World Investment Report 2001: Promoting Linkages
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Assigning Responsibilities in the Libor Scandal
1233 The Differential Management of Financial Illegalisms: Assigning Responsibilities in the Libor Scandal Thomas Angeletti How, in a context of growing critiques of financialization, can law contribute to protecting the legitimacy of finance? This paper argues that the assign- ment of responsibilities between individuals and organizations plays a deci- sive role, using the recent Libor scandal as an empirical illustration. To do so, the paper offers a Foucauldian framework, the differential management of financial illegalisms, dedicated to the study of illegalities in financial capi- talism. The comparison of the legal treatment of two manipulations of Libor, this key benchmark in financial markets, reveals how mid-level traders have been the object of criminal prosecution, while law undervalued the role of top managers and organizations. To capture how differential management is performed in practice, I analyze precisely how the conflict-resolution devices (criminal trial vs. settlement) and the social categorizations prevailing in the two manipulations of Libor favor different forms of responsibility, individual or organizational. I conclude by exploring the implications of law’s relation- ship to financial legitimacy. For more than a decade now, the financialization of capitalism (Krippner 2011; Van der Zwan 2014) has been the locus of many critiques. Financialization has been studied sufficiently to under- stand how much finance has invaded our daily lives (Martin 2002), without measuring necessarily fully its ramifications. The clear causality between the rise of wages in the financial sector and the rise in income inequality in the United Kingdom (Bell and Van Reenen 2013), the United States (Volscho and Kelly 2012), and France (Godechot 2012) has put the financial sector on the spot. -
The Unbelievable Story of an Awkward Maths Genius, A
<HELP> for explanation, <MENU> for similar functions LieBOR THE UNBELIEVABLE STORY OF AN AWKWARD MATHS 1) Tom Hayes (Trader) -10.12 GENIUS, A GANG OF BACKSTABBING 2) Tom's Brokers (Cabal) -66.69 BANKERS, AND THE 3) David Enrich (Author) 21.03 JOURNALIST WHO UNCOVERED ONE OF THE GREATEST SCAMS EVER TRIED IN 4) The Libor rigging scandal (Global Crisis) -176.12 FINANCIAL HISTORY Words by Joseph Bullmore The trader at the centre of the scandal: Asperger's sufferer Tom Hayes, currently serving an 11-year term in jail GENTLEMAN’S JOURNAL FEATURES 77 he Libor is the most important number in the world. It’s also probably the they didn’t raise suspicions harems of escorts – and often all five in com- THE How they did it... THE most boring. A single figure that underpins modern capitalism, the Libor (or SCAM among their managers, while EXCESS bination. Some stories were too salacious to T London Interbank Offered Rate) is the theoretical rate at which banks will their managers would invariably Trader 1: make the final edit. ‘This one broker – he lend to each other – the price, essentially, of borrowed money. The magazine you turn a blind eye in the face of ‘What's the call called himself Danny the Animal – was brag- hold in your hands at this very moment is drenched in Libor – it soaks through the ‘The thing about Tom is he’s very literal – no healthy profit spikes. (‘Where on the Libor?’ ‘At a certain point during my in- ging about how he’d stocked a boat in the credit card you used to pay for it, the price of printing ink, the mortgage overheads sense of sarcasm or subtlety,’ Enrich tells me. -
2020 Impact Report
