JPMorgan Chase Libor Subpoenas Coming From Everybody In The World

HJ: Great to hear that investigators are keeping the ball rolling on this investigation.  After falling off the map for a while, the LIBOR scandal was beginning to look like it was getting placed on the backburner, but, as this article from none other than the Huffington Post reveals, investigators are still diligently working behind the scenes. – Truth

By Mark Gongloff, The Huffington Post – August 9, 2012

Huffington Post

Pretty much everybody in the world with subpoena power has hit JPMorgan Chase with requests for information in the Libor-rigging scandal.

The biggest U.S. bank revealed the extent of its involvement in the probe in a filing Thursday morning with the Securities and Exchange Commission, saying regulators in the U.S., U.K., Canada, Switzerland and more had asked it for information:

JPMorgan Chase has received subpoenas and requests for documents and, in some cases, interviews, from the DOJ, CFTC, SEC, European Commission, UK Financial Services Authority, Canadian Competition Bureau, Swiss Competition Commission and other regulatory authorities and banking associations around the world.

That’s a whole lot of subpoenas.

For the uninitiated, “DOJ, CFTC, SEC” refer to the Justice Department, Commodity Futures Trading Commission and Securities and Exchange Commission. “Libor” stands for “London Interbank Offered Rate,” a short-term interest rate that affects borrowing costs for homeowners, companies and borrowers throughout the world, along with about $350 trillion in credit derivatives. Despite its importance, the rate has apparently been manipulated constantly for years, in what may be the biggest financial scandal of all time.

Read the rest of the article here: Huffington Post


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