A police officer stands on duty as protestors from the Move Your Money group stick up posters on a branch of Barclays Bank in Westminster central London, July 4, 2012.
OTTAWA — Canada’s Competition Bureau is pushing ahead with its own probe of a mushrooming international scandal that has already ensnared a venerable British bank and forced the resignation of its chief executive.
Documents filed in an Ontario court suggest the bureau is investigating a possible Canadian link to the scandal that’s rocking the world of global banking — financial skullduggery involving the manipulation of a key international interest rate known as the LIBOR rate.
One of the named parties — the Canadian branch of the Royal Bank of Scotland — has filed a court challenge on the grounds the bureau’s actions are unconstitutional and well beyond the scope of its mandate. But the investigation hasn’t stopped, said Gabrielle Tasse, a spokesperson for the bureau.
“I cannot speak to the investigation because we have to conduct our work privately, but our investigation is ongoing,” Tasse said.
[More]
See Also:
When banks are too big to behave
Oil price could have been rigged like Libor forcing drivers to pay over the odds for petrol
Downing Street calls on regulator to investigate petrol price rigging
I know this is very boring for most visitors but it shouldn’t be because it’s the contents of your wallet being considered here. I picked up on this story a few minutes ago and it is interesting.
The line that caught me:
“WASHINGTON – An international lending organization has slightly lowered its outlook for global growth over the next two years, warning that Europe’s financial crisis and slower expansion in China and India have weakened the world economy.”
How often have I said “lo these many moons” that emerging countries, including China and India, have literally stolen the jobs of the very markets they are targeting in order to grow and now that everyone is broke they wonder why nobody is buying anything.
Call me “amazed”.
“Who knew?”
As it turned out, a lot of people including Maggie Thatcher who famously exclaimed years ago something to the effect that “lefties” do just fine until they run out of other people’s money.
So true — and now they have. More here.
Woohoo!! (and have a great day. Gone.)