IMPACT REPORT 2020 ABOUT THIS REPORT This report covers United Way’s 2020 fiscal year (July 1, 2019 through June 30, 2020). For the latest information about our work, visit YourUnitedWay.org. CONTENTS INTRODUCTION 4 OUR SERVICE AREA 6 STEPS TO SUCCESS 7 LETTER FROM JAMES L. M. TAYLOR, PRESIDENT & CEO 8 LETTER FROM LORI ELLIOTT JARVIS, BOARD CHAIR 8 2020 BOARD OF DIRECTORS 9 FUNDING 10 2020-22 COMMUNITY INVESTMENTS 12 COMMUNITY VOLUNTEERS 14 UNITED WAY IN THE COMMUNITY 16 KINDERGARTEN COUNTDOWN CAMP 18 VOLUNTEER INCOME TAX ASSISTANCE 20 WORKFORCE PARTNERSHIP TEAM 24 VOLUNTEERING 27 CORPORATE PARTNERSHIPS 32 COVID-19: LEADERSHIP IN A TIME OF CRISIS 34 2020 STEPS TO SUCCESS AWARDS 36 GIVING COMMUNITIES 38 2020 FINANCIALS 48 Impact Report | 3 INTRODUCTION 4 | United Way of Greater Richmond & Petersburg Impact Report | 5 OUR SERVICE AREA We serve the region’s neighborhoods and rural areas alike – 11 localities in all. 6 | United Way of Greater Richmond & Petersburg STEPS TO SUCCESS Our Steps to Success model identifies nine key milestones on the path to prosperity and serves as the framework for everything we do. Impact Report | 7 FROM OUR LEADERSHIP September 2020 September 2020 Thank you for reading United Way of Greater Richmond & Our region is changing rapidly, and the needs of our communities Petersburg’s 2020 Impact Report. I am glad to be able to share this are changing just as quickly. That has never been truer than it is moment of reflection with you. right now in 2020. 2020 has been a challenging and tumultuous year for everyone in Now more than ever, United Way of Greater Richmond & our region. -
The Libor Scandal: a Need for Revised National and International Reforms and Regulations
North East Journal of Legal Studies Volume 32 Fall 2014 Article 4 Fall 2014 The Libor Scandal: A Need For Revised National And International Reforms And Regulations Roy J. Girasa [email protected] Richard J. Kraus [email protected] Follow this and additional works at: https://digitalcommons.fairfield.edu/nealsb Recommended Citation Girasa, Roy J. and Kraus, Richard J. (2014) "The Libor Scandal: A Need For Revised National And International Reforms And Regulations," North East Journal of Legal Studies: Vol. 32 , Article 4. Available at: https://digitalcommons.fairfield.edu/nealsb/vol32/iss1/4 This item has been accepted for inclusion in DigitalCommons@Fairfield by an authorized administrator of DigitalCommons@Fairfield. It is brought to you by DigitalCommons@Fairfield with permission from the rights- holder(s) and is protected by copyright and/or related rights. You are free to use this item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses, you need to obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/or on the work itself. For more information, please contact [email protected]. 89 / Vol 32 / North East Journal of Legal Studies THE LIBOR SCANDAL: A NEED FOR REVISED NATIONAL AND INTERNATIONAL REFORMS AND REGULATIONS by Roy J. Girasa* Richard J. Kraus** INTRODUCTION Few individuals or even major investors are aware of the London Interbank Offered Rate (LIBOR), a little-known activity that profoundly affects local and world finances. The total value of securities and loans affected by LIBOR is approximately $800 trillion dollars annually. -
Map Asia 2003 Water Resources GIS Application in Evaluating Land Use
Map Asia 2003 Water Resources GIS Application in Evaluating Land Use-Land Cover change and its Impact on Hydrological Regime in Langat River Basin, Malaysia* Noorazuan M. H School of Social, Development & Environment, UKM Bangi (now on study leave at School of Geography, University of Manchester, UK) Ruslan Rainis Geoinformatic Unit, Geography Section, School of Humanities Universiti Sains Malaysia, 11800 Penang. E-mail: [email protected] Hafizan Juahir, Sharifuddin, M.Zain Department of Chemistry, Universiti Malaya, KL Nazari Jaafar Department of Geography, Universiti Malaya, KL Abstract GIS-based multi-temporal land use data provides a historical vehicle for determining and evaluating long term changes of land use due to urbanization. Along with the concurrent daily streamflow and precipitation records, the impact of land use change on the rainfall-runoff relationships has been explored in Langat River Basin. The basin is located at southern of the heart of Malaysia i.e. Kuala Lumpur, mentioned to be the most rapid semi-urban basin that experienced land use and land cover changes due to the onslaught of development. This article will highlights the evaluation of land use change result and how this outcome could affects the rainfall-runoff relationships. The study revealed that the landscape diversity of Langat significantly change after 1980s and as the result, the changes also altered the Langat’s streamflow response. Surface runoff has increased from 20.35% in 1983-88 to about 31.4% of the 1988-94 events. Evidence from this research suggests that urbanisation and changes in urban-related landuse- landcover (LULC) could affect the streamflow behaviour or characteristics. -
