Alison Frankel: After Libor, arguments against financial regulation are a joke

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Alison Frankel: After Libor, arguments against financial regulation are a joke

Alison Frankel: After Libor, arguments against financial regulation are a joke

In one notorious 2008 phone conversation recounted in the FSA filing, a UBS trader told a brokerage pal, “If you keep (the six-month Libor rate) unchanged today … I will fucking 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.”

Reuters-

Everyone who has ever claimed that the financial industry is overregulated should be forced to read the final notice on UBS’s manipulation of the London interbank offered rate issued Wednesday by the United Kingdom’s Financial Services Authority.

[REUTERS ON THE SIDE]

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One Response to “Alison Frankel: After Libor, arguments against financial regulation are a joke”

  1. Charles Reed says:

    So it all started by loan attached to the LIBOR adjusting out the roof, but that collateral damage by this Administration sees no crime only bad ethics. We don’t have to have any investigation as the crooks were already fined and it was because these loan were produced in the first place when they should not have been, but that most all were and still are attached to the LIBOR the Notes/Contract should be immediately cancel and repairing the damage should be ordered.

    Now everybody jumping on I knew the rate was RIGGED, but if so why in 2012 are we not dealing with the crime at hand. If Britain can fined these crooks across the pond what up with out Justice Dept?

    As long as people keep wanting to blame the borrowers who were sold these product, it take away from the actual criminal in the case. Borrowers were also sold that they would be refinance before these loan adjusted, so the borrowers did not worry about a adjustment.

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