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One Response to “Financial News 7/6/12 – FSA in LIBOR Scandal, Putin vs. NGO, Apple, Wimbledon 2012”

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   06. Jul, 2012

   As the Barclay’s interest rate scandal deepens, the British regulatory authority, the FSA, is now under fire for its hand off approach in its Libor policing duties. Finally! Isn’t that why we put regulatory authorities in place in the first place? Apparently the FSA knew of inconsistencies in the LIBOR rate as early as 2007, but only three years later, after being put under pressure by US authorities, did they launch their own investigation. As part of its own investigation, the FSA found out that one of Barclay’s top execs, Jerry del Missier, gave green light to his deputies to submit false LIBOR rates, and yet mysteriously he was cleared of all wrong doings – only now did he finally resign. I assume the FSA was also put under pressure by the Bank of England. I say heads need to roll at the FSA and Bank of England!

   In Russian President Putin is being a busy little ant, building those bullet proof walls around his, mostly unwanted sham presidency. Russian parliament, is now in discussion to pass a bill, that would force Non Governmental Institutions, that get funding from abroad, to register as “foreign agents”, and be subjected to financial audits (and we know in whose favor these usually pan out) and they also have to report on their activities. A perfect way to keep foreign meddling out of Russia’s internal politics, says the Kremlin. The opposition, sees is at yet another attempt to disarm the wide spread protest and dissent among Russian citizens, and instill paranoia and a spy scare in Russian society. It is not a surprising move, given that it was Golos, a foreign funded NGO, that provided evidence of the presidential poll rigging. Lilya Shibanova, the director of Golos, confirms that the Russian government would never give it money, and never ever will she agree to register a s a “foreign agent”.

   Apple is going head to head with the Italian watchdog, AGCM, regarding the small issue of European warranty law on electronic goods. In Italy as it is the case on the rest of Europe, electronic good come with a free two year warranty by law, and Apple is trying to be very cheeky on this issue. On its Italian website Apple offers a free two year warranty if its product is delivered with a defect, and adds one additional free year for defects arising after delivery. And then, I am sure you all know, they try to sell you an Apple Care Protection Plan on top. The Italian watchdog accused Apple of not being clear enough and of misleading their customers into buying the Apple Care Plan, without clearly explaining that by European law, they are obliged to provide a free 2 year warranty without fail and on any arising issues. Apple now has to face a possible fine of 300,000 euros and the possibility of having its operations shut down in Italy.

   At Wimbledon we are headed into the quarter finals, with Federer and Djokovic battling it out, as we speak! May the better man win – at this point I am routing for both of them – what a shame we will not see them in the final together. Afterwards we have Murray fighting Tsonga, in his attempt to finally get through to the finals in his home land’s grand slam. Personally I don’t like Murray very much, for a British man he sure swears a lot on court, and is general just not very likeable, but would definitely be interesting to see him in the final.