Law and Rights
Following on from the Financial Services Authority report into fixing of Libor and Euribor rates - (discussed in an earlier post - here) - Mr Bob Diamond has resigned as Chief Executive of Barclays - Telegraph 3rd July. The Statement by the Chancellor of the Exchequer 28th June contained no support for Mr Diamond and, in reality, he had must have had little option but to depart irrespective of his precise role in the Libor/Euribor matter. He will be giving evidence to Parliament and is perhaps unlikely to pull his punches. It is reported that he might receive as much as £17m in severance pay.
On 2nd July, the Prime Minister announced a Parliamentary Committee of Inquiry and it seems that this will report by the end of 2012 with a view to any findings informing the content of planned banking legislation in 2013. (The planned legislation is to implement the report of the Independent Commission on Banking ). Inevitably, there are mixed feelings as to the desirability of politicians conducting this inquiry - (e.g. The Guardian 3rd July) - but it seems that judicial inquiries (such as Leveson), for all their independence from the executive, may be proving to be too lengthy and costly for the government's taste and, of course, they may also prove to be very uncomfortable for politicians.
See the statement in Parliament (2nd July) of the Chancellor (George Osborne MP) which contains information about steps being taken and refers to the Terms of Reference of the Parliamentary Inquiry.
Amidst this financial maelstrom, a little light relief is thankfully available - see Charon QC - Advanced fraud for the modern banker.
Addendum 4th July: It seems that the plans for a Parliamentary Inquiry are already in turmoil - Daily Mail - "Cameron's bank probe in chaos: Inquiry Chairman threatens to quit before it starts and Labour warns of cover up."
Addendum 5th July: The law catches up with Libor - Alex Bailin QC
and Telegraph "Government wins vote on Barclays inquiry and agrees to compromise on format" - the House of Commons rejected a judicial inquiry though the Attorney General intervened in the debate to warn against a speedy inquiry.
- Libor ~ "absence Of Integrity Which Ought To Characterise Banking" - (per Cooke J)
LIBOR is the London Interbank Offered Rate and money market traders found themselves able to earn money for their bank (and, through their personal pay structure, for themselves) by subtle manipulations of the rate. Very small alterations in the...
- Child Abuse Independent Inquiry Panel
Child abuse inquiry On 7th July, the Home Secretary made a statement in Parliament on child abuse investigations. 'I can now tell the House that the government will establish an independent inquiry panel of experts in the law and child...
- Litvinenko - A Public Inquiry To Be Held Under The Inquries Act 2005
On 22nd July, the Home Secretary decided that there should be an inquiry under the Inquiries Act 2005 into the death, in 2006, of Alexander Litvinenko - (BBC News 22nd July). As a result, the inquest first established in 2006 has been suspended...
- Brief Notes On The Azelle Rodney Inquiry
Update 31st July 2014 - The former Police Officer, referred to as E7, has been charged with the murder of Azelle Rodney. See the Crown Prosecution Service announcement on this. In April 2005, Azelle Rodney (then aged 24) was shot by the Metropolitan...
- Can The Law Nail The Libor Bankers?
Update 31st July: SFO close to criminal charges over Libor rigging scandal - The Guardian 30th July. --- The Barclays Bank Libor / Euribor matter still has a long way to run. The House of Commons voted (330 to 226) to hold a Parliamentary...
Law and Rights
The heads begin to roll ~ Barclays ~ Libor aftermath
On 2nd July, the Prime Minister announced a Parliamentary Committee of Inquiry and it seems that this will report by the end of 2012 with a view to any findings informing the content of planned banking legislation in 2013. (The planned legislation is to implement the report of the Independent Commission on Banking ). Inevitably, there are mixed feelings as to the desirability of politicians conducting this inquiry - (e.g. The Guardian 3rd July) - but it seems that judicial inquiries (such as Leveson), for all their independence from the executive, may be proving to be too lengthy and costly for the government's taste and, of course, they may also prove to be very uncomfortable for politicians.
See the statement in Parliament (2nd July) of the Chancellor (George Osborne MP) which contains information about steps being taken and refers to the Terms of Reference of the Parliamentary Inquiry.
Amidst this financial maelstrom, a little light relief is thankfully available - see Charon QC - Advanced fraud for the modern banker.
Addendum 4th July: It seems that the plans for a Parliamentary Inquiry are already in turmoil - Daily Mail - "Cameron's bank probe in chaos: Inquiry Chairman threatens to quit before it starts and Labour warns of cover up."
Addendum 5th July: The law catches up with Libor - Alex Bailin QC
and Telegraph "Government wins vote on Barclays inquiry and agrees to compromise on format" - the House of Commons rejected a judicial inquiry though the Attorney General intervened in the debate to warn against a speedy inquiry.
- Libor ~ "absence Of Integrity Which Ought To Characterise Banking" - (per Cooke J)
LIBOR is the London Interbank Offered Rate and money market traders found themselves able to earn money for their bank (and, through their personal pay structure, for themselves) by subtle manipulations of the rate. Very small alterations in the...
- Child Abuse Independent Inquiry Panel
Child abuse inquiry On 7th July, the Home Secretary made a statement in Parliament on child abuse investigations. 'I can now tell the House that the government will establish an independent inquiry panel of experts in the law and child...
- Litvinenko - A Public Inquiry To Be Held Under The Inquries Act 2005
On 22nd July, the Home Secretary decided that there should be an inquiry under the Inquiries Act 2005 into the death, in 2006, of Alexander Litvinenko - (BBC News 22nd July). As a result, the inquest first established in 2006 has been suspended...
- Brief Notes On The Azelle Rodney Inquiry
Update 31st July 2014 - The former Police Officer, referred to as E7, has been charged with the murder of Azelle Rodney. See the Crown Prosecution Service announcement on this. In April 2005, Azelle Rodney (then aged 24) was shot by the Metropolitan...
- Can The Law Nail The Libor Bankers?
Update 31st July: SFO close to criminal charges over Libor rigging scandal - The Guardian 30th July. --- The Barclays Bank Libor / Euribor matter still has a long way to run. The House of Commons voted (330 to 226) to hold a Parliamentary...