Former Citigroup and UBS Trader Convicted in Libor Case the New York Times
8/6/2015 Former Citigroup and UBS Trader Convicted in Libor Case The New York Times http://nyti.ms/1N4llzh CLOSE X Former Citigroup and UBS Trader Convicted in Libor Case By CHAD BRAY AUG. 3, 2015 LONDON — Tom Hayes, a former trader at Citigroup and UBS, was convicted Monday on eight counts of conspiring to manipulate a global benchmark interest rate known as Libor, bolstering efforts by prosecutors here to pursue financial wrongdoing. Shortly after the verdict, Mr. Hayes was sentenced to 14 years in prison. The verdict came more than three years after a conspiracy among traders to manipulate the London interbank offered rate, or Libor, first came to light. The ensuing scandal has led to billions of dollars in fines and has rocked the reputations of some of the world’s biggest banks, including Barclays, the Royal Bank of Scotland, UBS and Deutsche Bank. Mr. Hayes, 35, was the first person to go to trial in Britain on criminal charges related to Libor manipulation, and his case was seen as a bellwether for British authorities, who have been criticized in the United States for not being as aggressive as the Justice Department when it comes to pursuing financial crime. A second trial of former traders who have been accused of conspiring with Mr. Hayes is set for September on charges related to the manipulation of Libor. A third trial of other individuals accused of manipulating Libor as it relates to the United States dollar is set for January. “The jury were sure that in his admitted manipulation of Libor, Hayes was indeed dishonest,” David Green, the director of the Serious Fraud Office, said in a news release. -
P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance
P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance Beyond LIBOR: New Benchmarks And New Issues Affecting Benchmarks Presentation by Thomas Werlen 2017 P.R.I.M.E. Finance Annual Conference 23 & 24 January, Peace Palace, The Hague Agenda 1 Scope of the Panel’s Discussions 2 From the LIBOR Scandal to other Benchmark Manipulations 3 Involvement of Authorities 4 Agenda 2 Beyond LIBOR: New Benchmarks and new Issues affecting Benchmarks Benchmarks causing regulatory issues include but are not limited to LIBOR Alternative systems to determine benchmarks are explored due to regulatory and investigatory pressure but also following industry initiatives Investigations are still ongoing and private enforcement is in full steam Goal of today is to update on current developments on all fronts 3 Agenda 1 Scope of the Panel’s Discussions 2 From the LIBOR Scandal to other Benchmark Manipulations 3 Involvement of Authorities 4 Agenda of Panel 4 From LIBOR… (1/2) Benchmark reference rate for debt instruments, including government and corporate bonds, mortgages, student loans, credit cards; as well as derivatives such as currency and interest swaps, among many other financial products In early 2008, New York Fed learns of false reports “we know that we’re not posting, um, an honest rate” (statement of Barclays employee to a New York Fed official) Provoked a series of regulatory actions, e.g.: Barclays settled a case with U.S. and UK authorities for $435 million in July 2012, and in August 2016 agreed to pay an additional $100 million to forty-four U.S. -
Banking and the Limits of Professionalism I
