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Laven Partners comments on the LIBOR case, calling for better deterrence and a change in culture

Tuesday, July 31, 2012

Beverly Chandler, Opalesque London: In a strongly worded white paper entitled The LIBOR case: How financial institutions came to rig a $350 trillion market, compliance consultants, Laven Partners, writes: "This incredible and terribly damaging story for London, the UK and every banker in the world stems from the now so familiar failure of a regulated body applying an objective and reliable standard of review to every segment of the industry. The absolute failure of a major global bank to respect what would be seen by the public as simple compliance is a major blow to the attempts to regain the trust of the electorate in financial institutions."

Further, the firm finds that: "Barclays is possibly not the last bank to be involved in this affair which spreads beyond the UK. In fact, it now seems that manipulating LIBOR has been a common practice in the industry for decades."

Going forward, the firm appears unconvinced by existing fines or investigations into the market abuses or proposals to......................

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