Keyword: libor

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  • Regulator Fines Barclays for Gold Manipulation: Permanent Price Suppression?

    05/25/2014 8:55:15 AM PDT · by Kaslin · 2 replies ^ | May 25, 2014 | Mike Shedlock
    A couple of readers asked me to comment on the news Regulator Fines Barclays Over the Pricing of Gold. A British financial regulator has fined Barclays $43.9 million after accusing a former trader at the bank of improperly influencing gold prices at the expense of a customer. The F.C.A. also fined the former Barclays trader, Daniel James Plunkett, Ł95,600 and barred him from participating in any regulated financial activity. The authority said Mr. Plunkett, who settled with it, had profited at the expense of a customer, who was later fully compensated by Barclays. Mr. Plunkett’s improper conduct occurred on June...
  • The Gold Price is Fixed... So What?

    05/02/2014 3:19:06 PM PDT · by Kaslin · 31 replies ^ | May 2, 2014 | Peter Schiff
    We can't ignore it anymore - the markets are rigged. The LIBOR scandal broke almost two years ago, and the banks found responsible for manipulating that key index are still dealing with lawsuits. Meanwhile, allegations of gold market manipulation have been simmering for over a decade and grew into an inferno after the spot price dropped dramatically last spring. Yet I'm left wondering what the conspiracy theorists hope to accomplish. Yes, I believe in exposing truth for its own sake and that the individual investor should have the same opportunities in the marketplace as the big institutions. But with these...
  • 28-Year Old Former JPMorgan Banker Jumps To His Death, Latest In Series Of Recent Suicides

    03/18/2014 8:18:11 AM PDT · by Nachum · 27 replies
    Zero Hedge ^ | 3/18/14 | Tyler Durden
    Bellando, a former investment bank analyst at JPMorgan, is the son of John Bellando, chief operating officer and chief financial officer at Condé Nast. His brother, John, a top chief investment officer with JPMorgan, works on risk exposure valuations. Several John Bellando emails were cited during testimony at the Senate Finance Committee’s inquiry into the bank’s losses during the infamous London Whale trade fiasco. Kenneth Bellando — who grew up in Rockville Center, LI, and was a Georgetown graduate — worked as a summer analyst at JPMorgan while in school. Upon graduation in 2007, he was hired as an investment...
  • U.S. regulator sues 16 banks for rigging key interest rate

    03/14/2014 12:31:57 PM PDT · by gooblah · 14 replies
    Reuters ^ | Fri Mar 14, 2014 3:26pm EDT | By Nate Raymond
    (Reuters) - The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of colluding to suppress interest rates. The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate. The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.
  • Bank of England Drops a Bombshell on Parliament: It Shredded Its Crisis Era Records

    03/12/2014 2:27:13 PM PDT · by Errant · 7 replies
    Wall Street on Parade ^ | 12 March 2014 | Pam Martens
    Mark Carney, the head of the Bank of England, and other officials from the BOE were put through a five hour marathon of questioning yesterday by Parliament’s Treasury Select Committee covering everything from how long the BOE plans to continue Quantitative Easing (QE), to the potential for Scotland to vote for its independence, to what it knew and when it knew it about the rigging of the Foreign Exchange market by colluding global banks. The bombshell of the day, however, did not occur during the session on the Foreign Exchange scandal, which is stacking up to be a more serious...
  • EU lawmakers pledge speedy LIBOR reform; scope debated

    11/05/2013 1:45:58 PM PST · by Olog-hai
    Reuters ^ | Mon Nov 4, 2013 1:35pm EST | Huw Jones
    European Union lawmakers have pledged rapid approval of a draft EU law to regulate market benchmarks such as LIBOR, though they sparred over how comprehensive the new regime should be. Big fines for Barclays and other banks over the past 18 months for rigging interest rate benchmarks such as the London Interbank Offered Rate or LIBOR, prompted the European Union to propose the rules to supervise such indexes for the first time.The draft law proposes that an administrator is appointed to oversee how each major benchmark is compiled, ensuring there is a record of who contributed to it. …
  • Brussels to strip London of LIBOR role

