Fresh allegations for Sleaze Bank

Wednesday, 31 January 2018

Lordy, just how dirty is it? Via The Australian:

Commonwealth Bank has been sued in the Federal Court over claims it rigged a key interest rate, making it all big four banks to be served with legal action over allegations of bank bill swap rate manipulation.

The Australian Securities & Investments Commission today launched legal proceedings in the Federal Court of Melbourne against the nation’s largest bank, where it is alleging unconscionable conduct and market manipulation of the bank bill swap rate between January and October 2012.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.