Barclays

Tyler Durden's picture

SEC Commissioner Furious That SEC Has Made A Mockery Of "Recidivist Criminal Behavior" By Banks





"It is troubling enough to consistently grant waivers for criminal misconduct.  It is an order of magnitude more troubling to refuse to enforce our own explicit requirements for such waivers.   This type of recidivism and repeated criminal misconduct should lead to revocations of prior waivers, not the granting of a whole new set of waivers.  We have the tools, and with the tools the responsibility, to empower those at the top of these institutions to create meaningful cultural shifts, yet we refuse to use them.  I am concerned that the latest series of actions has effectively rendered criminal convictions of financial institutions largely symbolic."

 
Tyler Durden's picture

Frontrunning: May 22





  • U.S. vows to continue patrols after China warns spy plane (Reuters)
  • Bank of Japan Chief Cheers On Tokyo’s Surging Stocks (WSJ)
  • Merkel Stamps Out Optimism on Greece After Tsipras Talks (BBG)
  • Greece sees reforms deal with lenders in next 10 days (Reuters)
  • Why Greece’s Syriza party is not sticking to the script on an IMF deal (Channel4)
  • Why Does Putin Care Who Runs a Tiny Balkan Nation? Gas Pipelines (BBG)
  • U.S. Stock-Index Futures Are Little Changed Before Yellen Speech (BBG)
  • German Business Confidence Declines as Risks Cloud Outlook (BBG)
 
Pivotfarm's picture

Top 10 Banks To Sell Your Soul





Janet Yellen at the Federal Reserve believes that the partying on Wall Street and in the financial institutions may “lead to trouble”.

 
Tyler Durden's picture

Public Confused Why World's Biggest Banks Admitting Criminal Fraud, Leads To Public Yawns





It was about two years ago when we summarized all the known and confirmed rigged markets. Since then things have gone from bad to worse for believers in fair and efficient markets, with not only countless more banks now admitting they rigged Libor and FX. It all culminated with yesterday's settlement in which five of the world's biggest banks, including JPM, Citi and Barclays, agreed to plead guilty in a currency-rigging probe. And, to Bloomberg's dismay, the public yawned.

 
Tyler Durden's picture

Democracy Under Fire: Troika Looks To Force Greek Political "Reshuffle"





It is becoming increasingly clear that the Syriza show will ultimately have to be canceled in Greece (or at least recast) if the country intends to find a long-term solution that allows for stable relations with European creditors, but as we noted on Wednesday, it may be time for Greeks to ask themselves if binding their fate to Europe is in their best interests. Indeed, it's time to take a hard look at the political ramifications of the June 5 IMF deadline and ask if the troika will, in the final analysis, be successful in using financial leverage to undermine the democratic process.

 
Tyler Durden's picture

Frontrunning: May 21





  • Once-Unthinkable Criminal Pleas by U.S. Banks Get Investor ‘Meh’ (BBG)
  • The E-Mail That Helped Catch Barclays: ‘ISDAfix Is Manipulated’ (BBG)
  • CFTC Said Preparing ISDAfix Probe Talks in Weeks: Credit Markets (BBG)
  • Islamic State takes control of Syria's Palmyra in westward advance (Reuters)
  • Tensions High as Greece Gets Smallest Aid Rise Yet (BBG)
  • The Rise of the $50,000 Rental (BBG)
  • U.S. says South China Sea reclamations stoke instability (Reuters)
  • First Hanergy Now Goldin: Hong Kong Stocks Drop Like Stones (BBG)
 
Tyler Durden's picture

Overheard In The FX Rigging "Cartel" Chatroom: "Mess This Up And Sleep With One Eye Open





One Barclays FX trader, when he became the main Euro trader for Barclays in 2011, was desperate to be invited to join the Cartel because of the trading advantages from sharing information with the other main traders of the Euro.After extensive discussion of whether or not this trader “would add value” to the Cartel, he was invited to join for a “1 month trial,” but was advised “mess this up and sleep with one eye open at night.”

