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Thursday, July 5, 2012

Libor Debacle Update

Wall Street Bank Investors In Dark On Libor Liability Bloomberg
Diamond: I Am a Victim Global Economic Intersection
Reaction in the UK To This Morning’s Bob Diamond Testimony Jesse
Ready, Fire, Aim Epicurean Dealmaker (Glen H). Close but no cigar. He is correct that most commentators have missed that banks would simply build an extra spread into loans priced off Libor to make up for Libor being artificially low. But that means when Libor became less suppressed, those borrowers would be paying an extra rich interest rate.
Diamond ousting ‘was plotted by his outraged bankers in New York’ Independent
Diamond’s Exit Shows Libor Only What Each Bank Says It Is BusinessWeek (furzy mouse)
Barclays is branded a ‘rotten, thieving bank’ by MP John Mann Telegraph
The LIBOR scandal will expose more naked bankers MacroBusiness
Useless Hearings on Bank Fraud masaccio Firedoglake (Carol B)

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