On arbitration,arbitrage and arbitrariness in financial markets and their governance: unpacking LIBOR and the LIBOR scandal

Abstract

Amongst a series of scandals to hit international financial markets in recent years, that surrounding the London Interbank Offered Rate (LIBOR) – a highly influential interest rate benchmark – has attracted particularly intense media scrutiny. This paper seeks to push beyond conventional understandings to unpack critically both LIBOR itself and the scandal involving its manipulation by major international banks. Envisioning LIBOR as a commodity beset by inherent contradictions, the paper mobilizes the tropes of arbitration, arbitrage and arbitrariness to illuminate, respectively: the market-making work performed by LIBOR; its role in enabling the transfer of financial risk, most notably when fraudulently manipulated; and the nature of the regulatory prosecution of such manipulation.     

Kennedy and Touré: A Success in Personal Diplomacy

Entering the White House at the crest of the African independence movement, John F. Kennedy and many of his advisors believed that Africa had surpassed Asia as the most permeable battlefield in the East–West Cold War struggle. While the battle lines of the Cold War had already been clearly drawn in Europe and in much of Asia, newly independent Africa was wide open for superpower competition. The central component of Kennedy's approach to dealing with Africa was his use of personal diplomacy with the leaders of that continent. This article is a case study of Kennedy's first successful use of personal diplomacy with an African head of State—Guinea's Sékou Touré.     

Transformational change using stratified systems theory

It is argued that leaders and other change agents will be able to transform organizations and the members of organizations only if they possess compelling explanatory frameworks for viewing organizational behavior, structure and dynamics. To illustrate this point, the stratified systems theory of Elliott Jaques is presented in the context of an organizational intervention. The “vision” promoted by stratified systems theory enabled an outside consultant to transform the leadership of an ailing social services agency and was useful in explaining the inability of the organization's administrator and board of directors to act transformationally during a period of rapid change     

Public service as a calling: an exploration of a concept. part II

This paper chronicles the work of Josephine Goldmark, a social activist of the early 20th century. Special attention is given to her contributions in the areas of the reduction of work days, reform of laws for working women, reform of child labor laws, the alleviation of fatigue, and nursing school improvements. Her efforts had lasting effects in each of these areas. Throughout, Goldmark's dedication to thorough preparation is a consistent theme.     

Talking to "Terrorists": Towards an Independent Analytical Framework for the Study of Violent Substate Activism

"Terrorism Studies" as a specific discipline is a comparatively recent addition to the social sciences and is still grappling with questions relating to a proper or appropriate methodology. This article argues that research within the field is often based neither on primary sources nor set within an independent analytical framework. Rather, it is characterized by an "aligned" position dependent on a research hermeneutic of crisis management, which perpetuates the "received view." Talking to "terrorists" and the use of social identity theory, applied in a context of cultural difference, are here proposed as a methodology enabling independent analysis.     

Democracy and state bias in Latin America: Some lessons from Mexico,Peru and Venezuela

This discussion considers why democracy has not so far led to the creation of impartial, honest and effective state institutions in Mexico, Venezuela and Peru. The explanation offered is essentially historical‐institutional. Non‐impartial (that is, biased) types of governance have a tendency to reproduce themselves over time due to the advantages that they offer to the powerful. However this observation, while true, does not explain why democracy has not done more to bring about the rule of law. The research focuses on Mexico, Peru and Venezuela because these are all cases in which democracy has failed spectacularly to discipline political competition within a framework of law. The Mexico's ruling Institutional Revolutionary Party maintains significant popular support despite conclusive evidence of previous ballot rigging, and continuing evidence of large‐scale corruption. Peru's Fujimori was re‐elected as president in 1995 despite previously using force to close the national Congress. Venezuela's Chavez convincingly won presidential elections in 1998, only six years after leading a coup attempt against an elected government.     

Allele frequencies of 10 STR loci in Koreans

Allele frequencies for the 10 STR loci, D6S1043, D9S925, D7S821, D4S2368, D21S2055, GATA193A07, D12S391, D10S2326, D15S822 and D18S51 were obtained from a sample of 217-310 unrelated Koreans. In this study, 2 out of the 10 loci did not meet Hardy-Weinberg expectation. The combined probability of identity for 10 loci tested was 4.93 x 10(-14).     

Pepper v Hart: A Footnote to Professor Vogenauer's Reply to Lord Steyn

This Note is intended to stand as a short supplement to thecompelling article by Stefan Vogenauer entitled, ‘A Retreatfrom Pepper v Hart? A Reply to Lord Steyn’ published inthe Journal at the end of 2005.¹ In his article, Professor Vogenauercalls in question the argument advanced by Lord Steyn in hisarticle in the Journal, entitled ‘Pepper v Hart: A Re-examination’.²In that article, Lord Steyn called for a retreat from the decisionof the House of Lords in Pepper v Hart³ concerning the circumstancesin which reference may be made to Hansard as an aid to statutoryconstruction and for a reinterpretation of the decision in linewith a theory that a Minister speaking in Parliament who givesan explanation of the meaning or effect of a clause in a Billshould be taken to create a binding legitimate expectation thatthe executive will apply the provision, once enacted, in thatsense. In this Note, I express my agreement with Professor Vogenauer’sargument, and seek to support it with some additional pointsunder three heads: (1) the proper interpretation of Pepper vHart and its status as authority; (2) the basis in principlefor adhering to that interpretation; and (3) conceptual difficultiesattached to Lord Steyn’s legitimate expectation thesis.