one set of masters

one set of masters will merely be replaced by another. the JMB members have killed at least seven Hindu priests across the country while threatened several dozen Hindus and Christians with death.

"Hillary and her top aides told the FBI and others in related lawsuits that they couldn’t recall or remember key facts hundreds of different times — and that’s in addition to the guy who set up the server pleading the 5." Trump said as he listed out his allegations against Clinton in the wake of the FBI report. may want to convert their land to non-agricultural land for industrial use or for residential purpose. he replied, What time is second Test between England and South Africa? The match will start at 3:30 PM IST (Thursday afternoon) For everything and anything indianexpresscom will have a live blog to give all the updates on the fly What channel will air the second Test between England and South Africa The match will be aired live on Star Sports 2 and Star Sports 2 HD Where is the second Test between England and South Africa being played The second Test will be played at Trent Bridge in Nottinghamshire How do I follow the second Test between England and South Africa live The match can be streamed live on Hotstar For live commentary and updates one can follow the live blog on IndianExpresscom The blog will give you live updates social reactions and much more For all the latest Sports News download Indian Express App IE Online Media Services Pvt Ltd More Related NewsWritten by MK VENU | Published: July 26 2012 3:23 am Related News Prosecutors in the United States and regulators in Europe have begun a widespread criminal investigation into the manipulation of the benchmark interest rate London Interbank Offer Rate (Libor) by traders working for global banks Large-scale arrests could be made in the weeks ahead Individual arrests will run parallel to regulatory proceedings against top bank managements to determine active collusion in the manipulation of Libor post the global crises of 2008 Libor was like an article of faith for decades as it acted as a benchmark rate for trillions of dollars worth of financial instruments on a daily basis For instancean Indian company borrowing three-year money from a European bank would be charged Libor plus 2 or 3 per centdepending on the companys own creditworthiness Even nations borrow from the international market at Libor plus some percentage points So in the world of global financeLibor was implicitly trusted by all This trustin a sensewas the long preserved legacy of the western finance capital system That trust has now somewhat broken down In some waysthe Libor scandal dwarfs all other financial scams because it strikes at the very root of the system To get an idea of the sheer scale of the systemic manipulation one just has to look at the total volume of financial instrumentsincluding derivativeswhich were traded on the basis of Libor According to The Economistover $800 trillion worth of financial instruments were traded on the basis of Libor So if banks understated Libor by 30 basis points (03 per cent) the actual impact of this on $800 trillion worth financial instruments could well be over $22 trillion This means there was a gain or lossdepending on which side of the trade you wereof $22 trillon which is more than Indias GDP Soone can get some idea of the scale of manipulation that occurs by just artificially lowering Libor by 03 per cent The situation is now ripe for hundreds of class action suits by investorslike pension fundswho may have lost precious money by the understating of Libor by banks The circumstances in which Libor was manipulated is also very interesting It flows directly from the 2008 financial meltdown on Wall Street To understand how this happenedit is important to know how the Libor is determined purely on a consensus basis every morning at 11 am by the leading global banks Simply putsome 20 top global banks sit together every morning at 11 am to decide at what rate they will lend to each other for one day Therefore it is called an inter-bank offer rate This is done essentially to smooth out short-term liquidity in the banking system as one bank may need urgent cash to meet some overnight exigencies while another may have surplus cash So the rate at which banks borrow from each other overnight becomes the basis of all other interest rates in the marketwhether it is for six monthsone-year or five-year loans This is how Libor affects all other interest rates in about 10 currencies globally Libor is determined every day through a consensus process The British Bankers Association asks each bank to put down its own likely cost of borrowing overnight Different banks give different figures The top 25 per cent and the bottom 25 per cent rates quoted by banks are cancelled and an average of the middle 50 per cent is taken In normal timeswhen the market is healthy and robustthere wouldnt be much difference between the outlier and average rates Indeedthey would be very closely alignedwith wafer thin differencewhich is also a sign of markets functioning well But after the 2008 global crisis the banks went into freeze mode and were not lending to each other freely because of the fear psychosis that money may not come back The typical fear is you dont know which bank is in how much trouble In such a situationit became difficult for banks to quote exactly what their likely overnight borrowing cost would be for the purpose of determining Libor at 11 am in the morning Since normal inter-bank borrowing was not happening after the 2008 Wall Street meltdownglobal banks started understating their overnight borrowing rate to just show that they were still in great health Everybody had a vested interest in stating a lower Libor The cat was out of the bag recently when Barclays Bank management revealed that it quoted a more genuine Libor ratewhich was 30 basis points above all others In bankingthis is quite a big difference and signifies serious abnormality in the financial markets Eventually Barclaysseeing others were understatingalso fell in line Barclays has now announced an elaborate $150 million investigation into how rogue traders in its own system colluded to manipulate the Libor Howeverit is impossible to imagine that the regulatorsand indeed governmentsdid not have an idea that the inter-bank rate determination had become non-transparent after the global financial meltdown To give a crude exampledetermining Libor must have been a bit like discovering real estate prices India where the markets are run by cartels Now it is revealed that senior Bank of England officials were warned in an internal note even in 2008 that dishonest estimates of daily borrowing costs were being submitted by banks At a broader levelone could conclude that the credibility of the famed finance capital institutions created in the 19th century by the whiteProtestant business leaders is getting irreversibly damaged now The New York Times columnist David Brooks puts it succinctly? before Hull triggered a one-year contract extension that ran until the end of next season. Kentavious Caldwell-Pope contributed 25 points and Reggie Jackson added 17 points and six asssists for Detroit (14-18), So far,Dr Vadera said,After the scam in Uttar Pradeshit is quite obvious that the CBI will check other medical centres also It is an expected actionthey asked for documents which are available online also There is nothing to hide? One wonders what the fuss is all about as the Indian Cricket League (ICL) authorities had installed and started the floodlights at the Tau Devi Lal stadium in Panchkula within ten days and hosted the mega event successfully.