2017 Thematic: Banking and the Limits of Professionalism 411 17 BANKING AND THE LIMITS OF PROFESSIONALISM DIMITY KINGSFORD SMITH,* THOMAS CLARKE** AND JUSTINE ROGERS*** I INTRODUCTION Few other occupations that aspire to professional status have the influence, both beneficial and destructive, or the raw power to resist regulation and political constraint, that banking has. The global financial crisis (‘GFC’) and revelations of bank manipulation of the benchmark London Inter-bank Offering Rate (‘LIBOR’),1 which followed quickly afterwards, showed devastatingly the worst of this influence and power. These failings have been diagnosed as stemming from a foundational collapse in the values of individuals and in the governance of banking entities.2 The critique has concentrated on demands for better decisions and conduct from individuals, as well as changes in the entities for which they work, to better support those individuals. This post-GFC prescription for banking has turned attention to the professions as a possible framework for promoting individual ethical conduct in banking.3 Indeed, since the LIBOR revelations, even banking itself has expressed a desire to professionalise.4 * Professor and Director of the Centre for Law, Markets and Regulation (‘CLMR’) University of New South Wales (‘UNSW’); LLM (London School of Economics, London) LLB (Sydney) BA (Sydney). Correspondence to Professor Kingsford Smith <[email protected]>. ** Professor of Management and Director of the Key University Research Centre for Corporate Governance, University of Technology Sydney; PhD (Warwick) BSocSc (Birm). *** Lecturer, UNSW Law; DPhil (Oxford) MSc (Oxford). The authors acknowledge the support of the Australian Research Council and the Professional Standards Councils for this work and particularly the comments of the anonymous referees and of fellow researcher, Hugh Breakey, on an earlier version of this paper and the work of Senior Research Fellow, John Chellew. -
Philippines–Malaysia Border Region
5. Rice & ransoms: the Indonesia– Philippines–Malaysia border region ‘So long as the seas have no fence, it will not stop’, an interviewee prophesised, referring to smuggling in the border region of Indonesia, Malaysia and the Philippines, where all the borders are in the sea. The area is large and includes many small islands, which makes it difficult to patrol. The region also has its share of non-state armed actors. In Mindanao, in the south of the Philippines, organised non-state armed groups fight for more regional autonomy for the Moro people. In Indonesia, more extremist networks, some linked to the Islamic State, conduct attacks that are often directed against civilians. The region also has groups like the Abu Sayyaf Group (ASG) that are nominally political but, as Gutierrez writes, ‘better understood as a network of dangerous criminal entrepreneurs, similar to an armed mob’ (2016, p.184) than a non-state armed group with political motives. As the border region is large, this chapter uses two case studies (Figure 5.1): in the east, the route connecting Mindanao in the Philippines, Sabah in Malaysia and North Kalimantan in Indonesia; in the west, the route connecting Mindanao in the Philippines and North Sulawesi in Indonesia. I conducted research in Indonesia’s North Kalimantan (Nunukan) and North Sulawesi (Manado, Tahuna, Bitung) and in Mindanao (Davao, Zamboanga, Cotabato) in the Philippines, in April 2018 and in May–June 2018. In the east, between Mindanao and North Sulawesi, local people from the Philippines and Indonesia cross the border on a regular basis, particularly for fishing. -
Delays in the Peace Negotiations Between the Philippine Government and the Moro Islamic Liberation Front: Causes and Prescriptions Soliman M
No. 3, January 2005 Delays in the Peace Negotiations between the Philippine Government and the Moro Islamic Liberation Front: Causes and Prescriptions Soliman M. Santos, Jr. East-West Center WORKING PAPERS Washington East-West Center The East-West Center is an internationally recognized education and research organization established by the U.S. Congress in 1960 to strengthen understanding and relations between the United States and the countries of the Asia Pacific. Through its programs of cooperative study, training, seminars, and research, the Center works to promote a stable, peaceful and prosperous Asia Pacific community in which the United States is a leading and valued partner. Funding for the Center comes for the U.S. government, private foundations, individuals, corporations and a number