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In any event, these developments and similar concerns led to a host of regulatory investigations in a variety of different countries. The roster of investigations and of countries involved continues to expand.
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A list of the banks that have disclosed that they are under investigation can be found here. In connection with these investigations, several of the banks involved have negotiated varying levels of immunity in exchange for cooperation. Investigations are pending in, among other countries, the U. In addition, several U. Numerous press reports have stated that several governments are conducting criminal investigations.
The publicly available information about the investigations is now sufficiently detailed that there are even press reports of the specific individuals that are under investigation. The significance of these regulatory investigations took on an entirely new level of seriousness on June 27, , with the announcements that Barclays had entered a series of settlements with regulators and enforcement authorities in the U.
On June 27, the U. At the same time, the U. The statement of facts accompanying the agreement can be found here. In addition, the U. The total U. As impressive as these figures are, they apparently reflect the benefits allowed Barclays for its cooperation.
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The various regulatory and investigative filings allege that beginning at least in and through , and at times on an almost daily basis, Barclays provided Libor and Euribor submissions that were false because they improperly took into account the trading positions of its derivatives traders or reputational concerns about negative media attention relating to its Libor submissions. Specifically, it is alleged that between and , and then occasionally through , certain Barclays traders requested that Barclays Libor and Euribor submitters contribute rates that would benefit the financial positions held by those traders.
The Order also alleges that during at least part of that period, the Barclays traders communicated with traders at other financial institutions to request Libor and Euribor submissions that would be favorable to their trading positions. The emails between Tucker and Diamond can be found here.
Barclays obviously sought through its cooperation to curry favor with regulators. An interesting July 16, Wall Street Journal article here details how missteps and miscalculations may have thwarted Barclays best efforts to manage its fallout from the situation. The article does note that if Citi only underreported but did not also try to manipulate its reported rates for profit purposes, it may not fare as badly as Barclays.
As I have separately noted , a raft of private civil litigation has followed in the wake of the Libor investigation, in which various claimants have alleged that they have been harmed by the Libor and Euribor rate manipulation.
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Beginning in , a host of municipalities, pension funds and institutional investors initiated a series of private civil antitrust lawsuits. On April 30, , the various claimants filed their consolidated amended class action complaints. The consolidated amended complaint filed on behalf of various commodities futures contract and options traders can be found in three parts here , here and here.
There were other complaints filed in the consolidated action on April 30, , but for whatever reason the other complaints are not available on PACER. The amended consolidated complaints in these actions make for some interesting albeit technical reading.
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This analysis is extensively illustrated with numerous graphs and charts. Among other things, the information from the Court documents shows that regulators in those countries are probing possible manipulation of other interest benchmarks, such as Tibor and Yen-Libor. In particular, excerpts from court filings in Canada and Singapore at paragraphs and following provide extensive details about investigative actions in those countries concerning possible manipulation of the Yen-Libor rates, in order to produce trading gains on interest rate derivatives.
The documents from the Singapore court proceedings at paragraphs and following details alleged collusion between RBS traders and rate setters, calculated to maximize trading profits. The suit alleges that the alleged manipulation of the benchmark rate hurt small banks that operate on thin profit margins and that rely more on interest income than large banks with diverse trading operations.
A good short summary of the legal issues involved in the consolidated antitrust litigation can be found in a July 17, memorandum here from the Perkins Coie law firm. In addition, as noted here , on July 6, , plaintiffs initiated a separate antitrust action against a number of large banks, asserting antitrust claims as well as claims under the Commodities Exchange Act. Beyond the antitrust litigation, there are reports that shareholders derivative actions have been filed against Citigroup and Bank of American directors and officers, although at this point I have not seen the complaints in these actions.
If any reader can provide me with copies of the complaints in these actions I will update this post with links to the documents. The complaint, which can be found here , asserts a single count for breach of fiduciary duty.
The complaint, which can be found here , is filed on behalf of class of persons who purchased Barclays ADRs between July 10, and June 27, Outrage over the manipulations and deceptions in the Libor scandal is at a fever pitch. The information that has surfaced to date does suggest that there almost certainly is a lot more to come on this issue.
It seems likely that we are in for months if not years of periodic revelations and disclosures about misconduct at many of the participating banks. The collection of e-mails also show that Tourre was not the only person at Goldman with confidence the subprime market was doomed. Daniel Sparks, a former head of the mortgages department at Goldman, is also expected to testify on Tuesday before the Senate Permanent Subcommittee on Investigations.
Earlier in , in an e-mail to a friend, Tourre shares his fears that the product he helped create is crumbling -- and he has a sense of humor about it.