging scandal, <a href="/wiki/Marcus_Agius" title="Marcus Agius">Marcus Agius</a>, chairman of Barclays, resigned from his position.<a href="#cite_note-98">[98]</a> One day later, <a href="/wiki/Bob_Diamond_(banker)" title="Bob Diamond (banker)">Bob Diamond</a>, the chief executive officer of Barclays, also resigned from his position.<a href="#cite_note-99">[99]</a><a href="#cite_note-100">[100]</a> Bob Diamond was subsequently questioned by the <a href="/wiki/Parliament_of_the_United_Kingdom" title="Parliament of the United Kingdom">Parliament of the United Kingdom</a> regarding the manipulation of Libor rates. He said he was unaware of the manipulation until that month, but mentioned discussions he had with <a href="/wiki/Paul_Tucker_(banker)" title="Paul Tucker (banker)">Paul Tucker</a>, deputy governor of the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>.<a href="#cite_note-101">[101]</a> Tucker then voluntarily appeared before parliament, to clarify the discussions he had with Bob Diamond. He said he had never encouraged manipulation of the Libor, and that other self-regulated mechanisms like the Libor should be reformed.<a href="#cite_note-102">[102]</a> On 19 December 2012, <a href="/wiki/UBS" title="UBS">UBS</a> agreed to pay regulators $1.5 billion ($1.2 billion to the <a href="/wiki/US_Department_of_Justice" class="mw-redirect" title="US Department of Justice">US Department of Justice</a> and the Commodity Futures Trading Commission, £160m to the UK Financial Services Authority and 59m <a href="/wiki/Swiss_franc" title="Swiss franc">CHF</a> to the <a href="/wiki/Swiss_Financial_Market_Supervisory_Authority" title="Swiss Financial Market Supervisory Authority">Swiss Financial Market Supervisory Authority</a>) for its role in the scandal.<a href="#cite_note-BBCUBS-103">[103]</a> The investigations revealed that UBS traders had colluded with other panel banks and had made over 2,000 written requests for movements in rates from at least January 2005 to at least June 2010 to benefit their trading positions.<a href="#cite_note-104">[104]</a> According to transcripts released by the UK's Financial Services Authority, UBS traders also offered financial inducements to interdealer brokers to help manipulate rates by spreading false information. In one exchange between a UBS banker identified as Trader A and an interdealer broker, the banker wrote, <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote">if you keep 6s [i.e., the six-month JPY Libor rate] unchanged today ... I will f—ing do one humongous deal with you ... Like a 50,000 buck deal, whatever ... I need you to keep it as low as possible ... if you do that .... I'll pay you, you know, 50,000 dollars, 100,000 dollars... whatever you want ... I'm a man of my word.</blockquote> Subsequent trades between UBS and this broker generated more than $250,000 in fees to the broker.<a href="#cite_note-105">[105]</a><a href="#cite_note-106">[106]</a> <a href="/wiki/United_States_Assistant_Attorney_General" title="United States Assistant Attorney General">US Assistant Attorney General</a> <a href="/wiki/Lanny_Breuer" class="mw-redirect" title="Lanny Breuer">Lanny Breuer</a> described the conduct of UBS's as "simply astonishing" and declared the US would seek, as a criminal matter, the <a href="/wiki/Extradition" title="Extradition">extradition</a> of traders Thomas Alexander William Hayes and Roger Darin.<a href="#cite_note-BBCUBS-103">[103]</a> The bank has stated that these and other fines would probably result in a significant fourth-quarter loss in 2012.<a href="#cite_note-BBCUBS-103">[103]</a> The fine levied by the FSA, reduced due to the bank's co-operation, was the largest in the agency's history.<a href="#cite_note-BBCUBS-103">[103]</a> In September 2013, ICAP settled allegations that they had manipulated Libor. The United States Department of Justice charged three former employees, and ICAP paid $65 million to the US's Commodity Futures Trading Commission and £14 million ($22 million) to Britain's <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a>.<a href="#cite_note-dealbook_icap_fine-107">[107]</a> In October 2013, <a href="/wiki/Rabobank" title="Rabobank">Rabobank</a> was fined €774 million by US, UK and Dutch regulators .<a href="#cite_note-Rabobank_€774_million-108">[108]</a> In December 2013 the <a href="/wiki/European_Commission" title="European Commission">European Commission</a> announced fines for six financial institutions participating in one or more bilateral <a href="/wiki/Cartel" title="Cartel">cartels</a> relating to Libor submissions for <a href="/wiki/Japanese_yen" title="Japanese yen">Japanese yen</a> from 2007 to 2010. UBS received full immunity for revealing the existence of the cartels (due to <a href="/wiki/European_Union_competition_law#Leniency_policy" title="European Union competition law">Leniency policy</a>) and thereby avoided a fine of around €2.5 billion for its participation in multiple infringements. <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a> received full immunity for one of the infringements in which it participated, thereby avoiding a fine of around €55 million, but was fined €70 million for other infringements. <a href="/wiki/The_Royal_Bank_of_Scotland" class="mw-redirect" title="The Royal Bank of Scotland">The Royal Bank of Scotland</a> was fined €260 million, <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a> €259 million, <a href="/wiki/JPMorgan" class="mw-redirect" title="JPMorgan">JPMorgan</a> €80 million and broker RP Martin €247 thousand.<a href="#cite_note-109">[109]</a> In July 2014, US and UK regulators slapped a combined £218 million ($370 million) in fines on Lloyds and a number of subsidiaries over its part in the Libor fixing, and other rate manipulations and false reporting.<a href="#cite_note-LloydsFined-110">[110]</a> On 23 April 2015, Deutsche Bank agreed to a combined US$2.5 billion in fines – a US$2.175 billion fine by American regulators, and a €227 million penalty by British authorities – for its involvement in the Libor scandal. The company also pleaded guilty to wire fraud, acknowledging that at least 29 employees had engaged in illegal activity. It will be required to dismiss all employees who were involved with the fraudulent transactions.<a href="#cite_note-ReutersFine-111">[111]</a> However, no individuals will be charged with criminal wrongdoing. In a Libor first, Deutsche Bank will be required to install an independent monitor.<a href="#cite_note-NYTFine-112">[112]</a> Commenting on the fine, Britain's <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a> director Georgina Philippou said "This case stands out for the seriousness and duration of the breaches ... One division at Deutsche Bank had a culture of generating profits without proper regard to the integrity of the market. This wasn't limited to a few individuals but, on certain desks, it appeared deeply ingrained."<a href="#cite_note-ReutersFine-111">[111]</a> The fine represented a record for interest rate related cases, eclipsing a $1.5 billion Libor related fine to UBS, and the then-record $450 million fine assessed to Barclays earlier in the case.