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LIBOR 'time machine' could cause problems for banks

Time Traveller

Paula Ramada, who has a doctorate in economics from the Massachusetts Institute of Technology, says she can calculate how much investors lost from banks’ alleged rigging of benchmark interest rates. Now all she needs is funding, a team of analysts and weeks to run the numbers.

EU cracks down on market rigging


Britain and other member states have agreed with the European commission on new regulations that would see lifetime bans for traders and fines of up to 15% of their annual turnover for companies if they are caught rigging markets.

Ex-BofA employee charged with stealing $6m from friends, family, customers

Money On Hook

Boston - A former personal banker with Bank of America’s Reading branch was indicted Monday for allegedly running a Ponzi-like scheme, luring friends and family into investing millions into fake accounts by promising high returns and eventually stealing from elderly bank customers to pay the investors, according to Attorney General Martha Coakley.




Investment banks may see big revenue drop

Global investment banks may see revenue drop 19% in the third quarter, lowering earnings per shares across the industry, as a surge in volatility caused by turmoil in China recedes, according to analysts at JPMorgan.