Libor Rate-Fixing Scandal Spotlight Now on Citi, JPMorgan

By Agence France-Presse

Saturday, July 7, 2012 9:03 EDT
NEW YORK — The harsh light of the Libor rate-fixing scandal has crossed the Atlantic, with both Citigroup and JPMorgan Chase saying regulators and investigators have requested information from them in a so-far preliminary probe of the case.

Share prices for both — as well as Bank of America, which has not said if it was asked for information — have fallen sharply this week amid worries they could be in line for the type of heavy fines laid on Britain’s Barclays Bank, at the center of the scandal.

Barclays has been fined $452 million (360 million euros) by British and US regulators for attempted manipulation of the markets for Libor and Eurobor benchmark interest rates between 2005 and 2009.

Three top Barclays executives have resigned and on Friday Britain’s Serious Fraud Office said it would formally investigate the case, which has dented London’s reputation as a top financial center.

Read the rest of the article here: Raw Story


Submit your comment

Please enter your name

Please enter a valid email address

Please enter your message

The Healers Journal © 2014 All Rights Reserved