Whether ‘Sophisticated’ Clients of Wall Street Can Also Get Duped

by The Compliance Exchange on July 29, 2014

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It should not come as a surprise that some on Wall Street stretch the truth a little bit – and maybe even a lot – when peddling their wares.

The line between salesmanship and lying can be hard to discern. Some firms accused of fraud assert that sophisticated clients don’t actually believe what the firms say – thus, that there is no real harm or violation of law.

Barclays is relying on such a “sophisticated client” defense in response to a securities … Read More »

Bankers ‘must swear oath’ after scandals

by The Compliance Exchange on July 29, 2014

An oath for bankers should be introduced to raise accountability and standards in banking, said the think tank ResPublica.

It said the lack of public trust in banking after numerous scandals was an “ongoing concern” for the industry and the government.

In a new report, ResPublica called for an oath for bankers to “fulfil … Read More »

Lloyds suspends seven people after £226m bill for rigging interest rates

by The Compliance Exchange on July 29, 2014

Lloyds Banking Group has suspended seven employees after it was hit with a £226m bill from regulators on both sides of the Atlantic for rigging crucial interest rates.

The 24% taxpayer-owned bank … Read More »

House Tells Court It Can Lawfully Ignore SEC Requests for Records

by The Compliance Exchange on July 29, 2014

The U.S. House of Representatives told a federal court Friday it should dismiss a lawsuit filed by the Securities and Exchange Commission because Congress is lawfully allowed to ignore requests to turn over records and testimony to the executive branch agency.

“Rather than acknowledge the fool’s errand on which it … Read More »

Billions Paid Out In Libor Scandal

by The Compliance Exchange on July 29, 2014

Regulators have handed out billions of pounds in fines since the scandal over the manipulation of Libor erupted while also reforming the way it is overseen.

The London Inter-Bank Offered Rate is used for hundreds of trillions of dollars of loans and transactions around the world from complex derivatives to … Read More »


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