 
Tyler Durden's picture

5 Banks To Plead Guilty To Criminal Rigging Charges, Pay $5.6 Billion For Manipulating Markets





As the live webcast from US AG Loretta Lynch indicates, moments ago the DOJ announced five global banks including Citi, J.P. Morgan, Barclays, RBS would plead guilty to criminal charges to conspiring to manipulate FX Prices, and would pay some $5.6 billion in combined penalties to resolve a long running U.S. investigation into whether traders at the banks colluded to move foreign currency rates in directions to benefit their own positions.

 
Tyler Durden's picture

UBS Gets Probation For Rigging $5 Trillion-A-Day FX Market





UBS will pay $545 million, plead guilty to one count of wire fraud, and go on DoJ "probation" for three years for its role in forex manipulation. The market's assessment of how things turned out for the bank: "It couldn't have been better."

 
Tyler Durden's picture

The Last Two Times This Happened, Stocks Crashed





According to Tobin's Q, which compares stock prices to the replacement value of companies' underlying assets, equity markets have become detached from reality to a degree only witnessed on two occasions in history: the tech bubble and 1929. 

 
Tyler Durden's picture

Frontrunning: May 18





  • Tsipras Endgame Nears as Greek Bank Collateral Evaporates (BBG)
  • Shi'ite forces ordered to deploy after fall of Iraqi city (Reuters)
  • Ratings agency Fitch to downgrade many European banks (Reuters)
  • Bubble Blowing to Continue So Long as Yellen Isn’t Raising Rates (BBG)
  • Greece's Debt Battle Exposes Deeper Eurozone Flaws (WSJ)
  • Obama to set new limits on police use of military equipment (Reuters)
  • China April home prices fuel hopes of bottoming out, but long road to recovery (Reuters)
  • Hedge Funds Close Doors, Facing Low Returns and Investor Scrutiny (NYT)
  • ASIC's Greg Medcraft 'quite worried' about Sydney, Melbourne house prices (Fin Review)
 
Tyler Durden's picture

Wall Street Demands Exemption From Punishment In Exchange For Guilty Pleas In FX Rigging





"Banks want assurances from U.S. regulators that they will not be barred from certain businesses before agreeing to plead guilty to criminal charges over the manipulation of foreign exchange rates, causing a delay in multibillion-dollar settlements," Reuters reports, reinforcing the idea that 'guilty' pleas from Wall Street on FX rigging will ultimately mean absolutely nothing because once the fine print is inserted into the settlements and once the SEC grants every bank's request for a waiver, it will back to business as usual.

 
Tyler Durden's picture

Frontrunning: May 15





  • The fake: Avon-Offer Hoax Shows It’s Easy to Put One Over on SEC’s Edgar (BBG)
  • And the real: US buyout group TPG snaps up UK discounter Poundworld (FT)
  • El Niño near-certain to last through summer: U.S. climate center (Reuters)
  • Oil Sands Land Becomes Alberta’s Hot Real Estate as Oil Rebounds (BBG)
  • SEC a stumbling block in banks' forex guilty pleas: sources (Reuters)
  • Pimco’s Stocks Chief Maisonneuve to Leave as Funds Closed (BBG)
  • Bank of America’s Woes Test ‘Fixer’ CEO (WSJ)
  • Puerto Rico Governor, Lawmakers Agree on Revenue Proposal (BBG)
 
Tyler Durden's picture

UBS Shocked To Learn Ratting Out Fellow Criminals Doesn't Buy DOJ Immunity





"UBS officials are confounded by the outcome, some of the people familiar with the negotiations said. The bank believes it provided early cooperation which helped prosecutors break open the foreign-exchange investigations and, as a result, was promised immunity by the antitrust division of the Justice Department."

 
Tyler Durden's picture

Frontrunning: May 14





  • Amtrak train in Philadelphia wreck was traveling at twice speed limit (Reuters)
  • The engineer has no recollection of the crash and “no explanation” for what happened (WSJ)
  • Taliban claim attack on Afghan guesthouse that killed 14 (Reuters)
  • Chicago’s Junk Rating From Moody’s Puzzles Investors (BBG)
  • House votes to end spy agencies' bulk collection of phone data (Reuters)
  • Wesley Clark: The Penny-Stock General (BBG)
  • AOL’s Armstrong to Leave $213 Million Richer After Verizon Deal (BBG)
 
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