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Economy
In reply to the discussion: Weekend Economists Ride With Sally into the Sunset July 27-29, 2012 [View all]Demeter
(85,373 posts)25. EU Parliament May Hold Hearings Into Libor-Rigging Scandal
http://www.businessweek.com/news/2012-07-19/eu-parliament-may-hold-hearings-into-libor-rigging-scandal
Bankers and regulators may be called to appear at European Parliament hearings into the scandal engulfing interbank lending rates as lawmakers seek to prevent any repeat of such market manipulation. Arlene McCarthy, the legislator leading the parliaments work on draft market-abuse rules, said hearings should shed light on how bankers were able to rig lending rates and why regulators failed to act. The move comes as the assembly and Michel Barnier, the 27 nation EUs financial services chief, prepare legal measures to punish illicit interest-rate fixing.
Market Abuse
Both the parliament and the European Commission, the EUs executive arm, are seeking to make abuse of interbank rates punishable by criminal sanctions. The commission will next week publish plans for how EU market-abuse rules should be amended in response to the Libor scandal, Stefaan De Rynck, a spokesman for Barnier, told reporters today in Brussels.
The plans would need approval from the parliament and by national governments before they can take effect. Barnier is seeking an agreement by the end of the year, De Rynck said.
Bankers and regulators may be called to appear at European Parliament hearings into the scandal engulfing interbank lending rates as lawmakers seek to prevent any repeat of such market manipulation. Arlene McCarthy, the legislator leading the parliaments work on draft market-abuse rules, said hearings should shed light on how bankers were able to rig lending rates and why regulators failed to act. The move comes as the assembly and Michel Barnier, the 27 nation EUs financial services chief, prepare legal measures to punish illicit interest-rate fixing.
The culture of the banking industry has not changed and this culture was aided and abetted by regulatory failures, McCarthy, who sits on the parliaments economic and monetary affairs committee, said in an e-mailed statement today. The more information that comes to light on the extent and gravity of this scandal the more urgent it is for the ECON committee to call in the banks and regulators to answer for their failures and manipulation.
Market Abuse
Both the parliament and the European Commission, the EUs executive arm, are seeking to make abuse of interbank rates punishable by criminal sanctions. The commission will next week publish plans for how EU market-abuse rules should be amended in response to the Libor scandal, Stefaan De Rynck, a spokesman for Barnier, told reporters today in Brussels.
Were going to propose that manipulation of these reference indices should be penalized, should be deemed market abuse, De Rynck said. The measures, to be published July 25, would amend a draft law presented by Barnier last year.
The plans would need approval from the parliament and by national governments before they can take effect. Barnier is seeking an agreement by the end of the year, De Rynck said.
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Countrywide Investigator Fired for Doing Her Job While Rampant Fraud Was Concealed
Demeter
Jul 2012
#23
i did -- it was wonderful -- and i love burt lancaster... we love ya hotler -- Peace be with you
xchrom
Jul 2012
#54
But wait, Mayors now can dictate how and what we feed our babies. We are saved! n/t
kickysnana
Jul 2012
#77