Unaware even though the Wall St Journal had been ringing alarm bells about rate fixing as early as 2008.
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E-mails revealed as part of the rate fixing investigation showed traders were seeking beneficial rates for their trading positions.
The enthusiasm for politicians to wade into the Barclays furor indicates heat will remain on the sector as the investigations into rate fixing continues.
Meanwhile the FT on Monday ran a lengthy article on the attempts by banks around the world to avoid criminal prosecution over LIBOR rate fixing.
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The session will also cover the FSA's action against RBS over interest rate fixing - which could result in penalties falling, in effect, on the taxpayer.
The fines were levied because of money laundering and rate fixing, screams to those who might actually be listening that big business and social responsibility are sitting at different ends of the spectrum.
Mr. Diamond, who resigned on Tuesday following a rate-fixing scandal, deflected questions onto other banks and the integrity of the rate-setting mechanism as a whole.
This was partly caused by settling mis-selling claims and fines related to the Libor rate-fixing scandal.
Many still face legal repercussions from mortgages, mortgage securities, foreclosure practices and interest-rate-fixing probes.
Mr Diamond resigned last year in the wake of the Libor rate-fixing scandal.
The boss of Royal Bank of Scotland (RBS) should not have to cancel his bonus in light of the Libor rate-fixing scandal, its chairman has told MPs.
Investigations into allegations of LIBOR rate-fixing, for instance, already involve the CFTC, the DoJ, state attorney-generals from Connecticut, New York, Massachusetts, Florida, North Carolina and Maryland, and at least 30 serious civil litigants.
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The State will have to exercise a guiding influence on the propensity to consume partly through its scheme of taxation, partly by fixing the rate of interest .
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The government in Budapest is offering to take on the burden for three years by fixing an exchange rate at which some households can pay mortgage interest.
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With a "pay for performance" plan, a doctor would receive a fixed rate for, say, fixing someone's knee, eliminating the incentive to order up lots of unnecessary test.
Fixing the exchange rate between the dollar and euro by bureaucratic edict would be a huge mistake, like anchoring two sinking aircraft carriers together hoping the buoyancy of the two is greater than the sum of the individual compartments.
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The gold standard had many flaws, but the chief virtue of fixing the exchange rate and constraining the supply of credit was to stop politicians succumbing to the inevitable pressure to respond to crises by debauching the currency, resulting in long-term harm to the livelihoods and living standards of their citizens.
Some analysts, however, are not convinced by measures such as the fixing of the exchange rate.
There has been a furore over the fixing of the London inter-bank lending rate, known as Libor, which is considered to be one of the most crucial interest rates in finance.
The solution the president favours is fixing the value of the rupiah to the dollar at a rate of 5, 000-5, 500 by means of a currency board, as in Hong Kong or Argentina.
His strategy was based on the fixing of three-month swaps pegged to Euribor -- the euro-based interbank lending rate set in Brussels by averaging 44 banks' submissions, regulators have said.
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