The Swiss banking giant UBS is reportedly headed for a $1 billion settlement over accusations it rigged LIBOR interest rates — the benchmark for global lending.
Reform is on the way after fraudulent manipulation of the London Interbank Offered Rate, or LIBOR, the rate used by many banks in lending to each other.
A group representing British banks is giving up its responsibility for setting a key global interest rate. The British Bankers Association will no longer control LIBOR — the London Interbank Offered Rate. That's the benchmark for hundreds of trillions
of dollars in mortgages, student loans and other transactions around the world.
The attorneys general of New York and Connecticut have sent subpoenas to several banks, including JPMorgan Chase and Citigroup. When it comes to banking scandals, it's state regulators who are out in front.
The other shoes have finally dropped in the LIBOR investigation. Seven other shoes, in fact. Attorneys general in New York and Connecticut have subpoenaed seven of the world's biggest banks, including Citigroup and JPMorgan Chase here in the U.S.
today, there's word that a number of other banks — including JPMorgan Chase and Citigroup — are being subpoenaed by regulators in New York and Connecticut. It's all about charges that the banks rigged an interest rate called LIBOR.
