Who Would You Rather Relax In A Hot Tub With After Skiing? Hillary Clinton or Sarah Palin? - Page 4
Poll Results: Who Would You Rather Relax In A Hot Tub With After Skiing? Hillary Clinton or Sarah Palin?
31% (10)Hillary Clinton
68% (22)Sarah Palin
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Hilary is welcome in my hottub any day.
Back in 08, before the GFC was officially born, I was in Reno and got to talk to some people involved the Primaries. Fascinating stuff and a few weeks later both Obama and Clinton announced the Democrats woiuld look into funny business in the banks. Then in 09 the investigations started. They're ongoing, see below. So with a few vinos and a hottub, I reckon Hillary and I could solve a few problems.
"Despite those observations, the court’s reasoning would cast doubt on whether defendants’ actions imposed any restraint on commerce, as required to prove a violation under Section 1 of the Sherman Act. For example, the court found that the banks do not compete with one another in setting LIBOR, nor is the process intended to be competitive. Even after LIBOR is set, it is used by all firms in the affected financial markets. Thus, according to the court, the defendants never colluded to avoid competing in any market in which they otherwise should have been in competition.
The court’s opinion comes as the DOJ’s antitrust division and state antitrust bureaus continue to investigate the scandal, presumably, for violations of Section 1 of the Sherman Act or the various state equivalents. Indeed, in 2009, the DOJ’s criminal and antitrust divisions filed a three-count criminal complaint against individual UBS traders, one count of which alleged that the defendants violated Section 1 of the Sherman Act by conspiring to restrain trade or commerce. Similarly, foreign antitrust and competition authorities, which often look to U.S. decisions as persuasive authority, launched their own investigations. For example, Joaquin Almunia, the European Commissioner responsible for Competition, expects the EC’s first decisions on the LIBOR manipulation scandal by the end of the year, and Asian competition authorities are conducting their own investigations. Targeted banks may have more bargaining power when negotiating a plea deal if the DOJ cannot credibly wield the Sherman Act as a prosecutorial cudgel.
The court’s opinion, therefore, may push both regulators and civil claimants to pursue fraud-based, rather than antitrust, theories of liability. UBS, in its plea agreement with the Department of Justice, has already pled guilty to one count of wire fraud, but not any antitrust violation. Similarly, while some plaintiffs’ antitrust claims have been dismissed, other plaintiffs who brought fraud based claims remain viable. Thus, few view the court’s opinion to mean that the banks will emerge unscathed. But future claimants, whether public agencies or private plaintiffs, must carefully consider how to frame their claims for any losses arising out of the LIBOR manipulation"