    06/07/2013 8:35:58 AM PDT · by Olog-hai · 2 replies
    PressEurop ^ | 6 June 2013 | (Financial Times)
    Oversight of the LIBOR bank lending rate will be taken away from the City of London and transferred to Paris under a new plan currently being drafted by the European Commission. The proposal, due to be published in the summer, would see the regulation of hundreds of influential price levels, including oil and gold, transferred to the France-based European Securities and Markets Authority. …
  • James Holmes Cellmate EXPOSED As Officer LIES ABOUT HOLMES

    02/06/2013 9:26:04 AM PST · by TigerClaws · 21 replies
    Really odd. (Skip the Ad). Explanations?
  • Your comprehensive answer to every Sandy Hook conspiracy theory

    01/20/2013 6:13:45 AM PST · by Tolerance Sucks Rocks · 80 replies
    While it’s often best not to engage with conspiracy theorists on their own turf, as you can probably never convince them, it’s worth setting the record straight on all the myths and phony evidence surrounding the Sandy Hook massacre.We’ve rounded up every major piece of evidence we could find that leads theorists to say the “official narrative” of events “doesn’t add up” and provided the facts that show why these questions can be easily explained. We’ve ignored the empty accusations with no evidence to support them (it was the Jews!) and focused only on the theories that try to present...
  • Libor scandal grows as the fathers of two mass murderers were to testify (Hoax)

    12/18/2012 7:10:20 AM PST · by RetiredArmy · 6 replies ^ | December 16, 2012 | Kenneth Schortgen Jr
    Libor scandal grows as the fathers of two mass murderers were to testify In the wake of the mass murders that took place in Newtown, Connecticut on Dec. 14, information on the shooter, and his family, is slowly being discovered by law enforcement other sources. One interesting connection to the tragedy that took place at the Sandy Hook school is that the father of Adam Lanza has a connection to the theater shootings that took place in Aurora earlier this year by James Holmes. Both fathers of the shooters were allegedly expected to testify in the Libor scandal that rocked...
  • The Facts about Mass Shootings - It’s time to address mental health and gun-free zones.

    12/16/2012 6:52:11 PM PST · by neverdem · 52 replies
    National Review Online ^ | December 16, 2012 | John Fund
    A few things you won’t hear about from the saturation coverage of the Newtown, Conn., school massacre:Mass shootings are no more common than they have been in past decades, despite the impression given by the media.In fact, the high point for mass killings in the U.S. was 1929, according to criminologist Grant Duwe of the Minnesota Department of Corrections.Incidents of mass murder in the U.S. declined from 42 in the 1990s to 26 in the first decade of this century.The chances of being killed in a mass shooting are about what they are for being struck by lightning.Until the...
  • Destruction of the US Dollar

    10/15/2012 2:04:32 PM PDT · by Tolerance Sucks Rocks · 11 replies
    Patriot Action Network ^ | October 14, 2012 | Roger O'Daniel
    The picture below shows $15 trillion dollars worth of $100 bills on $10 million dollar pallets stacked on top of each other over an area that is one third larger than a regulation football field. An electronics van is parked between the stack and the Statue of Liberty. A single $100 million dollar pallet rests in front of the truck’s cab. See it?Recently, I reported that the Federal Reserve Bank (FED) secretly gave ten trillion dollars of interest-free loans to over a dozen European banks to shore up the Euro and keep them financially solvent. I later found out that...
  • Barclays' Disgraced COO Gets Ł8.75 Million Golden Parachute Instead Of Jail Time

    07/25/2012 3:10:09 PM PDT · by SeekAndFind · 3 replies
    Zero Hedge ^ | 07/25/2012 | Tyler Durden
    The guy who openly admitted he was getting notification from the BOE to manipulate Libor, and was advising his traders appropriately, Barclays' COO Jerry del Missier, and who quit the same day as his boss Bob Diamond, has finally had his pay package revealed. The payoff to get him out and shut him up? Ł8,750,000. From SKY: The Barclays executive who presided over the falsification of the bank's Libor submissions is to receive a cash pay-off worth almost Ł9m in a move that will spark a political outcry. I can exclusively reveal that Jerry del Missier, who resigned as Barclays’...
  • LIBOR: A Question of Trust

    07/20/2012 7:32:26 AM PDT · by Brown Deer · 1 replies
    Edwin M. Truman explains why the spreading LIBOR scandal has the potential of raising new doubts over the reputations for honesty of many large financial institutions.
  • Making Sense Of The LIBOR Mess, A Free Market Perspective