<a href="#cite_note-ReutersFine-111">[111]</a><a href="#cite_note-NYTFine-112">[112]</a> The size of the fine reflected the breadth of wrongdoing at Deutsche Bank, the bank's poor oversight of traders, and its failure to take action when it uncovered signs of abuse internally.<a href="#cite_note-NYTFine-112">[112]</a> As of 2015, at least three banks – JPMorgan, Citigroup, and Bank of America – were still under investigation for their involvement in the fraud.<a href="#cite_note-NYTFine-112">[112]</a> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=19" title="Edit section: See also">edit</a>]</div> <ul><li><a href="/wiki/SOFR" title="SOFR">Secured Overnight Financing Rate</a></li> <li><a href="/wiki/Bank_fraud" title="Bank fraud">Bank fraud</a></li> <li><a href="/wiki/Fideres" title="Fideres">Fideres</a></li> <li><a href="/wiki/Forex_scandal" title="Forex scandal">Forex scandal</a>, 2013</li> <li><a href="/wiki/Fraud" title="Fraud">Fraud</a></li> <li><a href="/wiki/White-collar_crime" title="White-collar crime">White-collar crime</a></li> <li><a href="/wiki/1992_Indian_stock_market_scam" title="1992 Indian stock market scam">1992 Indian stock market scam</a></li> <li><a href="/wiki/NSE_co-location_scam" title="NSE co-location scam">NSE co-location scam</a></li> <li><a href="/wiki/Satyam_scandal" title="Satyam scandal">Satyam scandal</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=20" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://money.cnn.com/2012/07/03/investing/libor-interest-rate-faq/index.htm">"Explaining the Libor interest rate mess"</a>. 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Retrieved 17 July 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Barclays+Bank+PLC+Admits+Misconduct+Related+to+Submissions+for+the+London+Interbank+Offered+Rate+and+the+Euro+Interbank+Offered+Rate+and+Agrees+to+Pay+%24160+Million+Penalty&rft.date=2012-06-27&rft_id=https%3A%2F%2Fwww.justice.gov%2Fopa%2Fpr%2F2012%2FJune%2F12-crm-815.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-fsa-7">^ <a href="#cite_ref-fsa_7-0">a</a> <a href="#cite_ref-fsa_7-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.fsa.gov.uk/library/communication/pr/2012/070.shtml">"Barclays fined £59.5 million for significant failings in relation to Libor and Euribor"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120628104925/http://www.fsa.gov.uk/library/communication/pr/2012/070.shtml">Archived</a> from the original on 28 June 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Barclays+fined+%C2%A359.5+million+for+significant+failings+in+relation+to+Libor+and+Euribor&rft_id=http%3A%2F%2Fwww.fsa.gov.uk%2Flibrary%2Fcommunication%2Fpr%2F2012%2F070.shtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-8"><a href="#cite_ref-8">^</a> Keenan, Douglas (27 July 2012), "<a rel="nofollow" class="external text" href="http://www.informath.org/media/a72/b1.pdf">My thwarted attempt to tell of Libor shenanigans</a>". <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>. (An <a rel="nofollow" class="external text" href="http://www.informath.org/media/a72/b3.htm">extended version</a> of this article is on the author's web site.) </li> <li id="cite_note-9"><a href="#cite_ref-9">^</a> <a href="/wiki/BBC_News" title="BBC News">BBC News</a> (10 August 2012), "<a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-19212801">Libor scandal: Review finds system 'no longer viable'</a>". </li> <li id="cite_note-10"><a href="#cite_ref-10">^</a> <a href="/wiki/BBC_News_Online" title="BBC News Online">BBC News Online</a> (10 August 2012), "<a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-19203103">Libor review: Wheatley says system must change</a>". </li> <li id="cite_note-11"><a href="#cite_ref-11">^</a> <a href="/wiki/Reuters" title="Reuters">Reuters</a> (7 August 2012), "Libor collusion was rife, culture went right to the top". </li> <li id="cite_note-12"><a href="#cite_ref-12">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130104143917/http://www.bundestag.de/presse/hib/2012_11/2012_555/01.html">"Britischer Finanzexperte berichtet von langjährigen Zinssatz-Manipulationen"</a>. bundestag.de (in German). 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Retrieved 7 May 2018. <q>An English summary is on the trader's web site. <a rel="nofollow" class="external free" href="http://www.informath.org/media/a72/b3.htm#Official_responses">http://www.informath.org/media/a72/b3.htm#Official_responses</a></q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=bundestag.de&rft.atitle=Britischer+Finanzexperte+berichtet+von+langj%C3%A4hrigen+Zinssatz-Manipulationen&rft_id=http%3A%2F%2Fwww.bundestag.de%2Fpresse%2Fhib%2F2012_11%2F2012_555%2F01.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> <code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: External link in <code class="cs1-code"><code class="cs1-code">|quote=</code></code> (<a href="/wiki/Help:CS1_errors#param_has_ext_link" title="Help:CS1 errors">help</a>) </li> <li id="cite_note-13"><a href="#cite_ref-13">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.euromoney.com/Article/3053961/Dissecting-Barclays-Libor-woes.html">"Dissecting Barclays' Libor woes"</a>. 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Regulators will try to safeguard the model rather than find an alternative to Libor.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Euro+Money&rft.atitle=Dissecting+Barclays%27+Libor+woes&rft.date=2012-06-29&rft_id=http%3A%2F%2Fwww.euromoney.com%2FArticle%2F3053961%2FDissecting-Barclays-Libor-woes.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-BloombergMain-14">^ <a href="#cite_ref-BloombergMain_14-0">a</a> <a href="#cite_ref-BloombergMain_14-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMain,_Carla2012" class="citation news cs1">Main, Carla (26 September 2012). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2012-09-26/libor-spurned-credit-score-review-germany-s-audit-compliance.html">"Libor Spurned, Credit Score Review, Germany's Audit: Compliance"</a>. 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Retrieved 26 September 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Libor+Spurned%2C+Credit+Score+Review%2C+Germany%27s+Audit%3A+Compliance&rft.date=2012-09-26&rft.au=Main%2C+Carla&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2012-09-26%2Flibor-spurned-credit-score-review-germany-s-audit-compliance.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-Blakes-15">^ <a href="#cite_ref-Blakes_15-0">a</a> <a href="#cite_ref-Blakes_15-1">b</a> Alexis Levine and Michael Harquail (5 October 2012) <a rel="nofollow" class="external text" href="http://www.blakes.com/english/view.asp?ID=5541">"Wheatley Review May Mean Big Changes for Libor"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121115083157/http://www.blakes.com/english/view.asp?ID=5541">Archived</a> 15 November 2012 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Blakes Business (Blake, Cassels & Graydon LLP) </li> <li id="cite_note-Brettell-16">^ <a href="#cite_ref-Brettell_16-0">a</a> <a href="#cite_ref-Brettell_16-1">b</a> Karen Brettell (28 September 2012) <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-markets-money-idUSBRE88R1C720120928">"Libor reform may add volatility, increase some funding costs"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151002072324/http://www.reuters.com/article/2012/09/28/us-markets-money-idUSBRE88R1C720120928">Archived</a> 2 October 2015 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. 