The manipulation caused "substantial losses" to 38 US banks that were shut down due to insolvency during and after the 2008 financial crisis.
US Regulator Sues Major Banks Over Libor Manipulation
Credit: Salim Virji
March 14, 2014

Via AFP:

The US Federal Deposit Insurance Corporation sued HSBC, Citigroup, Deutsche Bank and 12 other global banking heavyweights on Friday for manipulating the Libor benchmark interest rate.

The manipulation caused "substantial losses" to 38 US banks that were shut down due to insolvency during and after the 2008 financial crisis, according to the FDIC.

The regulator said the accused institutions cheated the closed banks in US dollar-based Libor swaps and other agreements through the manipulation of the rate between 2007 and 2011.

Libor, or the London Interbank Offered Rate, is used as a re...

Continue reading...

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. When registering you will also be presented with the option to tie all your old Disqus comments to your new Insticator account. Please note that the ability to comment with a C&L site account is no longer available.

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.