‘Bankers’ self-regulation not working against fraud’

Dear Kitty. Some blog

This video says about itself:

11 December 2012

There have been more developments in the interest rate manipulation scandal.

The Wall Street Journal reports the European Union is set to accuse several banks of attempting to rig the setting of the Euribor lending rate.

Barclays has already admitted that. Others under investigation reportedly include France’s Crédit Agricole and Société Générale, Britain’s HSBC and Germany’s Deutsche Bank.

Euribor, the euro interbank offered rate, and Libor, the London interbank offered rate, are the key gauges of how much banks pay to borrow from peers, and underpin swathes of financial products from Spanish mortgages to derivatives contracts sealed in London.

Both are set using interbank borrowing rates submitted by banks.

At the same time Britain’s Serious Fraud Office has arrested three British men over alleged manipulation of the London interbank lending rates.

The SFO said on Tuesday three…

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