http://www.silverdoctors.com/report-several-banks-now-under-investigation-for-manipulating-euribor/
*Report- Several Banks Now Under Investigation For Manipulating EURIBOR
The LIBOR manipulation scandal continues to exponentially escalate by the day.
Reuters reports today that several banks under investigation for rigging the Euro Interbank Offered Rate (EURIBOR) have admitted guilt by attempting to settle with EU regulators.
Deutsche bank is the only TBTF bank named in the report, but rest assured that JPM, The Vampire Squid, and the rest of your favorite banksters are also complicit.
From Reuters:
Several banks under investigation for suspected rigging of euro interest rates are cooperating with EU antitrust regulators in the hope of lower fines, two people familiar with the matter said on Monday, a move which puts the lenders at a higher risk of lawsuits.
The decision by the banks to disclose more about their knowledge of possible manipulation of the Euro Interbank Offered Rate (Euribor) is effectively an admission of wrongdoing and illustrates growing nervousness that they face a heavy penalty.
The European Commission is investigating possible manipulation of Euribor, the benchmark used when pricing bank lending in euros.
The EU watchdog has not disclosed the names of the banks being investigated, which could face fines of up to 10 percent of their global revenues if found to have breached EU antitrust rules.
Earlier this month, sources told Reuters that Deutsche Bank, was already cooperating with the authorities.
and......
http://www.telegraph.co.uk/finance/9442328/Italian-police-raid-Barclays-Milan-office.html
6:19PM BST 31 Jul 2012
3 Comments
Italian investigators have seized documents from the Milan offices of Barclays as the bank was raided in connection with allegations it was involved in rigging Euribor borrowing rates.
Police took away “numerous documents, computer information and emails” from the bank’s office, according to a statement from the authorities, who are investigating whether Barclays manipulated Euribor “just as it did with Libor”.
The Italian police investigation follows complaints by consumer groups, which have claimed that more than 2m families in the country could have been affected by the rigging of Euribor, amid estimates that the scandal could have cost about €1,200 (£934) per household.
Barclays declined to comment.
The investigation increases the pressure on Barclays after the Serious Fraud Office confirmed on Monday that it had found grounds to pursue criminal prosecutions against bankers involved in Libor manipulation.
The SFO did not identify which banks were under investigation, but said it was looking at “a number of financial institutions”.
Last month, Barclays became the first bank to settle with the authorities, paying fines totalling £290m.
Deutsche Bank yesterday confirmed that some staff had been involved in Libor rigging, after the release of a staff memo from Paul Achleitner, the head of the German lender’s supervisory board.
Mr Achleitner told employees that an internal investigation had found that “a limited number of employees, acting on their own initiative, engaged in conduct that falls short of the bank’s standards”. He added that “action” had been taken.
But Deutsche Bank said none of its senior management had so far been implicated in the scandal.
As per the current status of investigations, we can say that no current or
former member of the management board had any inappropriate
involvement” in the affair, Mr Achleitner wrote.
and.Germany also investigating Euribor rigging...
http://www.dw.de/dw/article/0,,16130987,00.html
and the dutch also investigating Libor and euribor rigging
http://www.businessweek.com/news/2012-07-27/dutch-regulators-probe-libor-euribor-submission-process
Dutch regulators are conducting a probe into potential rigging of interbank lending rates, as a global scandal triggered by the manipulation of Libor widens.
“The Dutch central bank is conducting an investigation in the broadest sense into possible manipulation of the Libor and Euribor submission process,” said Kees Verhagen, a spokesman for the Amsterdam-based central bank. The probe is being carried out jointly with financial markets regulator AFM and in cooperation with international supervisors, he said by telephone today.
The central bank declined to say which firms are under investigation. Dutch newspaper Het Financieele Dagblad reported earlier today that Rabobank Groep, the only Dutch bank on the Libor panel, fired four traders in 2008 and 2011 for possible involvement in manipulation of the rate. The bankers, based in London, were suspected of rigging rates to help colleagues boost profit, the paper said.
Rabobank spokesman Hendrik Jan Eijpe declined to comment on the employees. The bank is cooperating with the investigations by regulators, he said.
Mitsubishi UFJ Financial Group Inc., Japan’s biggest publicly traded bank, earlier this month said it suspended two London-based traders as investigators probe the suspected manipulation of benchmark interest rates. The two traders formerly worked at Rabobank, one of at least 12 banks being probed by regulators over allegations they rigged the London and euro interbank offered rates, a person with knowledge of the situation said on July 9.
Rigging Rates
Libor is determined by a daily poll that asks banks to estimate how much it would cost them to borrow from each other for different timeframes and in different currencies. Rabobank last month withdrew from the panels that set Libor in yen, the Canadian dollar, the Swiss franc, the Danish krone and the Swedish krona. It continues to contribute toward Libor in U.S. dollars, euros and pounds.
ING Groep NV (INGA), the largest Dutch financial-services company, is on the panel for setting Euribor, as is Rabobank. Officials at ING didn’t immediately respond to messages left on their mobile phones.
The Dutch central bank started the probe “some time ago,” Verhagen said.
The U.K. and the U.S. are criminally investigating how derivatives traders and rate submitters colluded to rig Libor, and other interest rates. Barclays was fined 290 million pounds ($456 million) in June by U.S. and U.K. regulators for submitting false rates. The lender today apologized for its role in the scandal.
and....
German banking regulators are examining the books of eight German banks to see if they manipulated a key European interest rate, known as Euribor. The move comes in light of the much bigger Libor rate-fixing scandal.
According to newsmagazine Der Spiegel, the group of German banks being investigated for Euribor manipulations included Deutsche Bank and Commerzbank, which are Germany's biggest private banks, as well as regional state-owned lenders DZ Bank, LBBW, BayernLB, Helaba, NordLB and Landesbank Berlin.
The banks had been ordered to present "all documents" relating to their calculations of the European Inter-Bank Offered Rate (Euribor), the magazine wrote Monday.
Quoting an unnamed source within the German financial market regulator BaFin, who was dealing with the probe, the regulators were examining the documents to see if there was enough evidence to support a full-scale investigation into the banks.
The BaFin probe comes on the back of the Libor interest rate-rigging scandal, in which major global banks, including Barclays, Deutsche Bank, HSBC and others, stand accused of fixing the London Inter-Bank Offered Rate (Libor).
Both Libor and Euribor are based on bank estimates of how much interest they have to pay for lending each other capital. The rates are important for determining interest rates for mortgages, loans to private individuals and credit to businesses.
Traders at the banks incriminated in the Libor scandal stand accused of tweaking the estimates in their favor and to the detriment of customers.
Last week, the European Commission said it would try to restore market confidence by asking member states to criminalize the rigging of interest rates. EU Internal Markets Commissioner Michel Barnier said the scandal was "yet another example of scandalous behavior by the banks."
Britain's Barclays was fined 290 million British pounds (371 million euros) last month, after admitting it attempted to manipulate the Libor and Euribor rates between 2005 and 2009.
BaFin declined to comment on the Euribor probe into German banks on Monday.
