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Barclays has taken the biggest hit.
In the interest rate rigging scandal so far.
But now the other dozen banks being investigated are talking joint settlement Liz MacDonald is here with more painless.
Yeah -- Reuters is reporting.
We've just got home with a number of the banks.
And they're saying this is highly preliminary that there is no serious talks between the banks about a global settlement.
And might be more every European issue for the banks over there so yes there are about a dozen banks reportedly under -- probes.
But when that banks went on background with me they just said look at you know again this is highly preliminary no meetings are being held.
The idea is out there but there is no proof of collusion between the banks -- just yet.
And there is some Reno puzzled and I ability because we need to delight were setting up estimates you get to knock out before.
The high low right for hot high low tell us talk to approve that's -- that's a bottom line.
But you know -- any sale -- Barclays and in April 2008 itself put -- -- report.
About -- saying there's no systemic.
Collusion behind live articulate that what we found in a document from Barclays Capital about this.
Fitness is said essentially you don't -- generalized worries do not appear to be systematically buys downwards and -- no strong evidence.
That banks are systematically understating their borrowing costs so it -- then there's a disconnect within the banks themselves about who's to blame.
And also home of the victims because we're really flew across the reader screen at the banks that say this is important.
The OCC the off the controller -- currency report.
Mortgages tied to Libor between 20052009.
But again there's been no proof that there's been attempts to manipulate the long term live -- rate.
The six month whereas has been -- been attempts to manipulate attempts to manipulate the want to three month so maybe this is just a derivatives issued the securities issue right now.
Barclays clearly had a -- or -- felt as though they had to.
Settle there's a reason they did agree to -- -- fifty.
Whatever was sort of fifty million dollars so for the other banks that were smoking gun emails in the Barclays case -- -- read a lot of time.
So does that mean that there's nothing out -- that we know of involving the other banks just.
Yeah like that just yet and -- that's the issue is it.
Is no emails being right -- offered up and again and again you've seen emails and other cases like the Bear Stearns hedge fund managers.
Right that they got acquitted I think you can -- they golf that's right you can have as much proof and evidence.
Of emails and I -- and got off that's right.
That's right -- and so you know so this is if if there's any talk of a global -- settlement it's years away and then if there is a global sentiment that does not preclude the banks and being sued separately.
As we saw with the 25 billion foreclosure or limit or individuals being prosecuted yeah that's right that's also part of clocked winds knocking down was an email -- -- clean up those files yet exactly -- I'll.
And we -- bottom line years away they -- anything thanks Leslie.
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