The woes of HSBC's Stephen Green mount by the day. Now, as Business Week reports:
Traders at Deutsche Bank AG, HSBC Holdings Plc, Societe Generale SA and Credit Agricole SA are under investigation for interest-rate manipulation in a global probe that led to more than $450 million in fines for Barclays Plc last month, a person with knowledge of the matter said.
How big will that fine be?
And Green was also, of course, the chair of the British Bankers' Association that set LIBOR. What chance he did not know about this? Near zero I'd say. It's either that or he was utterly incompetent; that's the choice.
Either way life is going to get even tougher for the Rev Lord Stephen Green soon.
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“Stephen King”? Fantasy horror it may be…
Corrected
I seem to have a fixation with making that nmistake
Read my banker report at above website (peter dash.ca) and also zurabia-peterdash.com and go to my broadcasts there and at spreaker.com. Good luck with your own book and your own courage to bring things up about Green that the main media is interestingly quiet about.
What a great pity Parliament is in recess, Richard, as this certainly takes the presure off him and others, although they can of course still rely on the likes of Danny ‘the dope’ Alexander to make suitably dim defensive remarks on their behalf.
What is more interesting perhaps, is the increasing difficulties it gives Tyrie and his ‘investigators’. They were clearly appointed to produce a whitewash report that, amongst other things, blamed this on errors of the past while stating that the brave and radical (?) changes the ConDems have made to the regulatory system have fixed this (as both Alexander and Cable have claimed recently). Now however, Tyrie and his crew find themselves shooting at a moving target, with US authorities in the driving seat. Excellent!
If they think they’re going to have an easy ride, they’re kidding…