UPDATE(3): LIBORfest courtesy of Naked Capitalism & Yves Smith

Additional morning links for LIBORfest

Liborfest!

Exclusive: Push For Libor Settlement Sky News (Scott)

Corporations Dodge LIBOR Scandal Bullet CFO

Libor Scandal May Have Broken Key Market-Stress Measure WSJ Economics Blog. Where have these guys been? Lambert pointed this out as soon as the scandal broke.

LIBOR Ain’t Nothing But an Acronym: We Must Abolish the Finance Capitalist Class Black Agenda Report (nathan)

More links from Naked Capitalism for LIBORfest

Liborfest!

Rate Scandal Stirs Scramble for Damages New York Times (furzy mouse)
The Libor $candal Explained – The Largest Banking Scandal in History 4ClosureFraud (furzy mouse). Nice infographic
Libor scandal: Bob Diamond ‘dismayed’ by MPs’ claims BBC (Richard Smith)

The STENCH from this event is staggering in so many respects.  Naked Capitalism continues to provide detailed insight into this perspective of global finance.

Liborfest!

The rotten heart of finance Economist. Debunks the idea that the rate fiddling was “victimless.”

Barclays’ US deal rewrites Libor process Financial Times (furzy mouse)

Traders’ Messages Provide Grist for Investigators Wall Street Journal

Osborne and Balls trade blows as MPs vote on bank inquiry Independent

The Barclays ethos infects our culture. Purge the entire board Guardian

Wall Street Bank Investors In Dark On Libor Liability Bloomberg

From Naked Capitalism's Morning email (Yves Smith): 

Liborfest! And sadly, I’m going to be on a plane when the Treasury hearings are on. If readers can point to live feeds (for those Libor junkies, some have written asking for leads) and any sites that have either the recording for later viewing or a transcript, that would be very much appreciated.

In general, I’d not bet on an American CEO when matched against Oxbridge educated regulators. Just the British mastery of the language puts Yanks at a disadvantage. And they aren’t used to the more direct style of questioning either.

The Guardian has a live blog: Barclays blames ‘senior Whitehall figures’ for Libor scandal as Bob Diamond resigns – live (Lee S) 

City faces a double crisis over trust and reputation, FSA’s Lord Turner warns Independent 

Diamond lets loose over Libor Financial Times 

Financial scandal: Diamond’s not for ever Guardian 

Diamond: ‘Unacceptable face of banking’ who showed no remorse Independent 

Diamond may face a fight for his £20m final payout Telegraph 

Supplementary information regarding Barclays settlement with the Authorities in respect of their investigations into the submission of various interbank offered rates Barclays 

Fink Says Diamond ‘Emotion’ May Have Aggravated Regulator Bloomberg
Defiant Barclays Felix Salmon. Agreed. 

Diamond’s exit alone won’t restore banking’s reputation Financial Times 

Parliamentary inquiry into banking scandal in balance Telegraph 

Everything You Wanted to Know About LIBOR, but Were Afraid to Ask Minyanville. This is not bad, but it completely misses the deriviates/swaps part of this. It was derivatives traders at Barclays who were manipulating LIBOR, apparently in cahoots with other banks (meaning LIBOR is not being manipulated for funding benefits, but to take advantage of customer positions). The Barclays statement on the earlier rate manipulation (2005-2008) made it clear that Barclays might not have benefitted. That suggests the traders at least some of the time were manipulating LIBOR to raise it. 

Why is Nobody Freaking Out About the LIBOR Banking Scandal? Matt Taibbi (Aquifer)

What’s Next After the Barclays Settlement New York Times

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