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The Economist. 7 July 2012. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120717031806/http://www.economist.com/node/21558281">Archived</a> from the original on 17 July 2012. 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Retrieved 25 July 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=Rethinking+Capitalism%3A+Sandy+Weill+Says+Bring+Back+Glass-Steagall&rft.date=2012-07-25&rft.aulast=Denning&rft.aufirst=Steve&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fstevedenning%2F2012%2F07%2F25%2Frethinking-capitalism-sandy-weill-says-bring-back-glass-steagall&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> Quoting interview on CNBC's Squawk-Box. </li> <li id="cite_note-77"><a href="#cite_ref-77">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFM_Nicolas_Firzli" class="citation cs2 cs1-prop-foreign-lang-source">M Nicolas Firzli, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100215105738/http://www.canadianeuropean.com/yahoo_site_admin/assets/docs/Bank_Regulation_and_Financial_Orthodoxy__RAF__Jan_2010.784613.pdf">Bank Regulation and Financial Orthodoxy: the Lessons from the Glass-Steagall Act, Revue Analyse Financière, Q1 2010</a> (PDF) (in French), archived from <a rel="nofollow" class="external text" href="http://www.canadianeuropean.com/yahoo_site_admin/assets/docs/Bank_Regulation_and_Financial_Orthodoxy__RAF__Jan_2010.784613.pdf">the original</a> (PDF) on 15 February 2010, retrieved 8 January 2010</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Bank+Regulation+and+Financial+Orthodoxy%3A+the+Lessons+from+the+Glass-Steagall+Act%2C+Revue+Analyse+Financi%C3%A8re%2C+Q1+2010&rft.au=M+Nicolas+Firzli&rft_id=http%3A%2F%2Fwww.canadianeuropean.com%2Fyahoo_site_admin%2Fassets%2Fdocs%2FBank_Regulation_and_Financial_Orthodoxy__RAF__Jan_2010.784613.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-Le_Parisien-78"><a href="#cite_ref-Le_Parisien_78-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNicolas_J._Firzli_quoted_by_Marie_Lepesant2012" class="citation news cs1 cs1-prop-foreign-lang-source">Nicolas J. 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Retrieved 12 June 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Le+Parisien&rft.atitle=Le+Mod%C3%A8le+des+Banques+Fran%C3%A7aises+en+Question&rft.date=2012-06-11&rft.au=Nicolas+J.+Firzli+quoted+by+Marie+Lepesant&rft_id=http%3A%2F%2Fwww.leparisien.fr%2Fmilibris%2Fliseuse%2FLeParisien%2F%3Ftype%3Dle-parisien-economie%26date%3D20120611&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-FT-79"><a href="#cite_ref-FT_79-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/intl/cms/s/0/498248bc-c518-11e1-b8fd-00144feabdc0.html">"Restoring trust after Diamond"</a>. Financial Times. 3 July 2012. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120716164437/http://www.ft.com/intl/cms/s/0/498248bc-c518-11e1-b8fd-00144feabdc0.html">Archived</a> from the original on 16 July 2012. Retrieved 15 July 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Restoring+trust+after+Diamond&rft.date=2012-07-03&rft_id=http%3A%2F%2Fwww.ft.com%2Fintl%2Fcms%2Fs%2F0%2F498248bc-c518-11e1-b8fd-00144feabdc0.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> quoting FT Editorial Page. </li> <li id="cite_note-:0-80"><a href="#cite_ref-:0_80-0">^</a> Michelle Price <a rel="nofollow" class="external text" href="http://www.efinancialnews.com/story/2012-09-28/libor-tender-puts-data-providers-in-spotlight">"Libor tender puts focus on data providers"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121101111652/http://www.efinancialnews.com/story/2012-09-28/libor-tender-puts-data-providers-in-spotlight">Archived</a> 1 November 2012 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, "Financial News", 28 September 2012 </li> <li id="cite_note-:1-81"><a href="#cite_ref-:1_81-0">^</a> Ben Moshinsky and Lindsay Fortado <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2012-09-28/u-k-lawmakers-seek-speedy-overhaul-of-libor-following-review.html">"U.K. Lawmakers Seek Speedy Overhaul of Libor Following Review"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140113135331/http://www.bloomberg.com/news/2012-09-28/u-k-lawmakers-seek-speedy-overhaul-of-libor-following-review.html">Archived</a> 13 January 2014 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Bloomberg, 28 September 2012 </li> <li id="cite_note-regactivity-82">^ <a href="#cite_ref-regactivity_82-0">a</a> <a href="#cite_ref-regactivity_82-1">b</a> <a href="#cite_ref-regactivity_82-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.bbalibor.com/news/libor-becomes-a-regulated-activity">"LIBOR becomes a regulated activity"</a> (Press release). The British Bankers' Association. 2 April 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130622081925/http://www.bbalibor.com/news/libor-becomes-a-regulated-activity">Archived</a> from the original on 22 June 2013. Retrieved 25 July 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=LIBOR+becomes+a+regulated+activity&rft.pub=The+British+Bankers%27+Association&rft.date=2013-04-02&rft_id=http%3A%2F%2Fwww.bbalibor.com%2Fnews%2Flibor-becomes-a-regulated-activity&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-83"><a href="#cite_ref-83">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.bbalibor.com/news/announcement-of-libor-changes">"Announcement of LIBOR changes"</a> (Press release). The British Bankers' Association. 12 June 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130623051004/http://www.bbalibor.com/news/announcement-of-libor-changes">Archived</a> from the original on 23 June 2013. Retrieved 25 July 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Announcement+of+LIBOR+changes&rft.pub=The+British+Bankers%27+Association&rft.date=2013-06-12&rft_id=http%3A%2F%2Fwww.bbalibor.com%2Fnews%2Fannouncement-of-libor-changes&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-84"><a href="#cite_ref-84">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.bbalibor.com/news/code-of-conduct-for-contributing-banks-becomes-industry-guidance-and-whistl">"Code of Conduct for Contributing Banks becomes Industry Guidance and Whistleblowing policy issued"</a> (Press release). The British Bankers' Association. 