of Asia- Pacific governments. East-West Center Washington Established on September 1, 2001, the primary function of the East-West Center Washington is to further the East-West Center mission and the institutional objective of building a peaceful and prosperous Asia Pacific community through substantive programming activities focused on the theme of conflict reduction in the Asia Pacific region and promoting American understanding of and engagement in Asia Pacific affairs. Contact Information: East-West Center Washington 1819 L Street, NW, Suite 200 Washington, D.C. 20036 Tel: (202) 293-3995 Fax: (202) 293-1402 [email protected] Soliman M. Santos, Jr. is a Filipino human rights lawyer, peace advocate, and legal scholar, who is a Peace Fellow at the Gaston Z. Ortigas Peace Institute East-West Center Washington Working Papers This publication is a product of the East-West Center Washington’s Project on Internal Conflicts. -
Challenges to Freedom of Religion Or Belief in Malaysia a Briefing Paper
Challenges to Freedom of Religion or Belief in Malaysia A Briefing Paper March 2019 Composed of 60 eminent judges and lawyers from all regions of the world, the International Commission of Jurists (ICJ) promotes and protects human rights through the Rule of Law, by using its unique legal expertise to develop and strengthen national and international justice systems. Established in 1952 and active on the five continents, the ICJ aims to ensure the progressive development and effective implementation of international human rights and international humanitarian law; secure the realization of civil, cultural, economic, political and social rights; safeguard the separation of powers; and guarantee the independence of the judiciary and legal profession. ® Challenges to Freedom of Religion or Belief in Malaysia - A Briefing Paper © Copyright International Commission of Jurists Published in March 2019 The International Commission of Jurists (ICJ) permits free reproduction of extracts from any of its publications provided that due acknowledgment is given and a copy of the publication carrying the extract is sent to its headquarters at the following address: International Commission of Jurists P.O. Box 91 Rue des Bains 33 Geneva Switzerland This briefing paper was produced with the generous financial assistance of the International Panel of Parliamentarians for Freedom of Religion or Belief, the support of the Norwegian Ministry of Foreign Affairs and the Norwegian Helsinki Committee. Challenges to Freedom of Religion or Belief in Malaysia A Briefing -
Public Affairs and Lobbying Register
Public Affairs and Lobbying Register 3x1 Offices: 16a Walker Street, Edinburgh EH3 7LP 210 Borough High Street, London SE1 1JX 26-28 Exchange Street, Aberdeen, AB11 6PH OFFICE(S) Address: 3x1 Group, 11 Fitzroy Place, Glasgow, G3 7RW Tel: Fax: Web: CONTACT FOR PUBLIC AFFAIRS [email protected] LIST OF EMPLOYEES THAT HAVE CONDUCTED PUBLIC AFFAIRS SERVICES Ailsa Pender Cameron Grant Katrine Pearson Lindsay McGarvie Patrick Hogan Richard Holligan LIST OF CLIENTS FOR WHOM PUBLIC AFFAIRS SERVICES HAVE BEEN PROVIDED North British Distillery Atos The Scottish Salmon Company SICPA Public Affairs and Lobbying Register Aiken PR OFFICE(S) Address: 418 Lisburn Road, Belfast, BT9 6GN Tel: 028 9066 3000 Fax: 028 9068 3030 Web: www.aikenpr.com CONTACT FOR PUBLIC AFFAIRS [email protected] LIST OF EMPLOYEES THAT HAVE CONDUCTED PUBLIC AFFAIRS SERVICES Claire Aiken Donal O'Neill John McManus Lyn Sheridan Shane Finnegan LIST OF CLIENTS FOR WHOM PUBLIC AFFAIRS SERVICES HAVE BEEN PROVIDED Diageo McDonald’s Public Affairs and Lobbying Register Airport Operators Associaon OFFICE(S) Address: Airport Operators Association, 3 Birdcage Walk, London, SW1H 9JJ Tel: 020 7799 3171 Fax: 020 7340 0999 Web: www.aoa.org.uk CONTACT FOR PUBLIC AFFAIRS [email protected] LIST OF EMPLOYEES THAT HAVE CONDUCTED PUBLIC AFFAIRS SERVICES Ed Anderson Henk van Klaveren Jeff Bevan Karen Dee Michael Burrell - external public affairs Peter O'Broin advisor Roger Koukkoullis LIST OF CLIENTS FOR WHOM PUBLIC AFFAIRS SERVICES HAVE BEEN PROVIDED N/A Public Affairs and Lobbying Register Anchor