Paul Jorion's Blog

Tag: LIBOR

  • LE POINT*, Understanding Liborgate – Friday, July 20th, 2012

    Understanding Liborgate? Paul Jorion worked from 1998 to 2007 in the American banking sphere as a pricing specialist. Here he sets out his vision of ‘Liborgate’ which is currently shaking British banks. Le Point.fr : What is the LIBOR rate and what is it used for? Paul Jorion : It’s the rate at which the…

  • LIBÉRATION, “Plundering and looting must be punished”

    Plundering and looting must be punished? For the economist and anthropologist Paul Jorion, the financial system needs regulating. The LIBOR scandal took place in 2008 against a backdrop of almost total indifference. This time there has been a huge outcry. Why? It is a situation specific to Great-Britain. It is in this country that a…

  • ATLANTICO.fr, The LIBOR scandal : are bankers totally untrustworthy?

    The LIBOR scandal : are bankers totally untrustworthy?? Translated from the French by Tim Gupwell Can a banker be trusted? This is indeed the question one is obliged to ask in the light of the “LIBOR affair” which broke in April 2008 and saw a dramatic turn of events four years later, on the 27th…

  • LE MONDE-ÉCONOMIE, The LIBOR affair…… a scandal postponed from 2008, Monday 16 – Tuesday 17 July 2012

    My most recent column in the French daily paper Le Monde : Le scandale du Libor, c’était en 2008. Translated from the French by Tim Gupwell. When the LIBOR affair first broke in April 2008, the press comments were laconic to say the least. Last month, when the fire that had been smouldering flared up again with…

  • THE FOUR YEARS NEEDED TO CREATE A SCANDAL

    Translated from the French by Tim Gupwell Over recent years you may have seen me carrying out extremely complex complications such as this: “it needed four years – between 1929 and 1933 – before any genuine measures were taken at the time of the Great Depression!” And it was this kind of calculation which led…

  • LIBOR: WE AIN’T SEEN NOTHING YET

    Translated from the French by Tim Gupwell From the Financial Services Authority’s Final Notice of their decision, dated the 27th June, to impose an 85 million Pound fine on Barclays Bank (less a reduction of 30% for exemplary co-operation with the enquiry) due to their manipulation of the LIBOR interbank rates, two separate periods need…

  • LIBOR: DELAYED INDIGNATION

    Translated from the French by Tim Gupwell The paradox of the 2008 ‘LIBOR scandal’ – in addition to its familiar ring in 2012 – is that, as I alluded to at the time and as I recalled a few days ago, the fraud was well-intentioned for once: the ‘philia’ of Aristotle, the good will exercised…

  • THE MANIPULATION OF THE LIBOR

    Translated from the French by Tim Gupwell In my Friday morning video (in French), I said that when a pirate (Rupert Murdoch) does business with a ship wrecker (the City of London), it tends to weaken the entire system, and I went on to add that this is particularly the case when the population, which…