15 July 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130813000507/http://www.bbalibor.com/news/code-of-conduct-for-contributing-banks-becomes-industry-guidance-and-whistl">Archived</a> from the original on 13 August 2013. Retrieved 25 July 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Code+of+Conduct+for+Contributing+Banks+becomes+Industry+Guidance+and+Whistleblowing+policy+issued&rft.pub=The+British+Bankers%27+Association&rft.date=2013-07-15&rft_id=http%3A%2F%2Fwww.bbalibor.com%2Fnews%2Fcode-of-conduct-for-contributing-banks-becomes-industry-guidance-and-whistl&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-85"><a href="#cite_ref-85">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.bbalibor.com/news/bba-libor-limited-has-established-the-interim-libor-oversight-committee-ilo">"BBA Libor Limited has established the Interim LIBOR Oversight Committee (ILOC)"</a> (Press release). The British Bankers' Association. 5 July 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130715232415/http://www.bbalibor.com/news/bba-libor-limited-has-established-the-interim-libor-oversight-committee-ilo">Archived</a> from the original on 15 July 2013. Retrieved 25 July 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=BBA+Libor+Limited+has+established+the+Interim+LIBOR+Oversight+Committee+%28ILOC%29&rft.pub=The+British+Bankers%27+Association&rft.date=2013-07-05&rft_id=http%3A%2F%2Fwww.bbalibor.com%2Fnews%2Fbba-libor-limited-has-established-the-interim-libor-oversight-committee-ilo&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-86"><a href="#cite_ref-86">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130718141355/http://www.nyse.com/press/1373365567815.html">"NYSE Euronext Subsidiary To Become New Administrator of LIBOR"</a> (Press release). NYSE Euronext. 9 July 2013. Archived from <a rel="nofollow" class="external text" href="https://www.nyse.com/press/1373365567815.html">the original</a> on 18 July 2013. 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Archived from <a rel="nofollow" class="external text" href="http://www.bba.org.uk/media/article/bba-to-hand-over-administration-of-libor-to-nyse-euronext-rate-administrati">the original</a> on 13 July 2013. Retrieved 20 July 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=BBA+to+hand+over+administration+of+LIBOR+to+NYSE+Euronext+Rate+Administration+Limited&rft.pub=The+British+Bankers%27+Association&rft.date=2013-07-09&rft_id=http%3A%2F%2Fwww.bba.org.uk%2Fmedia%2Farticle%2Fbba-to-hand-over-administration-of-libor-to-nyse-euronext-rate-administrati&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-88"><a href="#cite_ref-88">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.afr.com/business/banking-and-finance/anz-named-as-one-of-the-appalling-banks-in-ratefixing-probe-20150603-ghg0sz">"ANZ named as one of the 'appalling' banks in rate-fixing probe"</a>. Financial Review. 3 June 2015. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160126022357/http://www.afr.com/business/banking-and-finance/anz-named-as-one-of-the-appalling-banks-in-ratefixing-probe-20150603-ghg0sz">Archived</a> from the original on 26 January 2016. Retrieved 14 January 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Review&rft.atitle=ANZ+named+as+one+of+the+%27appalling%27+banks+in+rate-fixing+probe&rft.date=2015-06-03&rft_id=http%3A%2F%2Fwww.afr.com%2Fbusiness%2Fbanking-and-finance%2Fanz-named-as-one-of-the-appalling-banks-in-ratefixing-probe-20150603-ghg0sz&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-89"><a href="#cite_ref-89">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.abc.net.au/news/2015-10-26/former-banker-charged-over-global-libor-fraud/6884476">"Perth man becomes first Australian charged over Libor banking fraud"</a>. ABC News. 25 October 2015. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151201161535/http://www.abc.net.au/news/2015-10-26/former-banker-charged-over-global-libor-fraud/6884476">Archived</a> from the original on 1 December 2015. Retrieved 14 January 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ABC+News&rft.atitle=Perth+man+becomes+first+Australian+charged+over+Libor+banking+fraud&rft.date=2015-10-25&rft_id=http%3A%2F%2Fwww.abc.net.au%2Fnews%2F2015-10-26%2Fformer-banker-charged-over-global-libor-fraud%2F6884476&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-afr.com-90">^ <a href="#cite_ref-afr.com_90-0">a</a> <a href="#cite_ref-afr.com_90-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.afr.com/business/banking-and-finance/asic-ready-to-launch-raterigging-case-against-anz-20160207-gmnmab">"ASIC ready to launch rate-rigging case against ANZ"</a>. Financial Review. 7 February 2016. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160208081455/http://www.afr.com/business/banking-and-finance/asic-ready-to-launch-raterigging-case-against-anz-20160207-gmnmab">Archived</a> from the original on 8 February 2016. Retrieved 8 February 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Review&rft.atitle=ASIC+ready+to+launch+rate-rigging+case+against+ANZ&rft.date=2016-02-07&rft_id=http%3A%2F%2Fwww.afr.com%2Fbusiness%2Fbanking-and-finance%2Fasic-ready-to-launch-raterigging-case-against-anz-20160207-gmnmab&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-91"><a href="#cite_ref-91">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCommission" class="citation web cs1">Commission, c=au;o=Australian Government;ou=Australian Government Australian Securities and Investments. <a rel="nofollow" class="external text" href="http://asic.gov.au/about-asic/media-centre/find-a-media-release/2013-releases/13-366mr-asic-accepts-enforceable-undertaking-from-ubs/">"13-366MR ASIC accepts enforceable undertaking from UBS"</a>. asic.gov.au. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160308143748/http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2013-releases/13-366mr-asic-accepts-enforceable-undertaking-from-ubs/">Archived</a> from the original on 8 March 2016. 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Retrieved 23 April 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Deutsche+Bank+fined+record+%242.5+billion+in+rate+rigging+inquiry&rft.date=2015-04-23&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-deutschebank-libor-settlement-idUSKBN0NE12U20150423&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> <li id="cite_note-NYTFine-112">^ <a href="#cite_ref-NYTFine_112-0">a</a> <a href="#cite_ref-NYTFine_112-1">b</a> <a href="#cite_ref-NYTFine_112-2">c</a> <a href="#cite_ref-NYTFine_112-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBen_ProtessJack_Ewing2015" class="citation news cs1">Ben Protess; Jack Ewing (23 April 2015). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2015/04/24/business/dealbook/deutsche-bank-settlement-rates.html">"Deutsche Bank to Pay $2.5 Billion Fine to Settle Rate-Rigging Case"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160722154224/http://www.nytimes.com/2015/04/24/business/dealbook/deutsche-bank-settlement-rates.html?ref=dealbook">Archived</a> from the original on 22 July 2016. Retrieved 23 April 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Deutsche+Bank+to+Pay+%242.5+Billion+Fine+to+Settle+Rate-Rigging+Case&rft.date=2015-04-23&rft.au=Ben+Protess&rft.au=Jack+Ewing&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2015%2F04%2F24%2Fbusiness%2Fdealbook%2Fdeutsche-bank-settlement-rates.