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Libor Scandal
The Libor scandal was a series of fraudulent actions connected to the Libor (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered in 2012 that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives. It is currently administered by Intercontinental Exchange (ICE), which took over running the Libor in January 2014.Calculating Interest . British Bankers' Association. Retrieved 17 July 2012. The banks are supposed to submit the actual |
Andrew Lo
Andrew Wen-Chuan Lo (; born 1960) is a Hong Kong-born Taiwanese-American economist and academic who is the Charles E. and Susan T. Harris Professor of Finance at the MIT Sloan School of Management. Lo is the author of many academic articles in finance and financial economics. He founded AlphaSimplex Group in 1999 and served as chairman and chief investment strategist until 2018 when he transitioned to his current role as chairman emeritus and senior advisor. Life and career Lo was born in 1960 in Hong Kong and was raised in Taiwan. He and his family lived in Taiwan before immigrating to the United States when Lo was five years old. Raised by a single mother, Lo graduated from the Bronx High School of Science in 1977. He then studied economics at Yale University, graduating in 1980 with a Bachelor of Arts. He then did doctoral study in economics at Harvard University, receiving a Master of Arts and a Ph.D. in 1984. Lo is a professor of finance at the MIT Sloan School of Manage ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bundestag
The Bundestag (, "Federal Diet (assembly), Diet") is the lower house of the Germany, German Federalism in Germany, federal parliament. It is the only constitutional body of the federation directly elected by the German people. The Bundestag was established by Title III of the Basic Law for the Federal Republic of Germany () in 1949 as one of the legislative bodies of Germany, the other being the German Bundesrat, Bundesrat. It is thus the historical successor to the earlier Reichstag (Weimar Republic), Reichstag. The members of the Bundestag are representatives of the German people as a whole, are not bound by any orders or instructions and are only accountable to their conscience. As of the current 21st Bundestag, 21st legislative period, the Bundestag has a fixed number of 630 members. The Bundestag is elected every four years by German citizens aged 18 and older. Elections use a mixed-member proportional representation system which combines First-past-the-post voting for co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Youle
Thomas may refer to: People * List of people with given name Thomas * Thomas (name) * Thomas (surname) * Saint Thomas (other) * Thomas Aquinas (1225–1274) Italian Dominican friar, philosopher, and Doctor of the Church * Thomas the Apostle * Thomas (bishop of the East Angles) (fl. 640s–650s), medieval Bishop of the East Angles * Thomas (Archdeacon of Barnstaple) (fl. 1203), Archdeacon of Barnstaple * Thomas, Count of Perche (1195–1217), Count of Perche * Thomas (bishop of Finland) (1248), first known Bishop of Finland * Thomas, Earl of Mar (1330–1377), 14th-century Earl, Aberdeen, Scotland Geography Places in the United States * Thomas, Idaho * Thomas, Illinois * Thomas, Oklahoma * Thomas, Oregon * Thomas, South Dakota * Thomas, Virginia * Thomas, Washington * Thomas, West Virginia * Thomas County (other) * Thomas Township (other) Elsewhere * Thomas Glacier (Greenland) Arts and entertainment * ''Thomas'' (Burton novel), a 1969 nove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Connan Snider
{{surname, Connan ...