    07/19/2012 3:57:29 PM PDT · by billflax · 24 replies
    Forbes ^ | 07/18/2012 | Bill Flax
    America has a serious problem. The integrity of interest rates has been compromised. Free enterprise requires fidelity and trust. A banking cabal regularly conspires to rig rates benefiting large banks and their political allies. These actions almost certainly harm others. Collusion and market manipulation are reprehensible, but enough about Ben Bernanke and his merry price fixing elves at the Federal Reserve, let’s delve into the LIBOR scandal. For disclosure, I’m a bank underwriter. My employer has not been implicated (and almost certainly won’t be) and my department doesn’t use LIBOR. Nonetheless, note, the following observations are mine alone. We can...
  • Libor rate manipulation scandal addressed quickly, says Geithner

    07/18/2012 12:01:37 PM PDT · by Nachum · 4 replies
    Politico ^ | 7/18/12 | ap
    WASHINGTON (AP) — Treasury Secretary Timothy Geithner said Wednesday that he acted quickly and appropriately to deal with problems in a key global interest rate once he realized the rate-setting process was flawed. Geithner, who was then head of the Federal Reserve Bank of New York, said during an interview with CNBC that he sent a memo in 2008 to British banking authorities outlining his concerns about possible manipulation of the London interbank offered rate (Libor). He also said he alerted U.S. regulators.
  • Tim Geithner “Aided and Abetted” LIBOR Crimes

    07/17/2012 7:35:38 PM PDT · by JustTheTruth · 22 replies
    Yahoo Finance ^ | July 17, 2012 | Jim Rickards
    (snip) The LIBOR scandal is "so big I don't think people have got their minds around it," says Jim Rickards, a partner at JAC Capital Advisors and author of Currency Wars: The Making of the Next Global. "This is the largest financial scandal I've seen in my career." If $500 trillion of swaps are based on LIBOR and the rate was manipulated by 10 basis points over five years, that's $2.5 trillion of fraudulent transactions -- more than the combined capital of the nation's five largest banks, Rickards explains. "Congress may have to step in to limit the damages because...
  • 'Where Is the Press With the Outrage?' This Major Financial Scandal Has Santelli Up in Arms

    07/17/2012 10:09:14 AM PDT · by Nachum · 10 replies
    The Blaze ^ | 7/17/12 | Becket Adams
    Rick Santelli on Monday tore into the mainstream media for ignoring the London Inter-Bank Offer Rate (LIBOR) scandal and chided them for wasting time on petty and useless headlines. Wait, what’s the LIBOR scandal? “LIBOR … is the average interest rate the world’s largest banks pay when they borrow money. And this figure … is used to price hundreds of trillions of dollars worth of financial instruments, from high-yield corporate debt to student loans,” Christopher Matthews writes for TIME Business. Simply put, LIBOR isn’t just some “financial services sector thing” — it affects the everyday interest rates associated with loans,...
  • U.S. Building Criminal Cases in Libor Scandal

    07/16/2012 11:44:56 AM PDT · by Kaslin · 3 replies ^ | July 16, 2012 | Mike Shedlock
    Numerous people have asked me to comment on the LIBOR rate-rigging scandal. I have not done so previously because I had little to add. Zerohedge has done a fine job breaking every story. So have others.  I prefer to comment when I have an edge of some kind: a different angle, a different source, or if I can offer a more comprehensive analysis than other writers. As pertains to LIBOR, I still have no earth-shattering reports or breaking news. Rather, I am commenting because of repeated questions as to where I stand on the story. Given the nature and magnitude...
  • NIGHTMARE: Prosecutors Are Building LIBOR-Related Criminal Charges Against Several Banks

    07/15/2012 6:39:22 AM PDT · by SeekAndFind · 6 replies
    Business Insider ^ | 07/15/2012 | Joe Weisenthal
    A major for Wall Street has been that this whole scandal over rigging LIBOR (a common index of bank borrowing costs that's used to price hundreds of trillions of derivatives), would be seen by regulators and prosecutors as a chance for a "do-over". And that seems to be happening. Ben Protess and Mark Scott at the New York Times report: The department’s criminal division is building cases against several financial institutions and their employees, including traders at Barclays, the British bank, according to government officials close to the case who spoke on the condition of anonymity because the investigation is...
  • Geithner & Libor: What Did He Know about the LIBOR manipulation scandal and When?