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=Libor_scandal&action=edit&section=21" title="Edit section: External links">edit</a>]</div> Barclays Bank <ul><li><a rel="nofollow" class="external text" href="https://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfbarclaysorder062712.pdf">Order Instituting Proceedings, In the matter of: Barclays Bank PLC</a>, United States, <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a>, 27 June 2012.</li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/iso/opa/resources/337201271017335469822.pdf">Statement of Facts, Non-prosecution agreement: Barclays Bank PLC</a>, United States, <a href="/wiki/United_States_Department_of_Justice" title="United States Department of Justice">Department of Justice</a>, 26 June 2012.</li> <li><a rel="nofollow" class="external text" href="http://www.fsa.gov.uk/static/pubs/final/barclays-jun12.pdf">Final Notice, Imposing financial penalty: Barclays Bank PLC</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120710185313/http://www.fsa.gov.uk/static/pubs/final/barclays-jun12.pdf">Archived</a> 10 July 2012 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, United Kingdom, <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a>, 27 June 2012.</li></ul> Citigroup <ul><li><a rel="nofollow" class="external text" href="http://www.fsa.go.jp/en/news/2011/20111216-2.html">Administrative Action on Citigroup Global Markets Japan Inc</a>, Japan, <a href="/wiki/Financial_Services_Agency" title="Financial Services Agency">Financial Services Agency</a>, 16 December 2011.</li></ul> Deutsche Bank <ul><li><a rel="nofollow" class="external text" href="https://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfdeutscheorder042315.pdf">Order Instituting Proceedings, In the matter of: Deutsche Bank AG</a>, United States, Commodity Futures Trading Commission, 23 April 2015.</li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/04/23/db_statement_of_facts.pdf">Statement of Facts, Deferred prosecution agreement: Deutsche Bank AG</a>, United States, Department of Justice, 23 April 2015.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150430191547/http://www.dfs.ny.gov/about/ea/ea150423.pdf">"Consent Order"</a> (PDF). In the Matter of: Deutsche Bank AG. <a href="/wiki/New_York_State_Department_of_Financial_Services" title="New York State Department of Financial Services">New York State Department of Financial Services</a>. 23 April 2015. Archived from <a rel="nofollow" class="external text" href="http://www.dfs.ny.gov/about/ea/ea150423.pdf">the original</a> (PDF) on 30 April 2015. Retrieved 30 June 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=In+the+Matter+of%3A+Deutsche+Bank+AG&rft.atitle=Consent+Order&rft.date=2015-04-23&rft_id=http%3A%2F%2Fwww.dfs.ny.gov%2Fabout%2Fea%2Fea150423.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALibor+scandal" class="Z3988"></li> <li><a rel="nofollow" class="external text" href="http://www.fca.org.uk/your-fca/documents/final-notices/2015/deutsche-bank-ag">Final Notice 2015: Deutsche Bank AG</a>, United Kingdom, <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a>, 23 April 2015.</li></ul> ICAP Europe Limited <ul><li><a rel="nofollow" class="external text" href="https://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enficaporder092513.pdf">Order Instituting Proceedings, In the matter of: ICAP Europe Limited</a>, United States, Commodity Futures Trading Commission, 25 September 2013.</li> <li><a rel="nofollow" class="external text" href="http://www.fca.org.uk/static/documents/final-notices/icap-europe-limited.pdf">Final Notice, Imposing financial penalty: ICAP Europe Ltd</a>, United Kingdom, Financial Conduct Authority, 25 September 2013.</li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/iso/opa/resources/838201392583237891746.pdf">United States of America v. Darrell Read, Daniel Wilkinson, and Colin Goodman</a>, United States, Department of Justice, 25 September 2013.</li></ul> Lloyds Bank <ul><li><a rel="nofollow" class="external text" href="https://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enflloydsorderdf072814.pdf">Order Instituting Proceedings, In the matter of: Lloyds Banking Group PLC</a>, United States, Commodity Futures Trading Commission, 28 July 2014.</li> <li><a rel="nofollow" class="external text" href="http://www.fca.org.uk/static/documents/final-notices/lloyds-bank-of-scotland.pdf">Final Notice, Imposing financial penalty: Lloyds Bank PLC and Bank of Scotland PLC</a>, United Kingdom, Financial Services Authority, 28 July 2014.</li></ul> Rabobank <ul><li><a rel="nofollow" class="external text" href="https://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfrabobank102913.pdf">Order Instituting Proceedings, In the matter of: Rabobank</a>, United States, Commodity Futures Trading Commission, 29 October 2013.</li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/iso/opa/resources/645201310298755805528.pdf">Statement of Facts, Deferred prosecution agreement: Rabobank</a>, United States, Department of Justice, 29 October 2013.</li> <li><a rel="nofollow" class="external text" href="http://www.fca.org.uk/static/documents/final-notices/rabobank.pdf">Final Notice, Imposing financial penalty: Rabobank</a>, United Kingdom, Financial Conduct Authority, 29 October 2013.</li> <li><a rel="nofollow" class="external text" href="https://www.rabobank.com/en/images/DNB_letter.pdf">Libor and Euribor investigation findings and measures for Rabobank</a>, Netherlands, <a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">De Nederlandsche Bank (the Dutch Central Bank)</a>, 29 October 2013.</li> <li><a rel="nofollow" class="external text" href="https://online.wsj.com/public/resources/documents/011314liborcomplaint.pdf">United States of America v. Paul Robson, Paul Thompson, Tetsuya Motomura</a>, United States, Department of Justice, 13 January 2014.</li> <li><a rel="nofollow" class="external text" href="https://online.wsj.com/public/resources/documents/011314libordocs.pdf">Robson et al Complaint, Exhibit of Facts</a>, United States, Department of Justice, 13 January 2014.</li></ul> Royal Bank of Scotland <ul><li><a rel="nofollow" class="external text" href="https://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfrbsorder020613.pdf">Order Instituting Proceedings, In the matter of: Royal Bank of Scotland PLC</a>, United States, Commodity Futures Trading Commission, 6 February 2013.</li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/iso/opa/resources/217201326133540747939.pdf">Plea agreement: United States of America v. RBS Securities Japan</a>, United States, Department of Justice, 5 February 2013.</li> <li><a rel="nofollow" class="external text" href="http://www.fsa.gov.uk/static/pubs/final/rbs.pdf">Final Notice, Imposing financial penalty: Royal Bank of Scotland PLC</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130319075429/http://www.fsa.gov.uk/static/pubs/final/rbs.pdf">Archived</a> 19 March 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, United Kingdom, Financial Services Authority, 6 February 2013.