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London
European Banking Editor — Wall Street Journal

European banking editor for The Wall Street Journal. Mustn't grumble. david.enrich@wsj.com

UK Serious Fraud Office plans more Libor charges

efinancialnews.com — UK fraud prosecutors, fresh from their conviction of former bank trader Tom Hayes, are planning to bring criminal charges against additional individuals in the coming months. David Green, the director of the UK's Serious Fraud Office, said on August 4 in an interview with The Wall Street Journal that he plans in the fall to file criminal charges against other former bankers for allegedly manipulating the London interbank offered rate, or Libor.

Libor Scandal Spotlight Falls on 'Rain Man'

wsj.com — Many anonymous traders are implicated in the tall stack of documents regulators published this week detailing Royal Bank of Scotland Group PLC's attempts to rig the lending benchmark known as Libor. But only one trader is cited by name: a 33-year-old so brainy yet socially awkward that colleagues nicknamed him "Rain Man."
Aug 03, 2015

Tom Hayes' 14-yr prison sentence on.wsj.com/1M0DkIh @WSJ via @DavidEnrich, who intro'd us to Libor's 'Rain Man' on.wsj.com/1w2E4E1

Aug 03, 2015

RT @jennystrasburg: Tom Hayes' 14-yr prison sentence on.wsj.com/1M0DkIh @WSJ via @DavidEnrich, who intro'd us to Libor's 'Rain Man' on.wsj.com/1w2E4E1

Tom Hayes Convicted of Libor Rigging

wsj.com — LONDON-A jury here convicted Tom Hayes, a former trader at UBS AG and Citigroup Inc., with fraudulently trying to rig the London interbank offered rate, or Libor, the first criminal conviction of an individual for manipulating the widely used benchmark.
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U.K. Police Drop Investigation Into Tradition Financial Services

wsj.com — LONDON-The police here have dropped a yearslong fraud and corruption investigation involving a major brokerage company after the firm, Tradition Financial Services, stopped cooperating with investigators, according to people familiar with the matter and correspondence reviewed by The Wall Street Journal.
Jul 22, 2015

London police dropped big fraud case after getting this letter from brokerage firm. wsj.com/articles/u-k-p… pic.twitter.com/KzRgKGDmih

Jul 22, 2015

RT @davidenrich: London police dropped big fraud case after getting this letter from brokerage firm. wsj.com/articles/u-k-p… pic.twitter.com/KzRgKGDmih

Jul 22, 2015

Police had been investigating Tradition's wild Marrakech parties, dubbed the "no sperm left" zone. wsj.com/articles/u-k-p…

Jul 22, 2015

Gaddafi-era LIA is like Tupac: there is so much more in the back catalogue post-death wsj.com/articles/u-k-p…

Jul 22, 2015

RT @davidenrich: Police had been investigating Tradition's wild Marrakech parties, dubbed the "no sperm left" zone. wsj.com/articles/u-k-p…

Show 6 more tweets from Jenny Strasburg, Tim Cave and others...

Hayes Didn’t Consider Libor Actions to Be Dishonest

wsj.com — LONDON-Former bank trader Tom Hayes's efforts to move benchmark interest rates were so explicit and out in the open that he clearly didn't view what he was doing as dishonest or inappropriate, his defense team argued Tuesday.
Jul 21, 2015

Tom Hayes's lawyers say his #Libor-rigging "conspiracy" was more Austin Powers than James Bond. wsj.com/articles/hayes…

Jul 21, 2015

RT @davidenrich: Tom Hayes's lawyers say his #Libor-rigging "conspiracy" was more Austin Powers than James Bond. wsj.com/articles/hayes…

Jul 21, 2015

Hayes didn’t consider Libor manipulation actions to be dishonest on.wsj.com/1JuN8Fy via @WSJ

Jul 21, 2015

Libor conspiracy was 'More Austin Powers ... than James Bond' says Hayes' lawyer as trial nears end @davidenrich on.wsj.com/1JuN8Fy @WSJ

Jul 21, 2015

RT @jennystrasburg: Libor conspiracy was 'More Austin Powers ... than James Bond' says Hayes' lawyer as trial nears end @davidenrich on.wsj.com/1JuN8Fy @WSJ

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Germany blasts Deutsche Bank executives over culture

marketwatch.com — German regulators accused a half-dozen current Deutsche Bank AG executives of failing to stop or tell regulators about years of attempted market manipulation, according to a confidential report reviewed by The Wall Street Journal that portrays the German bank as suffering from a badly broken corporate culture.

