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Thursday, June 13, 2013

How Do I cheat thee, let me count the ways:

Big Bank Traders Said to Rig Currency Rates to Profit Off Clients

Traders at some of the world’s biggest banks manipulated benchmark foreign-exchange rates used to set the value of trillions of dollars of investments, according to five dealers with knowledge of the practice.

Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set, said the current and former traders, who requested anonymity because the practice is controversial. Dealers colluded with counterparts to boost chances of moving the rates, said two of the people, who worked in the industry for a total of more than 20 years.

AIG Financial Products Probed By Ben Lawsky For New Alleged Risk Failures

Posted:   |  Updated: 06/12/2013 8:07 am EDT
AIG Financial Products, the derivatives unit that nearly toppled the insurance company in 2008, is under fresh scrutiny after regulators alleged it may have failed to properly measure and manage risk, misled supervisors and investors, and lacked appropriate checks to limit outsized risk-taking.


Singapore Regulator Said to Plan Bank Reprimand on Rates

Singapore’s central bank plans to reprimand banks in the city-state as early as Friday following an 11-month review into how benchmark interest rates are set, five people with knowledge of the matter said.
The Singapore Foreign Exchange Market Committee, which includes the Monetary Authority of Singapore and banks, plans to separately announce changes to the rate-setting process on the same day, two of the people said yesterday, asking not to be identified before the announcements are made.

BBC NEWS: Libor scandal: Can we ever trust bankers again? 

Can we ever trust bankers again?
As Britain awaits a major report by the Parliamentary Commission on Banking Standards, the BBC's Business Production team, in partnership with the Open University, asks what went wrong with the system and can we ever trust bankers again?

JPMorgan Faces Increased Legal Threat Following 'London Whale' Scandal, Experts Say.


Regulators Turn Up Heat Over Bank Fees

U.S. regulators are stepping up scrutiny of overdraft fees charged by banks, a big revenue stream that is helping the industry lessen the hit caused by low interest rates and the sluggish economy.The Consumer Financial Protection Bureau, in a report set for release Tuesday, plans to criticize the U.S. banking industry for practices that it says range from confusing rules on overdraft fees to increasing the likelihood of multiple fees being charged to the same customer.

155 Undercapitalized Banks Still Litter U.S.

Stock quotes in this article: PNBC, CBCR.PK, FMAR.OB 
NEW YORK (TheStreet) -- With year-end data for all of the nation's banks and savings and loan associations now available, there are 155 undercapitalized institutions on the TheStreet's Bank Watch List. That is 10 fewer than last quarter, although 15 banks have been shuttered by regulators since the final fourth-quarter watch list was published in February.
Based on fourth-quarter regulatory data supplied by Thomson Reuters Bank Insight for the nation's nearly 7,400 banks -- and factoring-in the 15 bank and thrift failures since TheStreet's final fourth-quarter Watch List was published on Feb. 16 -- 155 institutions were undercapitalized at as of March 31, according to the regulatory guidelines that apply to most institutions.

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