</li> <li><a rel="nofollow" class="external text" href="http://www.fsa.go.jp/en/news/2013/20130412.html">Administrative actions against RBS Securities Japan Limited</a>, Japan, Financial Services Agency, 12 April 2013.</li></ul> UBS <ul><li><a rel="nofollow" class="external text" href="https://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfubsorder121912.pdf">Order Instituting Proceedings, In the matter of: UBS AG</a>, United States, Commodity Futures Trading Commission, 19 December 2012.</li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/iso/opa/resources/6942012121911725320624.pdf">Statement of Facts, Non-prosecution agreement: UBS AG</a>, United States, Department of Justice, 18 December 2012.</li> <li><a rel="nofollow" class="external text" href="http://www.fsa.gov.uk/static/pubs/final/ubs.pdf">Final Notice, Imposing financial penalty: UBS AG</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140823030040/http://www.fsa.gov.uk/static/pubs/final/ubs.pdf">Archived</a> 23 August 2014 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, United Kingdom, Financial Services Authority, 19 December 2012.</li> <li><a rel="nofollow" class="external text" href="http://www.finma.ch/d/aktuell/Documents/summary-report-ubs-libor-20121219-e.pdf">FINMA Summary Report UBS LIBOR</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130201121001/http://www.finma.ch/d/aktuell/Documents/summary-report-ubs-libor-20121219-e.pdf">Archived</a> 1 February 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Switzerland, <a href="/wiki/Swiss_Financial_Market_Supervisory_Authority" title="Swiss Financial Market Supervisory Authority">Swiss Financial Market Supervisory Authority</a>, 19 December 2012.</li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/ag/Hayes-Tom-and-Darin-Roger-Complaint.pdf">United States of America v. Tom Hayes and Roger Darin</a>, United States, Department of Justice, 12 December 2012.</li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/ag/hayes-et-al-complaint-exhibits.pdf">Hayes et al Complaint, Exhibit of Facts</a>, United States, Department of Justice, 12 December 2012.</li> <li><a rel="nofollow" class="external text" href="http://www.fsa.go.jp/en/news/2011/20111216-3.html">Administrative Actions against UBS Securities Japan Ltd and UBS AG, Japan Branches</a>, Japan, Financial Services Agency, 16 December 2011.</li></ul> European Union <ul><li><a rel="nofollow" class="external text" href="http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=1_39914">Euro Interest Rate Derivatives Cartel: Barclays, Deutsche Bank, RBS, Société Générale</a>, Belgium, <a href="/wiki/Directorate-General_for_Competition_(European_Commission)" class="mw-redirect" title="Directorate-General for Competition (European Commission)">Directorate-General for Competition</a>, 12 December 2013.</li> <li><a rel="nofollow" class="external text" href="http://europa.eu/rapid/press-release_IP-14-1189_en.htm?locale=en">Swiss Franc Interest Rate Derivatives Cartel: JP Morgan, RBS</a>, Belgium, Directorate-General for Competition (European Commission), 21 October 2014.</li> <li><a rel="nofollow" class="external text" href="http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=1_39861">Yen Interest Rate Derivatives Cartel: Citigroup, Deutsche Bank, JP Morgan, RBS, RP Martin, UBS</a>, Belgium, Directorate-General for Competition (European Commission), 12 December 2013.</li></ul> Government <ul><li><a rel="nofollow" class="external text" href="http://www.jdsupra.com/legalnews/the-wheatley-review-of-libor-final-repo-99414/">The Wheatley Review of LIBOR: Final Report</a>, United Kingdom, <a href="/wiki/HM_Treasury" title="HM Treasury">HM Treasury</a>, 28 September 2012.</li> <li><a rel="nofollow" class="external text" href="https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf">Principles for Financial Benchmarks: Final Report</a>, Spain, <a href="/wiki/International_Organization_of_Securities_Commissions" title="International Organization of Securities Commissions">International Organization of Securities Commissions</a>, July 2013.</li> <li><a rel="nofollow" class="external text" href="http://www.newyorkfed.org/newsevents/news/markets/2012/Barclays_LIBOR_Matter.html">Documents concerning Barclays and the Libor matter</a>, United States, <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a>, 13 July 2012.</li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120716064757/http://www.bankofengland.co.uk/publications/Pages/news/2012/068.aspx">Correspondence with the NY Fed and British Bankers' Association in relation to Libor</a>, United Kingdom, <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, 13 July 2012.</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output 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scandals</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea Company</a> (1720)</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Panic of 1890 (Baring crisis)</a> (1890)</li> <li><a href="/wiki/Salad_Oil_scandal" class="mw-redirect" title="Salad Oil scandal">Salad Oil</a> (1963)</li> <li><a href="/wiki/Kinney_National_Company#Financial_scandal" title="Kinney National Company">Kinney Services, Inc.</a> (1971)</li> <li><a href="/wiki/Banco_Ambrosiano" title="Banco Ambrosiano">Banco Ambrosiano</a> (1982)</li> <li><a href="/wiki/Carrian_Group" title="Carrian Group">Carrian Group</a> (1983)</li> <li><a href="/wiki/Guinness_share-trading_fraud" title="Guinness share-trading fraud">Guinness</a> (1986)</li> <li><a href="/wiki/Bofors_scandal" title="Bofors scandal">Bofors scandal</a> (1990) </li> <li><a href="/wiki/Polly_Peck" title="Polly Peck">Polly Peck</a> (1990)</li> <li><a href="/wiki/Bank_of_Credit_and_Commerce_International" title="Bank of Credit and Commerce International">Bank of Credit and Commerce International</a> (1990)</li> <li><a href="/wiki/Robert_Maxwell" title="Robert Maxwell">Robert Maxwell</a> (1991)</li> <li><a href="/wiki/1992_Indian_stock_market_scam" title="1992 Indian stock market scam">Indian stock market scam</a> (1992)</li> <li><a href="/wiki/Banesto#1993_crisis_&_intervention" title="Banesto">Banesto</a> (1993)</li> <li><a href="/wiki/Metallgesellschaft#Hedging_debacle" title="Metallgesellschaft">Metallgesellschaft</a> (1993)</li> <li><a href="/wiki/Towers_Financial_Corporation" title="Towers Financial Corporation">Towers Financial Corporation</a> (1993)</li> <li><a href="/wiki/Barings_Bank" title="Barings Bank">Barings Bank</a> (1995)</li> <li><a href="/wiki/Sumitomo_copper_affair" title="Sumitomo copper affair">Sumitomo Corporation</a> (1996)</li> <li><a href="/wiki/Lysine_price-fixing_conspiracy" title="Lysine price-fixing conspiracy">Lysine price-fixing conspiracy</a> (1997)</li> <li><a href="/wiki/Daewoo_dissolution_and_corruption_scandal" title="Daewoo dissolution and corruption scandal">Daewoo</a> (1999-2006)</li> <li><a href="/wiki/Long-Term_Capital_Management" title="Long-Term Capital Management">Long-Term Capital Management</a> (2000)</li> <li><a