Friday, August 3, 2012

The LIBOR Cartel

The Rumor Mill News Reading Room 

CGI's BillsBest: The LIBOR Cartel
Posted By: CGI_admin
Date: Friday, 3-Aug-2012 03:00:24


LIBOR has been on many investors lips lately. A few still seem to understand the implications. Below is a must read piece from Der Spiegel.
In the glitzy world of investment banking, money market traders were at the bottom of the pecking order before the financial crisis. They were not involved in major deals, and they could only dream of the kinds of bonuses stock and bond traders received. "They were always at the bottom of the food chain," says a former investment banker.
It was a conspiratorial group of underdogs who worked for various banks and met at least once a month for a beer or a mojito in New York, London or Frankfurt. By the middle of the last decade, when there seemed to be a surplus of money at the banks, they all had the same problem: They were derided or, worse yet, ignored by their colleagues in the trading rooms of major banks...finish reading>>
http://chasvoice.blogspot.com/2012/08/the-libor-cartel.html
http://www.thetrader.se/2012/08/02/the-libor-cartel/

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