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James Bowers Highlights Compliance Failures Behind Libor Scandal on Law360

Publisher: Law360
January 17, 2013
Day Pitney Author(s) James E. Bowers

Day Pitney's director of Compliance Risk Services and Hartford senior counsel James Bowers identified "7 Compliance Failures That Facilitated Libor Rigging" for Law360 on January 17. He says that, "In the Libor fiasco, we have yet another failure of companies to properly manage their compliance risks," and notes where the banks involved, Barclays Bank PLC and UBS AG, failed. Among the problems Jim describes are setting unreasonable goals for brokers, not assessing the potential risk of collusion between banks, lack of compliance and ethics training, and overreliance on outside regulation.