Libor 'not fit for purpose'

[Ruby]

Watched in the BBC news this evening update about the libor and it was confirmed that libor not fit for purpose. Apparently there are 8 weeks given to conclude investigations? :thumb:

[Magrew]

Re: Libor 'not fit for purpose'

You know why they have given them 8 weeks. If there is no trust in the base reference system for the economy then that will result in less confidence. The recession dips again. This has to be dealt with very quickly.

[Ruby]

Re: Libor 'not fit for purpose'

I agree. This scandal is not helping at all in recovery of our economy.

[Ruby]

Re: Libor 'not fit for purpose'

I have spoken to the FSA this morning and despite Arrows/Advantages wrong doing, to which I still to today's date have not had a satisfactory response, I feel I am being shafted left right and centre. Because the second charge is unregulated it cannot be addressed by the FSA and can only be repremanded in court. Essentially it would cost me money in order to get any justice done!

[TUTTSI]

Re: Libor 'not fit for purpose'

Found this article looks RBS are ready to pay a huge fine for their part in the Libor rigging. http://www.google.co.uk/url?sa=t&rct...LRbHJlSkxnia4w

[Ruby]

Re: Libor 'not fit for purpose'

Question is - what mortgage/sub prime companies used RBS to lend them money? Who will RBS pay compensation to for their Libor rigging? Will it be Joe public or companies that used their rate? If it is the latter then bet we will not see a penny of the compensation.