The previously mentioned U.K.-based activist squad The Intruders somehow got inside the Investment Banking Awards, where they realized that this year’s most noteworthy accomplishment had gone unmentioned:

The Investment Banking Awards are the Oscars of the financial world. Dished out for so-called ‘innovation’, some of the world’s richest bankers gather together to congratulate each other on devising ever more creative ways to make obscene sums of money.

One of 2012’s most profitable scams was the bankers’ ‘innovative’ approach to a key interest rate called LIBOR. Virtually every bank at the event was involved in illegally colluding to rig LIBOR, ensuring that they would always be the winners in the multi-million pound bets they were making on the markets.

When we noticed that this money-spinner had been overlooked in the ceremony, we decided to show up and make sure the LIBOR-riggers got the recognition they deserve.

The erudite James Surowiecki brings his journalistic skills to the problem of a banking system that has subsumed the its own watchdogs, in The New Yorker: In order to work well, markets…

As scandal surrounding the Vatican Bank grows and grows, Der Spiegel looks back at the its recent history of extreme sketchiness: Whereas Benedict XVI and his predecessors have preached humility and ethical…

Via ML-Implode: discovered in the course of its normal banking activities that Wells Fargo had frozen its bank account with no warning. Upon inquiring at the local branch (which had no direct knowledge of the incident), it was discovered the account had been flagged “credit risk”, and slated to be immediately closed.

These actions are more than slightly unusual because ML-Implode’s account was a plain checking account and was not an underwritten account. In fact, ML-Implode paid a monthly fee for the account, so Wells Fargo was certainly doing it no favors.

While the site is effectively insolvent (due to the impact of multiple frivolous libel suits from corrupt mortgage, e.g. by the outlawed Grant America scheme) and thus typically had a minimal balance, there had been no problems with overdrafts and all charges and obligations were always dutifully covered…

A vigorous case for the super rich is argued by Edward Conard of Bain Capital in an interview with Adam Davidson for the New York Times Magazine: Ever since the financial crisis…

Wells FargoThe police are ready for this. Good luck. Reports the AP via the Washington Post:

Police were guarding the entrance to the annual meeting of Wells Fargo shareholders on Tuesday as protesters associated with the Occupy Wall Street movement geared up to crash the gathering.

Dozens of officers were stationed around the Merchant’s Exchange Building in the city’s Financial District in advance of the 1 p.m. meeting. Bank stockholders were asked to show certificates or other proof of ownership before being corralled past gates erected in front of the doors.

Many of the early arrivals represented community groups from across the country that purchased Wells Fargo stock so they would have a say in the bank’s practices.

Shareholder Mark Richmond, a 59-year-old Portland member of the group We Are Oregon, said he hoped he could voice his concerns specifically about predatory lending and home foreclosures. He said he expected some raucousness inside and outside the meeting.