Connan is a surname. Notable people with the surname include: * François Connan (1508–1551), French humanist jurist * Konnan (born 1964), the ring name of Charles Ashenoff, American pro-wrestler and rapper * Tom Connan (born 1995), singer and actor. See also * Connan Mockasin, New Zealand musician * Saint-Connan, a commune in the Côtes-d'Armor department of Brittany in northwestern France * Conan (other) Conan may refer to: People * Saint Conan (died 684), bishop of the Isle of Man * Conan of Cornwall (c. 930 – c. 950), bishop of Cornwall * Conan I of Rennes (died 992), duke of Brythonic Brittany * Conan II, Duke of Brittany (died 1066), du ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate economic stability, stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and poverty reduction, reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary systems, international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed worl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank For International Settlements
The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks. With its establishment in 1930 it is the oldest international financial institution. Its initial purpose was to oversee the settlement of World War I war reparations. The BIS carries out its work through its meetings, programmes and through the Basel Process, hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. The BIS is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. History Background International monetary cooperation started to develop tentatively in the course of the 19th century. An early case was a £400,000 loan in gold coins, in 1825 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with Bank run#Systemic banking crises, banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial Economic bubble, bubbles, currency crisis, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (for example, the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is little consensus and financial crises continue to occur from time to time. It is apparent however that a consistent feature of bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscription model, requiring readers to pay for access to most of its articles and content. The ''Journal'' is published six days a week by Dow Jones & Company, a division of News Corp. As of 2023, ''The'' ''Wall Street Journal'' is the List of newspapers in the United States, largest newspaper in the United States by print circulation, with 609,650 print subscribers. It has 3.17 million digital subscribers, the second-most in the nation after ''The New York Times''. The newspaper is one of the United States' Newspaper of record, newspapers of record. The first issue of the newspaper was published on July 8, 1889. The Editorial board at The Wall Street Journal, editorial page of the ''Journal'' is typically center-right in its positio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2008 Financial Crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners and financial institutions that led to the 2000s United States housing bubble, exacerbated by predatory lending for subprime mortgages and deficiencies in regulation. Cash out refinancings had fueled an increase in consumption that could no longer be sustained when home prices declined. The first phase of the crisis was the subprime mortgage crisis, which began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate, and a vast web of Derivative (finance), derivatives linked to those MBS, collapsed in value. A liquidity crisis spread to global institutions by mid-2007 and climaxed with the bankruptcy of Lehman Brothers in September 2008, which triggered a stock market crash and bank runs in several countries. The crisis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tom Hayes (trader)
Tom Hayes (born October 1979) is a former trader for UBS and Citigroup who was convicted for conspiracy to defraud and sentenced to 14 years in prison (reduced to 11 years on appeal) for conspiring with others to dishonestly manipulate the London Interbank Offered Rate (Libor) as part of the Libor scandal. Hayes, in the course of his defence, asserted managers were aware of his actions, and even condoned them. At trial Hayes was diagnosed with mild Asperger syndrome. Early life Tom Alexander William Hayes was born in West London to Nicholas and Sandra Hayes, and initially grew up in Hammersmith. He moved with his mother to Winchester after his parents divorced, where he was raised by his mother, and Timothy, his stepfather. He attended The Westgate School, and, later, Peter Symonds College. A fellow student described him as an "incredibly smart geek". After Peter Symonds, he attended the University of Nottingham, working in a restaurant kitchen during the summer holidays. He ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Serious Fraud Office (United Kingdom)
The Serious Fraud Office (SFO) is a non-ministerial government department of the Government of the United Kingdom that investigates and prosecutes serious or complex fraud and corruption in England, Wales and Northern Ireland. The SFO is accountable to the Attorney General for England and Wales, and was established by the Criminal Justice Act 1987, an Act of the Parliament of the United Kingdom. Section 2 of the Criminal Justice Act 1987 grants the SFO powers to require any person (or business/bank) to provide any relevant documents (including confidential ones) and answer any relevant questions including ones about confidential matters. The SFO is the principal enforcer of the Bribery Act 2010, which has been designed to encourage good corporate governance and enhance the reputation of the City of London and the UK as a safe place to do business. Its jurisdiction does not extend to Scotland, where fraud and corruption are investigated by Police Scotland through their Special ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Act 2012
The Financial Services Act 2012 is an Act of Parliament (United Kingdom), Act of the Parliament of the United Kingdom which implements a new regulatory framework for the financial system and financial services in the UK. It replaces the Financial Services Authority with two new regulators, namely the Financial Conduct Authority and the Prudential Regulation Authority (United Kingdom), Prudential Regulation Authority, and creates the Financial Policy Committee of the Bank of England. This framework went into effect on 1 April 2013. Its main effect is to amend the Financial Services and Markets Act 2000. Provisions Under the Act, the administration of Libor became a regulated activity overseen by the Financial Conduct Authority. Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence. Laws relating to charitable industrial and provident societies were revised. See also *United Kingdom company law *Law of the Europ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