    07/12/2012 1:32:52 PM PDT · by SeekAndFind · 6 replies
    New York Post ^ | 07/12/2012 | Charles Gasparino
    The latest development in the Libor-manipulation scandal is that the banks weren’t really fixing the price of the key interest rate in total secret — US regulators were aware of the sleazy activities at the time, and seemed to have done nothing. Which should surprise no one. I can’t tell you how much federal officials knew about the activities of Barclay’s, JPMorgan, Citigroup and the other big banks at the center of the maelstrom. In coming weeks, both Federal Reserve chief Ben Bernanke and Treasury Secretary Tim Geithner will inevitably discuss the mess when they appear before Congress. Bernanke testifies...
  • LIBOR scandal set to rock U.S. as experts warn it could be 'the biggest consumer fraud in history'

    07/12/2012 5:48:08 AM PDT · by C19fan · 18 replies
    UK Daily Mail ^ | July 12, 2012 | James Nye
    As the investigation into the LIBOR interest rate-rigging in the United Kingdom becomes a financial scandal of tsunami-like proportions, some analysts are openly wondering whether 16 of the world's largest banks have perpetrated the biggest fraud in history. With the public coming round to the global significance of banks potentially colluding like a cartel to favourably set the LIBOR, those same analysts predict lawsuits worth tens of billions being brought against the Western world's largest financial institutions by average consumers. Early analysis suggests that for a period of several years before and after the 2008 financial crisis, the London interbank...
  • New York Federal Reserve knew about Libor rate-fixing issues as far back as 2007..

    07/11/2012 5:52:13 AM PDT · by C19fan · 4 replies
    Reuters ^ | July 10, 2012 | Staff
    The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed. Following an inquiry with British banking group Barclays Plc in the spring of 2008, it shared proposals for reform of the system with British authorities.
  • Libor Pangs - Another week, another reminder that the banks are still busted

    07/09/2012 9:00:58 PM PDT · by neverdem · 7 replies
    City Journal ^ | 6 July 2012 | Nicole Gelinas
    The West’s financial industry remains broken, and Western politicians continue to flail about in their halfhearted attempts to pretend that they’re confronting the problem. This week’s titan-turned-villain is Bob Diamond, until Tuesday the head of Britain’s Barclays Bank. The American-born Diamond ran the investment arm of the bank half a decade ago, when it consistently manipulated the London Interbank Offered Rate, better known as Libor—the interest rate that big banks report having to pay to borrow funds from global markets. If Libor is low, things are good; if Libor is high, things are bad. Libor helps determine the rate for...
  • This may send Wall Streeters to prison

    07/06/2012 7:27:06 PM PDT · by neverdem · 17 replies
    NY Post ^ | July 5, 2012 | CHARLES GASPARINO
    With the four-year anniversary of the financial crisis approaching, Wall Street thought it had dodged a bullet. Now comes the Libor scandal. The esoteric practice of banks “fixing” the price of the London Interbank Offered Rate (more on Libor in a bit) may have heads rolling — and hard time being served — unlike “sexier” bubble-era improprieties like selling toxic debt to the unsuspecting. Since the 2008 collapse, not a single major US bank CEO has been removed from his job, much less charged with a civil infraction over these activities. (Ken Lewis left Bank of America over other issues.)...
  • The British, at Least, Are Getting Tough (Barclays rigging of LIBOR)

    07/08/2012 1:42:13 PM PDT · by neverdem · 12 replies
    NY Times ^ | July 7, 2012 | Gretchen Morgenson
    THE unfolding story of how Barclays — and, in all likelihood, other big banks — rigged interest rates is full of telling tidbits about the way Wall Street works. It also represents yet another teachable moment. By now the world knows that Barclays manipulated the most widely used benchmark rate, the London interbank offered rate. But Barclays is just one member of the cozy club that sets the Libor, which is supposed to be based on the average rate at which large banks can borrow money overnight. It’s not based on actual transactions, however — and that leaves room for...
  • 20 more banks were rigging interest rates: Scandal kept secret for years

    07/07/2012 2:15:35 PM PDT · by SeekAndFind · 22 replies
    Hundreds of bankers across three continents are embroiled in the interest-rate fixing scandal that has left Barclays chief executive Bob Diamond fighting to save his job. As pressure intensified on Britain’s highest paid banking boss to quit, MPs heard a string of other financial institutions across the world were under investigation. At least 20 banks are believed to be under suspicion, with growing demands for a criminal investigation. Barclays’ shares crashed by 15.5 per cent in a day as the implications sank in, wiping Ł3.7billion from its value, with other banks also hit. Barclays has been fined Ł290million after devastating...
  • The Biggest Financial Scandal In History?

