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Libor rate-fixing scandal spotlight now on Citi, JPMorgan

By Agence France-Presse
Saturday, July 7, 2012 9:03 EDT

NEW YORK — The harsh light of the Libor rate-fixing scandal has crossed the Atlantic, with both Citigroup and JPMorgan Chase saying regulators and investigators have requested information from them in a so-far preliminary probe of the case.

Share prices for both — as well as Bank of America, which has not said if it was asked for information — have fallen sharply this week amid worries they could be in line for the type of heavy fines laid on Britain’s Barclays Bank, at the center of the scandal.

Barclays has been fined $452 million (360 million euros) by British and US regulators for attempted manipulation of the markets for Libor and Eurobor benchmark interest rates between 2005 and 2009.

read more http://www.rawstory.com/rs/2012/07/07/libor-rate-fixing-scan...




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Low LIBOR doesn’t reflect true cost of borrowing

Here's my take on the problems with LIBOR in a video segment I recorded last October for Reuters.

10/06/11 Low LIBOR doesn’t reflect true cost of borrowing: Rombach…. http://reut.rs/w14Rn0

Ed Rombach

NO... NO WAY.. this is a

NO... NO WAY.. this is a lie... jzneff, jeff34560987, tex and ron_is_for_real say there is no such thing as market manipulation.. especially in the the silver pits! No way just can't be.

SteveMT's picture

RT: Max Keiser Talks about LIBOR; 7/7/12

Ron Paul mentioned a few minutes in: Audit the Fed!

http://rt.com/programs/ke...

Fractional Reserve Banking must end

Period

beephree

everyone should get out of the stock market...

I remember we used to buy stocks in a company because you agree and believe in its values and core principles. Now a days you buy stocks to bet against its success or failure with another buyer. Most of the time how a company is rated or performing in the market does not reflect the actual state of a company. Don't tell me Facebook has any value because it does not; it produces and sells nothing.

I say: if you can't make it better, don't make it worst!

Wait..

It provides ad revenue/visibility the likes of which few can offer, except google or youtube. It also allows you immense access to local markets which can be difficult to reach. So yeah lol

So some big banks tried to manipulate

interest rates...anyone else see the bigger story being missed here?

THE FED IS ALL ABOUT MANIPULATING INTEREST RATES!!!

Wake the F up people!

As big a story as this is, how is the Fed doing worse damage, openly and deliberately not a bigger story?

"I never submitted the whole system of my opinions to the creed of any party of men whatever in religion, in philosophy, in politics, or in anything else where I was capable of thinking for myself." - Thomas Jefferson

It will land at the Fed's doorstep

But will it be reported?

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

Scourge of the earth

Too big to fail has failed. These are not banks. My regional community bank is a bank. The 16 banks who set LIBOR are pirates.

And yet, none of the culpable will do jail time. None, not one.

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

and....

This is where they lower their stocks so when the crash hits they can scoop it up for pennies

driving down stock

I knew a company that this a long time ago until some high powered investors caught wind of it and ended up owning the firm. lol

donvino