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LIBOR rigging: Difference between revisions
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Evidence was not led as to how the rules were drafted, and what flexibility the British Bankers’ Association had in mind. and after all, history has borne out that, sometimes, there are times where Banks and their regulators are rightly motivated by considerations other than the actual (lowest) rate at which one could borrow. | Evidence was not led as to how the rules were drafted, and what flexibility the British Bankers’ Association had in mind. and after all, history has borne out that, sometimes, there are times where Banks and their regulators are rightly motivated by considerations other than the actual (lowest) rate at which one could borrow. | ||
It is not often JC favours a US interpretation of things, but consider this from {{casenote|United States|Connolly and Black}}: | |||
{{quote| | |||
The precise hypothetical question to which the LIBOR submitters were responding was at what interest rate “could” DB borrow a typical amount of cash if it were to seek interbank offers and were to accept. ''If the rate submitted is one that the bank could request, be offered, and accept, the submission, irrespective of its motivation, would not be false''.}} | |||
{{sa}} | {{sa}} | ||
*[[LIBOR]] | *[[LIBOR]] | ||
{{ref}} | {{ref}} | ||