Tuesday, March 24, 2015

Ex-U.K. #Rabobank Senior Trader Charged With #LIBOR Manipulation

An ex-U.K. Rabobank senior derivatives trader pled guilty to U.S. Dollar (USD) and Yen London InterBank Offered Rate (LIBOR) interest rate manipulation. Charges were issued by the U.S. Department of Justice. At the time of the manipulation LIBOR served as the primary benchmark for short-term interest rates in the global market as published by the British Bankers’ Association. Steward wasn't the only one in on the scheme. From May 2006 to early 2011 Stewart confessed to conspiring with others at Robobank, a Dutch multinational banking and financial services company headquartered in Utrecht, the Netherlands, to manipulate the LIBOR benchmark interest rate. In 2013, the bank was fined $1.1 billion for failing to recognize the conspiracy and alleged that as many as 30 traders were involved. The FBI continues to investigate the matter. Lee Stewart, 51, worked as a trader from 1993 to 2009 and will have a sentencing hearing on June 9, 2017.


http://www.justice.gov/opa/pr/former-uk-rabobank-derivatives-trader-pleads-guilty-libor-interest-rate-manipulation-charge-0


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If you like what you're reading, please join my mailing list to receive blog posts and updates as they occur. If you're an investor with all of your assets tied up in the stock market and cash, you might want to consider a few diversification strategies. Gold is the oldest asset in the world and it's inflation proof. Bitcoin is the gold standard for the cryptocurrency world, which is the fastest growing asset class in the world. Diversifying your portfolio into one or both of these assets can help to insure your portfolio against a stock market crash or inflation. Most importantly, it can help to safeguard the gains you've made over the last 10 years.

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