イギリスのLiborについて連日，あーだこーだ言われているようですな。結構でたらめだったみたいな。むかし解説をどっかで聞いたような気がするんですが，具体的にどう決まるのか，についてはなんか良く分からなかった記憶がありますね。実は結構テキトーに決められていたとは・・・。
実は，Liborがでたらめだ，みたいなハナシはかなり前から報道されていたとかで，
Libor Scandal: Old Articles
First, from the NY Times today: New York Fed Was Aware of False Reporting on Rates
The Federal Reserve Bank of New York learned in April 2008, as the financial crisis was brewing, that at least one bank was reporting false interest rates.
ニューヨークタイムズ，08年4月。
At the time, a Barclays employee told a New York Fed official that “we know that we’re not posting um, an honest” rate, according to documents released by the regulator on Friday. The employee indicated that other big banks made similarly bogus reports, saying that the British institution wanted to “fit in with the rest of the crowd.”
バークレイズの従業員がニューヨークFedの担当者にハナシたところでは，正直にレートを申告していない・・・。
Oh my. Really? In April 2008?
08年じゃないかとブログ。
We were discussing this in 2007! Here are a few of the articles I linked to years ago ...
実は07年にも・・・。ファイナンシャルタイムズ。
From the Financial Times in September 2007:
“The Libor rates are a bit of a fiction. The number on the screen doesn’t always match what we see now,” complains the treasurer of one of the largest City banks.
...
The screen will say one thing but people are actually quoting a different level, if they are quoting at all,” says one senior banker.
Liborは作り物だ。スクリーンに出ているLiborの数字は，実際に今見えている数字とは違う・・・。
ウォールストリートジャーナル08年4月。ブルンバーグ08年5月も・・・。
From the WSJ in April 2008: Bankers Cast Doubt On Key Rate Amid Crisis
The concern: Some banks don't want to report the high rates they're paying for short-term loans because they don't want to tip off the market that they're desperate for cash. The Libor system depends on banks to tell the truth about their borrowing rates. Fibbing by banks could mean that millions of borrowers around the world are paying artificially low rates on their loans. That's good for borrowers, but could be very bad for the banks and other financial institutions that lend to them.
From Bloomberg in May 2008: Libor Set for Overhaul as Credibility Is Doubted
"The Libor numbers that banks reported to the BBA were a lie," said Tim Bond, head of global asset allocation at Barclays Capital in London. "They had been all the way along. The BBA has been trying to investigate them and that's why banks have started to report the right numbers."
The only new news is that the banks are finally paying fines ...
というわけで，
ほとんど，公然化していたと言っても良いんじゃないかと思うんですが，今回は事件化されて，ようやく当事者は罰金を払うことになったってことですが，
なんで，今頃になって，スキャンダル化したんでしょうかね。インボー論的に言うのもなんですが，なんか背景があるのかも知れませんな。
まあ，信頼していたのに，今更そんなこと言われましても・・・みたいな感じですが。
動画はおまけです。
ホントのこと，今話すわって，
竹内まりや 終楽章（歌詩つき）
今更そんなこと言われましても・・・。
実は，Liborがでたらめだ，みたいなハナシはかなり前から報道されていたとかで，
Libor Scandal: Old Articles
First, from the NY Times today: New York Fed Was Aware of False Reporting on Rates
The Federal Reserve Bank of New York learned in April 2008, as the financial crisis was brewing, that at least one bank was reporting false interest rates.
ニューヨークタイムズ，08年4月。
At the time, a Barclays employee told a New York Fed official that “we know that we’re not posting um, an honest” rate, according to documents released by the regulator on Friday. The employee indicated that other big banks made similarly bogus reports, saying that the British institution wanted to “fit in with the rest of the crowd.”
バークレイズの従業員がニューヨークFedの担当者にハナシたところでは，正直にレートを申告していない・・・。
Oh my. Really? In April 2008?
08年じゃないかとブログ。
We were discussing this in 2007! Here are a few of the articles I linked to years ago ...
実は07年にも・・・。ファイナンシャルタイムズ。
From the Financial Times in September 2007:
“The Libor rates are a bit of a fiction. The number on the screen doesn’t always match what we see now,” complains the treasurer of one of the largest City banks.
...
The screen will say one thing but people are actually quoting a different level, if they are quoting at all,” says one senior banker.
Liborは作り物だ。スクリーンに出ているLiborの数字は，実際に今見えている数字とは違う・・・。
ウォールストリートジャーナル08年4月。ブルンバーグ08年5月も・・・。
From the WSJ in April 2008: Bankers Cast Doubt On Key Rate Amid Crisis
The concern: Some banks don't want to report the high rates they're paying for short-term loans because they don't want to tip off the market that they're desperate for cash. The Libor system depends on banks to tell the truth about their borrowing rates. Fibbing by banks could mean that millions of borrowers around the world are paying artificially low rates on their loans. That's good for borrowers, but could be very bad for the banks and other financial institutions that lend to them.
From Bloomberg in May 2008: Libor Set for Overhaul as Credibility Is Doubted
"The Libor numbers that banks reported to the BBA were a lie," said Tim Bond, head of global asset allocation at Barclays Capital in London. "They had been all the way along. The BBA has been trying to investigate them and that's why banks have started to report the right numbers."
The only new news is that the banks are finally paying fines ...
というわけで，
ほとんど，公然化していたと言っても良いんじゃないかと思うんですが，今回は事件化されて，ようやく当事者は罰金を払うことになったってことですが，
なんで，今頃になって，スキャンダル化したんでしょうかね。インボー論的に言うのもなんですが，なんか背景があるのかも知れませんな。
まあ，信頼していたのに，今更そんなこと言われましても・・・みたいな感じですが。
動画はおまけです。
ホントのこと，今話すわって，
竹内まりや 終楽章（歌詩つき）
今更そんなこと言われましても・・・。
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