Thu, 05 Jul 2012

Wall Street Bank Investors in Dark on Libor Liability

Crony capitalism at it's finest! What a grandiose scam! Nearly every adjustable consumer interest rate in the US is tied to LIBOR, including mortgages and credit cards. I'm sure there are several thousand (at least!) class action lawyers salivating right now at the prospects of going after some really, really deep pockets ....

Barclays’s fines were the first in a two-year, inter- continental investigation into manipulation of Libor and Euribor, benchmarks used globally for setting borrowing rates. Among the 18 lenders on the U.S. dollar panel are the three biggest American banks, JPMorgan Chase & Co. Bank of America and Citigroup, as well as Barclays and Zurich-based UBS. The 16- member British pound panel includes Barclays, UBS, JPMorgan and Frankfurt-based Deutsche Bank AG.

(link) [Bloomberg]

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