NY Attorney General Schneiderman Subpoenas 7 Banks in Growing LIBOR Scandal

HJ: Well this just keeps getting more and more interesting.  Despite a near media blackout on the LIBOR scandal, it keeps growing!  This is the sign of something truly phenomenal.  I can’t say what the motives of all the players in this game are, but nonetheless this scandal has the potential to take the entire fraudulent banking system as we know it.  For that reason alone it is worth following very closely. – Truth

7 Banks Hit With Libor Subpoenas Courtesy Of NY Attorney General Schneiderman

The Libor scandal that rocked Barclays is far from over for some of the world’s biggest banks.

JPMorgan ChaseCitigroupUBSDeutsche BankRoyal Bank of Scotland, Barclays and HSBC have been subpoenaed by New YorkAttorney General Eric Schneiderman’s office for their roles in the rate-rigging.

That’s according to a source close to the matter who says there could be additional banks in the mix hit with subpoenas by the AG’s office.

Connecticut Attorney General General George Jepsen is working jointly on the investigation. More state AGs could join the effort.

The Libor investigations by the AGs are still in the information-collecting stage. What are they looking for? A whole host of ways manipulated Libor rates could have affected investors such as the impact on interest rate swap deals.

Banks being investigated for their role in the scheme are bracing for a long road ahead as both regulators, prosecutors and institutional investors examine the situation.

Large institutional investors like mutual fund companies are currently investigating how they were affected by the false rates. It’s been reported thatBlackrock is one of the firms that’s launched an internal investigation into whether their funds have been hurt by the rate-rigging.

Read the rest of the article here: Forbes

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