    07/05/2012 2:00:45 PM PDT · by blam · 6 replies
    TEC ^ | 7-5-2012 | Michael Snyder
    The Biggest Financial Scandal In History?Michael SnyderJuly 5, 2012 We always knew that the financial markets were rigged, but this is getting ridiculous. It is now being alleged that 20 major banks have been systematically fixing global interest rates for years. Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate). But Barclays says that a whole bunch of other banks were doing this too. This is shaping up to be the biggest financial scandal in history, and criminal investigations have been launched on both sides of the Atlantic. What those...
  • It's Official, The Financial System Is Stressed Out Again

    06/09/2010 11:58:13 AM PDT · by blam · 3 replies · 28+ views
    The Business Insider ^ | 6-9-2010 | Joe Weisenthal
    It's Official, The Financial System Is Stressed Out Again Joe Weisenthal Jun. 9, 2010, 1:14 PM In his morning note, David Rosenberg passes on the latest look at the St. Louis Fed's financial stress index, which combines stuff like stock prices, and LIBOR, and other indicators to get a measure of stress on the financial system. A long-term horizon makes it pretty easy to see what's going on. As the Pragmatic Capitalist been pointing out, this is what makes the current market selloff all the more troubling, and clearly different from past dips since the March 2009 rally.[snip]
  • David Kotok: Widening LIBOR Is Signaling A Solvency Crisis, Not Just Concerned About Liquidity

    06/02/2010 7:26:34 AM PDT · by blam · 379+ views
    The Business Insider ^ | 6-2-2010 | Joe Weisenthal
    David Kotok: Widening LIBOR Is Signaling A Solvency Crisis, Not Just Concerned About Liquidity Joe Weisenthal Jun. 2, 2010, 9:42 AM We've been following closely the ongoing widening of the TED Spread, which has been signaling that banks are spending more and more on short-term capital. But what does it all mean? Could it be something minor, that banks need more liquidity? David Kotok of Cumberland Advisors thinks it's something deepr than that. The Fed has responded to the perceived demand for dollar liquidity in Europe by reinstituting the swap lines with foreign central banks. This time the lines are...
  • Libor slide hits a wall (rate gets higher, spread stopped narrowing)

    02/04/2009 8:46:24 PM PST · by TigerLikesRooster · 15 replies · 748+ views
    Market Watch ^ | 02/04/09 | Laura Mandaro
    Libor slide hits a wall Bad news from bank sector keeps rates, spreads aloft By Laura Mandaro, MarketWatch Last update: 5:25 p.m. EST Feb. 4, 2009 A previous version of this story gave an incorrect range for the Libor-swaps spread before the credit crunch got underway. The story has been corrected. SAN FRANCISCO (MarketWatch) -- The sharp improvement in Libor rates since late last year has stalled as anxiety about banks' health has crept back into this key lending market. The London interbank offered rate, or Libor, rose to 1.235% Wednesday from 1.09% on Jan. 13. Over the same period,...
  • The world's most important number? (LIBOR)

    10/20/2008 8:27:39 PM PDT · by Labour-Watch · 4 replies · 507+ views
    BBC ^ | Oct 20, 2008 | Mark Broad
    On the fifth floor of an imposing building in London's Canary Wharf, six people are putting together one of the world's most important numbers. Every weekday morning, as the clock ticks round to 11, the group's members wait patiently for the numbers to arrive. These are the figures that will determine the day's Libor rate, or rather the rate banks charge when they lend each other money.
  • This toxic crisis needs more than one shot (we need a lot more money)