href="/wiki/CINAR_scandal" title="CINAR scandal">CINAR</a> (2000)</li> <li><a href="/wiki/One.Tel" title="One.Tel">One.Tel</a> (2001)</li> <li><a href="/wiki/Enron_scandal" title="Enron scandal">Enron</a> (2001)</li> <li><a href="/wiki/Adelphia_Communications_Corporation" title="Adelphia Communications Corporation">Adelphia</a> (2002)</li> <li><a href="/wiki/WorldCom_scandal" title="WorldCom scandal">WorldCom</a> (2002)</li> <li><a href="/wiki/Parmalat_bankruptcy_timeline" title="Parmalat bankruptcy timeline">Parmalat</a> (2003-2005)</li> <li><a href="/wiki/Tyco_International#Corporate_scandal_of_2002" title="Tyco International">Tyco</a> (2004)</li> <li><a href="/wiki/Bayou_Hedge_Fund_Group" title="Bayou Hedge Fund Group">Bayou Hedge Fund Group</a> (2005)</li> <li><a href="/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss" title="2008 Société Générale trading loss">Société Générale</a> (2008)</li> <li><a href="/wiki/Bear_Stearns#Subprime_mortgage_hedge_fund_crisis" title="Bear Stearns">Bear Stearns</a> (2008)</li> <li><a class="mw-selflink selflink">Libor</a> (2008–2012)</li> <li><a href="/wiki/Anglo_Irish_Bank_hidden_loans_controversy" title="Anglo Irish Bank hidden loans controversy">Anglo Irish Bank</a> (2008–2011)</li> <li><a href="/wiki/Volkswagen_emissions_scandal" title="Volkswagen emissions scandal">Volkswagen emissions scandal</a> (2008–2015)</li> <li><a href="/wiki/Satyam_scandal" title="Satyam scandal">Satyam</a> (2009)</li> <li><a href="/wiki/2G_spectrum_case" title="2G spectrum case">2G spectrum case</a> (2010–2019) </li> <li><a href="/wiki/National_Herald_corruption_case" title="National Herald corruption case">National Herald corruption case</a> (2010–ongoing) </li> <li><a href="/wiki/News_Corporation_scandal" class="mw-redirect" title="News Corporation scandal">News Corporation scandal</a> (2011)</li> <li><a href="/wiki/Olympus_scandal" title="Olympus scandal">Olympus</a> (2011)</li> <li><a href="/wiki/Indian_coal_allocation_scam" title="Indian coal allocation scam">Indian coal allocation scam</a> (2012) </li> <li><a href="/wiki/OCZ#Accounting_practices" title="OCZ">OCZ</a> (2012–2013)</li> <li><a href="/wiki/Saradha_Group_financial_scandal" title="Saradha Group financial scandal">Saradha Group financial scandal</a> (2013–ongoing) </li> <li><a href="/wiki/Forex_scandal" title="Forex scandal">Forex</a> (2013–ongoing)</li> <li><a href="/wiki/Toshiba#2015_accounting_scandal" title="Toshiba">Toshiba</a> (2015)</li> <li><a href="/wiki/1Malaysia_Development_Berhad_scandal" title="1Malaysia Development Berhad scandal">1Malaysia Development Berhad</a> (2015–ongoing)</li> <li><a href="/wiki/Wells_Fargo_account_fraud_scandal" class="mw-redirect" title="Wells Fargo account fraud scandal">Wells Fargo account fraud scandal</a> (2016–ongoing)</li> <li><a href="/wiki/Facebook%E2%80%93Cambridge_Analytica_data_scandal" title="Facebook–Cambridge Analytica data scandal">Facebook–Cambridge Analytica data scandal</a> (2018)</li> <li><a href="/wiki/Moser_Baer" title="Moser Baer">Moser Baer</a> (2019)</li> <li><a href="/wiki/Wirecard_scandal" title="Wirecard scandal">Wirecard</a> (2020)</li> <li><a href="/wiki/Nikola_Corporation#Fraud_allegations" title="Nikola Corporation">Nikola</a> (2020)</li> <li><a href="/wiki/2021_Facebook_leak" title="2021 Facebook leak">Facebook company files leak</a> (2021)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <dl><dt>See also</dt> <dd><a href="/wiki/Accounting_scandals" title="Accounting scandals">Accounting scandals</a></dd></dl> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Great_Recession" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Great_Recession" title="Template:Great Recession"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Great_Recession" title="Template talk:Great Recession"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Great_Recession" title="Special:EditPage/Template:Great Recession"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Great_Recession" style="font-size:114%;margin:0 4em"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">By region</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">Africa</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas" title="Great Recession in the Americas">Americas</a> <ul><li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li> <li><a href="/wiki/Great_Recession_in_South_America" title="Great Recession in South America">South America</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Asia" title="Great Recession in Asia">Asia</a></li> <li><a href="/wiki/Great_Recession_in_Europe" title="Great Recession in Europe">Europe</a> <ul><li><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">Iceland</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Oceania" title="Great Recession in Oceania">Oceania</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">United States-specific</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Automotive_industry_crisis_of_2008%E2%80%932010" class="mw-redirect" title="Automotive industry crisis of 2008–2010">Automotive industry crisis</a></li> <li><a href="/wiki/2008%E2%80%932012_California_budget_crisis" title="2008–2012 California budget crisis">California budget crisis</a></li> <li><a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">Housing bubble</a></li> <li><a href="/wiki/United_States_housing_market_correction" class="mw-redirect" title="United States housing market correction">Housing market correction</a></li> <li><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking losses and fraud</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Libor scandal</a> <ul><li><a href="/wiki/Tom_Hayes_(trader)" title="Tom Hayes (trader)">Tom Hayes</a></li></ul></li> <li><a href="/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss" title="2008 Société Générale trading loss">Société Générale trading loss</a></li> <li><a href="/wiki/Forex_scandal" title="Forex scandal">Forex scandal</a></li> <li><a href="/wiki/Bernie_Madoff" title="Bernie Madoff">Bernie Madoff</a></li> <li><a href="/wiki/Tom_Petters" title="Tom Petters">Tom Petters</a></li> <li><a href="/wiki/Scott_W._Rothstein" title="Scott W. Rothstein">Scott W. Rothstein</a></li> <li><a href="/wiki/Allen_Stanford" title="Allen Stanford">Allen Stanford</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government entities</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_Financial_Protection_Bureau" title="Consumer Financial Protection Bureau">Consumer Financial Protection Bureau</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a></li> <li><a href="/wiki/Federal_Home_Loan_Banks" title="Federal Home Loan Banks">Federal Home Loan Banks</a></li> <li><a href="/wiki/Federal_Housing_Administration" title="Federal Housing Administration">Federal Housing Administration</a></li> <li><a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a></li> <li><a href="/wiki/Federal_Housing_Finance_Board" title="Federal Housing Finance Board">Federal Housing Finance Board</a></li> <li><a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a></li> <li><a