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August 16, 2012

Banks Subpoenaed in Probe over Libor Manipulation 
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Seven major banks have been subpoenaed in a probe of the manipulation of
the London Interbank Offered Rate, or Libor, which provides the basis
for rates on trillions of dollars in transactions across the globe. The
manipulation meant millions of borrowers paid the wrong amount on their
loans. New York officials have subpoenaed UBS, Deutsche Bank, Royal Bank
of Scotland, JP Morgan, Citigroup, HSBC and Barclays Bank over the past
several months. Barclays was fined $453 million in June for its role in
fixing Libor. Both the Justice Department and the attorneys general of
New York and Connecticut are currently conducting investigations.

 

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