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Published on Aug 10, 2012 by TheRealNews
Cities around the country, from Baltimore to Oakland, are taking legal action against the banks responsible for suppressing the London interbank offered rate, Libor. And some 75% of major cities involved in libor-tied interest-rate swaps stand to reclaim taxpayer losses in addition to libor-backed mortgage holders who lost money on the rate's manipulation.
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Published on Aug 2, 2012 by bloomberglaw
Aug. 1 (Bloomberg Law) -- The world's biggest banks are likely to defend lawsuits alleging they manipulated the Libor interest rate by saying the federal government knew it and did nothing, according to Neil Barofsky, former Inspector General for TARP. Rather than put maximum pressure on the banks by suing them individually, the government is likely to try to sidestep arguments it was complicit in the Libor mess by seeking a global settlement, he tells Bloomberg Law's Lee Pacchia. Barofsky is the author of the new book "Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street."
Published on Jul 24, 2012 by WSJDigitalNetwork
Investigators allege a years-long, worldwide conspiracy by groups of bankers to rig interest rates. What changes, if any, are expected to come to the banking industry as a result? David Enrich reports on Markets Hub. Photo: Bloomberg.
Published on Jul 27, 2012 by WSJDigitalNetwork
Barclays' finance chief is investigated as the Libor scandal widens. David Weidner has details, and insights into what Treasury Secretary Geithner's testimony says about who is really to blame in this mess. Photo: Getty Images.
Published on Jul 25, 2012 by CNNMoney
Tim Geithner explains why the Federal Reserve used Libor as a base rate for AIG and TALF loans despite knowing that it was 'vulnerable to misreporting.'
Published on Jul 23, 2012 by MoneyTalksNews
The LIBOR scandal is so large it makes Bernie Madoff look like a shoplifter. And it could be affecting you.
Shocking new evidence is coming to light that reveals a criminally organized cartel of bankers have been systematically and methodically cheating the Libor scores on a global scale, affecting almost every financial market in the entire world.
Libor is the rate at which banks charge each other for lending and borrowing. Each and every morning these rates are exchanged between global banks, and shocking new evidence is revealing that banks have been faking these credit scores in order to cheat the system. This is corruption to the deepest core of the global banking system.
Despite these ongoing expansive revelations of massive fraud and corruption, no banks in North America have been forced to face repercussions. In England, however the scandal has hit hard, with Barclays Banks last week beginning the fall of the mighty "too big to fail" banks that could be the first of many more dominoes to fall in rapid succession from one corner of the globe to another.
The question remains - when will the people of North America get interested enough or angry enough to hold these bankers accountable?
...Or is the Tom Cruise/Katie Holmes divorce more important to the average American?