    10/20/2008 1:58:37 AM PDT · by TigerLikesRooster · 16 replies · 652+ views
    FT ^ | 10/19/08 | Wolfgang Münchau
    This toxic crisis needs more than one shot By Wolfgang Münchau Published: October 19 2008 18:34 | Last updated: October 19 2008 18:34 What makes this credit crisis so toxic is that it involves numerous feedback loops with the real economy. This is why simple one-shot solutions such as last week’s rescue plans are not going to be as effective as many people think. Let us look at the present dynamic of this crisis in some detail. First, the housing market. US house prices have fallen by about 20 per cent. To get back to the long-term real price trend,...
  • Money market stress intensifies(Libor up despite rate cuts)

    10/08/2008 9:10:58 PM PDT · by TigerLikesRooster · 24 replies · 767+ views
    FT ^ | 10/08/08 | Michael Mackenzie
    Money market stress intensifies By Michael Mackenzie in New York Published: October 8 2008 19:44 | Last updated: October 8 2008 19:44 Stress across money markets intensified on Wednesday despite the unprecedented round of co-ordinated interest rate cuts by central banks aimed at helping banks gain access to funds. In recent days, central banks have pumped vast amounts of liquidity into the short-term lending markets, only for banks to hoard the cash and not lend to other banks. As well as the rate cuts, the US Treasury tried to alleviate lending problems in government bond markets by making more of...
  • Check credit market to see if bailout works (valuationcrisis)

    10/05/2008 12:29:29 AM PDT · by TigerLikesRooster · 10 replies · 516+ views
    SF Chronicle ^ | 10/05/08 | Kathleen Pender
    Check credit market to see if bailout works Kathleen Pender Sunday, October 5, 2008 Now that Congress has passed the bailout bill, how and when will we know if it is working? Before we can answer those questions, first we have to answer this: What problem was this bailout trying to solve? Although lawmakers tried to rebrand it an "economic rescue bill," experts say its real purpose is to create a more active and transparent market for mortgage-related securities and thereby help restore confidence in the financial system. It won't restore the balance in your 401(k) plan in short order...
  • As big banks splutter, a new borrowing model must shift into gear(new loan business?)

    09/30/2008 9:14:42 PM PDT · by TigerLikesRooster · 6 replies · 462+ views
    Times of London ^ | 10/01/08 | Carl Mortishead
    October 1, 2008 As big banks splutter, a new borrowing model must shift into gear Carl Mortishead: World business briefing To a treasurer working in a large industrial company, the big banks look like Hummers: overweight, oversized and overengineered vehicles that no longer can afford the fuel that keeps them on the road. They won't lend to anyone who needs money, so they sit with their engines idling until their tanks run dry, whereupon local kids start ripping off the hubcaps, the wheels and the stereo. Each day there is a government-sponsored rescue, another nationalisation with the shiny bits asset-stripped...
  • Three-month Libor marks biggest jump in nine years

    09/17/2008 8:29:41 PM PDT · by TigerLikesRooster · 22 replies · 671+ views
    Market Watch ^ | 09/17/08 | Lisa Twaronite
    Three-month Libor marks biggest jump in nine years TED spread widens to level not seen since Black Monday 1987 By Lisa Twaronite, MarketWatch Last update: 5:37 p.m. EDT Sept. 17, 2008 SAN FRANCISCO (MarketWatch) -- A closely watched measure of global borrowing costs made its biggest jump in nine years Wednesday and another lending risk gauge rose to a level not seen since Black Monday in October of 1987, as banks grew increasingly wary to lend to each other and sell-shocked investors sought refuge in safe-haven short-term Treasury bills. Three-month Libor in U.S. dollars jumped 19 basis points to 3.0625%...
  • European Central Bank Adds Half A Trillion

    12/18/2007 6:56:04 PM PST · by JasonC · 16 replies · 144+ views
    Financial Times ^ | December 19 2007 | Dave Shellock
    ECB's liquidity move produces mixed reaction An aggressive move by the European Central Bank to pump liquidity into the banking system produced mixed reactions in financial markets yesterday. The ECB supplied €348.6bn to banks in its two-week operation at 4.21 per cent after it scrapped the normal upper limit on the amount it would lend. Two-week euro Libor was set at 4.40 per cent, down 54 basis points from Monday's fix. The one-month rate fell 33bp and the three-month contract fell nearly 10bp - the biggest drop in six years. Yet Gabriel Stein at Lombard Street Research warned that if...