href="/wiki/Government_National_Mortgage_Association" title="Government National Mortgage Association">Government National Mortgage Association</a></li> <li><a href="/wiki/National_Asset_Management_Agency" title="National Asset Management Agency">National Asset Management Agency</a></li> <li><a href="/wiki/Office_of_Federal_Housing_Enterprise_Oversight" title="Office of Federal Housing Enterprise Oversight">Office of Federal Housing Enterprise Oversight</a></li> <li><a href="/wiki/Assistant_Secretary_of_the_Treasury_for_Financial_Stability" title="Assistant Secretary of the Treasury for Financial Stability">Office of Financial Stability</a></li> <li><a href="/wiki/UK_Financial_Investments" title="UK Financial Investments">UK Financial Investments</a></li></ul> </div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible autocollapse navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Government_policy_and_spending_responses" style="font-size:114%;margin:0 4em">Government policy and spending responses</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking and finance stability and reform</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_(Special_Provisions)_Act_2008" title="Banking (Special Provisions) Act 2008">Banking (Special Provisions) Act 2008</a></li> <li><a href="/wiki/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit" title="China–Japan–South Korea trilateral summit">China–Japan–South Korea trilateral summit</a></li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a></li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act of 2008</a></li> <li><a href="/wiki/Irish_emergency_budget,_2009" class="mw-redirect" title="Irish emergency budget, 2009">Irish emergency budget, 2009</a></li> <li><a href="/wiki/Temporary_Liquidity_Guarantee_Program" title="Temporary Liquidity Guarantee Program">Temporary Liquidity Guarantee Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a></li> <li><a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a></li> <li><a href="/wiki/2008_United_Kingdom_bank_rescue_package" title="2008 United Kingdom bank rescue package">2008 United Kingdom bank rescue package</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Bank_stress_tests" scope="row" class="navbox-group" style="width:1%">Bank stress tests</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2010_European_Union_bank_stress_test" title="2010 European Union bank stress test">EU</a></li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">U.S.</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Stimulus and recovery</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0;background: #f7f7f7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2008_European_Union_stimulus_plan" title="2008 European Union stimulus plan">2008 European Union stimulus plan</a></li> <li><a href="/wiki/2008%E2%80%932009_Keynesian_resurgence" title="2008–2009 Keynesian resurgence">2008–2009 Keynesian resurgence</a></li> <li><a href="/wiki/American_Recovery_and_Reinvestment_Act_of_2009" title="American Recovery and Reinvestment Act of 2009">American Recovery and Reinvestment Act of 2009</a></li> <li><a href="/wiki/Chinese_economic_stimulus_program" title="Chinese economic stimulus program">Chinese economic stimulus program</a></li> <li><a href="/wiki/Economic_Stimulus_Act_of_2008" title="Economic Stimulus Act of 2008">Economic Stimulus Act of 2008</a></li> <li><a href="/wiki/Fraud_Enforcement_and_Recovery_Act_of_2009" title="Fraud Enforcement and Recovery Act of 2009">Fraud Enforcement and Recovery Act of 2009</a></li> <li><a href="/wiki/Green_New_Deal" title="Green New Deal">Green New Deal</a></li> <li><a href="/wiki/Housing_and_Economic_Recovery_Act_of_2008" title="Housing and Economic Recovery Act of 2008">Housing and Economic Recovery Act of 2008</a></li> <li><a href="/wiki/National_fiscal_policy_response_to_the_Great_Recession" class="mw-redirect" title="National fiscal policy response to the Great Recession">National fiscal policy response to the Great Recession</a></li> <li><a href="/wiki/Zero_interest-rate_policy" title="Zero interest-rate policy">Zero interest-rate policy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government interventions, rescues, and acquisitions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0;background: transparent;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession" title="List of banks acquired or bankrupted during the Great Recession">List of banks acquired or bankrupted during the Great Recession</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Non-banking" scope="row" class="navbox-group" style="width:1%">Non-banking</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chrysler" title="Chrysler">Chrysler</a></li> <li><a href="/wiki/General_Motors" title="General Motors">General Motors</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securities involved and financial markets</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate securities</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligations</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligations</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default swaps</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed securities</a></li> <li><a href="/wiki/Secondary_mortgage_market" title="Secondary mortgage market">Secondary mortgage market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Social responses</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tea_Party_protests" title="Tea Party protests">Tea Party protests</a> (United States; c. 2009)</li> <li><a href="/wiki/2009_May_Day_protests" title="2009 May Day protests">2009 May Day protests</a> (Europe, Middle East and North Africa, Asia; 2009)</li> <li><a href="/wiki/Arab_Spring" title="Arab Spring">Arab Spring</a> (MENA; 2010–2012)</li> <li><a href="/wiki/Occupy_movement" title="Occupy movement">Occupy movement</a> (worldwide; 2011–2012) <ul><li><a href="/wiki/Occupy_Wall_Street" title="Occupy Wall Street">Occupy Wall Street</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> <ul><li><a href="/wiki/2008_Central_Asia_energy_crisis" title="2008 Central Asia energy crisis">2008 Central Asia energy crisis</a></li></ul></li> <li><a href="/wiki/Effects_of_the_Great_Recession_on_museums" title="Effects of the Great Recession on museums">Effects of the Great Recession on museums</a></li> <li><a href="/wiki/Decline_of_newspapers" title="Decline of newspapers">Decline of newspapers</a></li> <li><a href="/wiki/2007%E2%80%932008_world_food_price_crisis" title="2007–2008 world food price crisis">2007–2008 world food price crisis</a></li> <li><a href="/wiki/Retail_apocalypse" title="Retail apocalypse">Retail apocalypse</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li> <li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/List_of_countries_by_public_debt" class="mw-redirect" title="List of countries by public debt">List of countries by public debt</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img 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