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Economy
In reply to the discussion: STOCKMARKET WATCH -- Wednesday, 11 July 2012 [View all]Demeter
(85,373 posts)39. LIBOR Bank Scandal Turns Spotlight to Regulators
Last edited Wed Jul 11, 2012, 11:02 AM - Edit history (1)
http://truth-out.org/news/item/10259-bank-scandal-turns-spotlight-to-regulators...Politicians in both London and Washington are questioning whether regulators allowed banks to report false rates in the run-up to the 2008 financial crisis and afterward. On Monday, Congress stepped into the fray, requesting information about the role of the Federal Reserve Bank of New York, according to people close to the matter. The Senate Banking Committee on Tuesday also announced it was looking into the issue....On Monday, the oversight panel of the House Financial Services Committee sent a letter to the New York Fed seeking transcripts from at least a dozen phone calls in 2007 and 2008 between central bank officials and executives at Barclays.
Authorities around the world are now considering action against more than 10 big banks, including UBS, JPMorgan and Citigroup. The banks also face a raft of civil litigation from municipalities, investors and other financial firms that claim they lost money from the misreporting of rates. These lawsuits could end up costing the banking industry tens of billions of dollars, according to analysts...
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