Germany Blasts Deutsche Bank Executives Over Broken Culture

Jul 16, 2015

German regulators sent Deutsche Bank what might be the nastiest letter that any big bank has ever received. wsj.com/articles/germa…

Jul 16, 2015

Germany blasts Deutsche Bank executives over broken culture on.wsj.com/1V7JZES via @WSJ

Jul 16, 2015

RT @davidenrich: German regulators sent Deutsche Bank what might be the nastiest letter that any big bank has ever received. wsj.com/articles/germa…

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Hayes Says UBS Had ‘Instruction Manual’ for Rigging Rates

wsj.com — LONDON- Tom Hayes, the alleged mastermind of a global interest-rate-rigging conspiracy, said that he decided to fight charges against him after discovering in 2013 that his former employer, UBS AG, had what he called an "instruction manual" for manipulating rates.
Jul 10, 2015

Hayes says UBS had ‘instruction manual’ for rigging rates on.wsj.com/1HSFjNh via @WSJ

Jul 10, 2015

Hayes says UBS had ‘instruction manual’ for rigging rates and he's being made a scapegoat on.wsj.com/1HSFjNh via @WSJ

Jul 11, 2015

Hayes says UBS had ‘instruction manual’ for rigging rates on.wsj.com/1HSFjNh via @WSJ

How Antony Jenkins Was Fired by ‘Mack the Knife’

onlinedr.wsj.com — LONDON- Barclays PLC Chief Executive Antony Jenkins liked to tell people that he enjoyed a warm working relationship with John McFarlane, the British bank's new chairman. The men knew each other from sitting on the advisory board of Cranfield School of Management, a U.K.
Jul 08, 2015

As a joke, analysts covering @Barclays would ask Jenkins tough questions about numbers they knew he couldn’t answer onlinedr.wsj.com/dr/2015/07/08/…

Jul 08, 2015

RT @meganmurp: As a joke, analysts covering @Barclays would ask Jenkins tough questions about numbers they knew he couldn’t answer onlinedr.wsj.com/dr/2015/07/08/…

Jul 08, 2015

More.. "One adviser told Mr. Jenkins that he would be better off focusing on the actual strategy he could control" onlinedr.wsj.com/dr/2015/07/08/…

Hayes Tells Libor Trial He Admitted Misconduct to Avoid Extradition

wsj.com — LONDON-Tom Hayes, the alleged ringleader of a global interest-rate-rigging conspiracy, testified Tuesday that he previously admitted to misconduct to British investigators solely in an attempt to avoid being extradited to the U.S. Mr. Hayes took to the witness stand as he sought to defend himself against eight criminal charges.
Jul 07, 2015

RT @dumav: Tom Hayes Libor trial:My only consideration was getting charged and avoiding extradition. on.wsj.com/1JLoiHa via @WSJ

Jul 07, 2015

Tom Hayes Libor trial:My only consideration was getting charged and avoiding extradition. on.wsj.com/1JLoiHa via @WSJ

Jul 07, 2015

"I was frozen with fear," says alleged interest-rate fixer on why he admitted to misconduct. on.wsj.com/1JLoiHa @davidenrich via @WSJ

Jul 07, 2015

Tom Hayes tells Libor trial he admitted misconduct to avoid extradition on.wsj.com/1JLoiHa via @WSJ

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More Articles →
Sep 02, 2015

This is the coolest interactive I've seen in a while. Map of UK property owned by foreigners. private-eye.co.uk/registry

Aug 31, 2015

How former prosecutors are cashing in via the latest fad in bank regulation. wsj.com/articles/meet-… by @RachelEnsignWSJ @MaximColch

Aug 20, 2015

Economic reporting doesn't come more beautiful than this. The Fisherman's Lament. wsj.com/articles/a-way… by @charlesforelle @georgikantchev

Aug 10, 2015

RT @spignal: Not-terribly-subtle message from the Basel bank regulators' translation unit. pic.twitter.com/SMO0ZQBLFX

Aug 10, 2015

@spignal yum. also, key point here is that candy (or whatever) incents customers to cede voting rights, not to buy shares in 1st place.

Aug 10, 2015

@spignal @JENeumann well, those deposits tend to be insured. So you get a toaster but aren't taking any risks. Not so with equity.

Aug 10, 2015

European banks get retail investors to give up their voting rights in exchange for candy. on.wsj.com/1IvyiB1 by @JENeumann et al


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