Italian Police Raid Barclays Over Rate-Fixing

 

Sky News

1:20am UK, Tuesday 31 July 2012

Police take documents from Barclays in Milan, as they investigate possible rate-fixing of the euro version of Libor.

Marcus Agius (l) quit alongside CEO Bob Diamond (c)

Italian police have taken documents from a Barclays office in Milan as part of a probe into possible Euribor rate manipulation, according to Reuters.

It said the raid occurred as regulators investigated fixing fears of the eurozone equivalent of the scandal-hit, London-based Libor inter-bank lending rate.

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Interview: World's Super-Rich Hide $21 Trillion Offshore | The Galactic Free Press

RFERL.org
July 28, 2012

The report looked at the amount of money hidden away.

Gaps in cross-border tax rules have allowed a very small number of the world’s super-rich elite to hide an estimated $21 trillion in offshore bank accounts. That’s according to a new study, “The Price of Offshore Revisited.”

The astounding amount of hidden money cited in the report is more than the gross domestic products of the American and Japanese economies combined. The research was commissioned by the Tax Justice Network -- an independent organization started by the British Parliament to promote reform. The report’s author, James Henry, is the former chief economist for the global management consultant firm McKinsey & Company. RFE/RL's Bruce Jacobs spoke with him by phone from New York.

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Despite high profits HSBC puts aside billions for money laundering fines | The Galactic Free Press

RT.com

Published: 30 July, 2012, 15:06

HSBC has set aside nearly $2bln to cover potential money-laundering charges as the bank’s pre-tax profits surpass $12 billion, making it one of the most profitable lenders in the world.

­The bank profited primarily from $4.3bn in asset sales. HSBC has had to set aside $1.3bln to cover UK miss-selling compensation and $700 million to cover possible US fines over money laundering accusations.

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