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    The LIBOR Conspiracy
    The LIBOR Conspiracy
    The LIBOR Conspiracy
    Ebook46 pages35 minutes

    The LIBOR Conspiracy

    By John Tower

    ()

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    About this ebook

    This book examines how a consortium of banks perpetrated a fraudulent scheme to artificially depress LIBOR as a means to pay lower interest rates on interest-bearing financial instruments and securities that the banks sold to investors.

    LanguageEnglish
    PublisherJohn Tower
    Release dateJun 3, 2016
    ISBN9781311695086
    The LIBOR Conspiracy
    Author

    John Tower

    John Tower is researcher who shares helpful and practical information on topics of interest to all.

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      Book preview

      The LIBOR Conspiracy - John Tower

      The LIBOR Conspiracy

      How the rigging of the LIBOR rate

      resulted in losses in the billions

      by John Tower

      $

      The LIBOR Conspiracy

      John Tower

      Smashwords Edition

      Copyright 2016 John Tower

      ISBN: 9781311695086

      Disclaimer and Legal Notices

      The facts presented in this book were all compiled from legal documents in the public domain and public news reports.

      While all attempts have been made to verify the information provided in this publication, neither the Author nor the Publisher assume any responsibility for errors, omissions, or inaccuracies of the subject matter herein. This publication is designed to provide opinions and findings based on research, experience and analysis of factual economic data. This report is for informational purposes only and the author, his agents, and assignees do not accept any responsibilities for any liabilities, actual or alleged, resulting from the use of this information.

      This report is not professional advice. The author encourages the reader to seek advice from a professional where any reasonably prudent person would do so. Sources are believed to be reliable but absolute accuracy cannot be guaranteed. This information is not intended to provide financial advice. It is intended solely for educational purposes. The author and publisher disclaim any responsibility or liability for loss incurred as consequence of using and applying the information contained herein. The reader bears the burden of ensuring that the information contained herein is up to date and correct.

      CONTENTS

      What is the LIBOR Conspiracy?

      LIBOR was the touchstone of the represented rates of return on the LIBOR-based instruments and securities which buyers and other investors purchased during the relevant period.

      The Banks manipulated LIBOR during the relevant period.

      The Banks commenced their scheme in 2007 and perpetuated it amid isolated expressions of concern by some market participants.

      The discrepancy between the banks’ reported LIBOR quotes and their CDS spreads evinces the banks’ improper scheme.

      Deviations among banks participating in the same currencies indicates that the banks manipulated LIBOR.

      Quote-Bunching

      The anomalous Eurodollar bid rate-LIBOR spread beginning after August 2007 also reflects the Banks’ scheme.

      The Banks possessed strong incentives to manipulate LIBOR.

      The Banks’ misconduct has incited numerous pending government investigations.

      Buyers have suffered significant harm as a result of the Banks’ misconduct.

      Floating-Rate notes and other LIBOR-based instruments and securities

      Fixed-Rate notes and other LIBOR-based instruments and securities

      Fraudulent Concealment

      Violation of Section 1 of the Sherman Act, 15 U.S.C. § 1

      Interference with Economic Advantage (Under California Law)

      Violation of Section 17200 of the California Business and Professions Code (Unfair Business Practices)

      Fraud, Deceit and Concealment (under Sections 1572, 1709 and 1710 of the California Civil Code)

      Violation of Section 11 of the Securities Act of 1933, 15 U.S.C. § 77k

      Violation of Section 12(a)(2) of the Securities Act of 1933

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