The Law Big 4 investigated over rate rigging

[Play by Numbers]

Have the big 4 Australian banks engaged in systemic rigging of local benchmark rates, similar to the more far reaching LIBOR scandal?

This is a question being explored by ASIC post it's usual plodding reluctance and the more dogged senate committee .

http://ab.co/1gPxiP8

ASIC slams 'defensive, legalistic' bankers over rate-rigging inquiry

It has the potential to be one of the biggest scandals in Australian financial markets.

The investigation into possible rigging of Australia's benchmark interest rates has been going on since 2012, and has seen ANZ suspend seven of its traders.

However, unlike overseas regulators who have handed out billions of dollars in fines for manipulation of the London Inter Bank Offered Rate (Libor), so far the Australian regulator is still to land a knockout punch.

In 2012, a banking whistleblower lifted the lid on the systematic manipulation of Libor by a cabal of insiders who helped set the benchmark interest rate.

Now the question lingering over Australian markets is could a similar thing have happened here?

"This has the potential to be explosive and the enormity of this shouldn't be underestimated or ignored," said Labor's Sam Dastyari, the chair of the Senate's Economics References Committee.

http://ab.co/1gPxiP8

How much can the banks smash consumers, dump on regulators and thumb their nose at the senate before a political tipping point is reached and the government persues a more far teaching investigation as per senate committe desire into far reaching corruption.

 

[little graham]

The term 'banksters' sounds about right here.

 

[CountryRace]

All wars are banker wars...

 

[little graham]

All wars are banker wars...

Bankers/wangkers