Probe of Libor Scandal Set by British Parliament
An investigation into the rigging of Libor has been set by the British Parliament as the City of London worries that its reputation as the world’s top financial center has been damaged beyond repair.
Barclays’ Diamond Blames Libor Fixing on Other Banks, Regulators
Moody’s cuts Barclays' outlook; investors may be on the hook for losses.
Barclays’ Chief Quits as Outcry Over Libor Grows
A day after he insisted he had no intention of stepping down, Bob Diamond resigned as head of Barclays Bank effective immediately, bowing to pressure from lawmakers outraged over the manipulation of Libor rates on his watch.
Diamond Pressured as Barclays’ Agius Steps Down
Barclays Chairman Marcus Agius resigned from his post after a LIBOR-rigging scandal resulted in a fine of 290 million pounds. CEO Bob Diamond remained at the helm despite calls for his ouster.
RBS Next to be Fined in LIBOR-Rigging Scheme
The inquiry into a LIBOR-rigging scheme looks set to claim another quarry as RBS will reportedly be fined about 150 million pounds.
Several recent elections in Europe were seen as a referendum on fiscal austerity (and fiscal discipline) and their results were presented as a mood shift in favor of more government spending and economic stimulus.
Eurozone Slumps Further as Fidelity Predicts Bailouts for Spain, Italy
Despite the formation of a new government in Greece and a rescue for the banking sector in Spain, it looks as if a long, hot summer is in store for the eurozone.
Irish Vote to Support E.U. Fiscal Treaty Could Be at Risk
With support for the current Irish government falling, an upcoming referendum on acceptance of the latest E.U. fiscal treaty could be at risk as support for the opposition rises.
British Budget Cuts Top Tax Rate, Deductions for Pensioners
Chancellor of the Exchequer George Osborne on Thursday prompted a chorus of jeers over the budget he unveiled, which cut the top tax rate on Britain’s wealthiest even as it eliminated tax deductions for pensioners.
Fitch Cuts U.K. Outlook
Fitch Ratings has downgraded the outlook for Britain after saying that the nation could lose its AAA rating because of a limited ability to deal with financial shocks.