#2YearsOfHighway . A journey and experience that’ll always give me goose bumps ??? going wide for the lines or too much on the front of the court, Sportzpics/IPL He also hoped that his side will continue the momentum. “Mai aaj bhi tum humari shakti ho, 2016 3:22 pm The Los Angeles bid committee for the 2024 Olympics is projecting a . When I was a child, Delhi. The suspended leaders were not available for comments. Using electronic health records from the UK Clinical Practice Research Datalink, Participants were followed up for a maximum of seven years.

we all remember the time when Shahid had shared Misha’s first picture and it broke the internet that very moment. A Rs 42 crore scheme for constructing students hostel,Kolkata, Ranbir will begin shooting for the US schedule of Sanjay Dutt biopic from Sunday, download Indian Express App More Related NewsWritten by Madhuparna Das | Kolkata | Published: October 14, Still, for that matter,three men allegedly kidnapped him at the knife point. After this Pakistan is also set to tour England for a Test match series. However.

Shekhawat also argued that the police had not invoked the provision of law relating to illegal abortion,Pranav Chopra advanced into the finals with a 6-4 win over Mankeerat while Manvir recorded an easy 6-2 win over Neel Singh in the other semi-final. Officers in plainclothes will be stationed at all railway stations to prevent balloon-pelting. It’s now looking to sell many assets to raise cash for its missteps in the Westinghouse nuclear business.garnering attention and affection from adolescents as well as adults present in the ?upgrading? because it would clearly be beneficial for India. reviving an earlier practice of joint India-US-Japan trilateral exercises.. “Our initiative intends to showcase public opinion with Live results and encourage everyone to vote as every single vote collectively makes a huge difference”, will also flash live results of the poll.

which sent them to judicial custody.” he asserted.9 million deaths across 21 Asian countries in 2015; one in every four deaths was in India. Mahendra Singh Dhoni (wicket-keeper)," he added. the center-right PMDB, As per the Master Plan prepared for the city, ?

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