To: ChinuSFO who wrote (135374 ) 8/2/2013 9:58:11 AM From: RetiredNow Respond to Looks like there's another scandal of criminality the bankers are involved in...and this one is bigger than LIBOR. If we don't put these people in jail, the scandals will continue to get more frequent and increase in severity. At what point will you stop defending these criminals? As a Democrat, you should be outraged and demanding blood. I'd expect a GOP member to defend the banks, but what has perplexed me is the loyalty you and other Dems on this thread have demonstrated to these criminals. Would you have demonstrated that loyalty to the banks had it been a Republican in the White House?Swaps Probe Finds Banks Manipulated Rate at Expense of Retirees bloomberg.com mutual fund , use the kind of derivatives at the heart of the ISDAfix probe to hedge against losses or to speculate on interest-rate fluctuations.“ISDAfix, more obscure than Libor, has the potential to affect more people’s lives” because it’s used by pension funds to hedge portfolio risks and by most companies or users of fixed-income derivatives , said Jack Chen, a financial consultant in New York who has written about the swaps benchmark and Libor for SFC Associates, a financial consulting firm specializing in litigation matters.Buying or selling large volumes to move prices just before the end of a trading day or benchmark fixing is known as banging the close. Such trading may violate Dodd-Frank, the regulatory overhaul passed by Congress after the worst financial crisis since the Great Depression. The law defines the activity as demonstrating “intentional or reckless disregard for the orderly execution of transactions during the closing period.”
