JPMorgan, UBS Said Among (7) Banks To Get N.Y. Libor Subpoenas
Source: Bloomberg
JPMorgan, UBS Said Among Banks To Get N.Y. Libor Subpoenas
By David McLaughlin - Aug 15, 2012 12:06 PM PT
JPMorgan Chase & Co. (JPM), Barclays Plc (BARC) and UBS AG (UBSN) are among seven banks subpoenaed in New York and Connecticuts investigation into alleged manipulation of Libor, according to a person familiar with the matter and company filings.
Subpoenas were sent in recent weeks to Deutsche Bank, Royal Bank of Scotland Group Plc (RBS), and HSBC Holdings Plc (HSBA) in addition to Barclays and JPMorgan, said the person. Citigroup Inc. (C) and UBS received subpoenas earlier this year as part of the investigation.
New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly investigating alleged manipulation of the London interbank offered rate, or Libor, by lenders. RBS, UBS, Lloyds Banking Group Plc (LLOY) and Deutsche Bank are among the lenders regulators in Europe, Asia and the U.S. are investigating.
Confidence in Libor, a benchmark for financial products valued at $360 trillion worldwide, has been dented by Barclayss admission that it submitted false rates. Robert Diamond resigned as Barclays chief executive officer after the bank was fined 290 million pounds ($454 million).
Read more: http://www.bloomberg.com/news/2012-08-15/jpmorgan-barclays-said-among-banks-to-get-libor-subpoenas.html
breaking, more as i get it, kp
MORE:
http://www.reuters.com/article/2012/08/15/libor-litigation-ny-idUSL2E8JFCJJ20120815
http://www.nasdaq.com/article/ny-connecticut-attorneys-general-demand-libor-information-from-citi-20120803-00940
rurallib
(62,448 posts)maybe one sob - just one will spend a night in jail yet.
silvershadow
(10,336 posts)from me and forcing me into unnecessary bankruptcy during the last administration, I hope they die. Quite literally. I hope this LIBOR thing brings them down. They stole 70k in actual money from me, I gave up when I realized the fix was in. Until I gave up, I had never made a single late payment over 4 years. They just wouldn't refi me the way it was sold to me. Yes, I realize it wasn't guaranteed they would refi. But by the time I figured out the game they were playing it was too late, and no one would touch me, as the wheels were coming off the whole thing by then. The whole reason I bought was because President Bush came on teevee and asked me to, so the terrorists wouldn't crash our economy. I was victimized by these predatory cretins and we now know they were laundering money for mexican cartels and who knows who all.
Scuba
(53,475 posts).... financial penalties that EXCEED the amounts ripped off from the public seem appropriate to me.