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June 14, 2013

Report: Bank Traders Manipulated Foreign Exchange Rate Worth Trillions 
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In financial news, Bloomberg News is reporting traders at some of the
world's biggest banks have manipulated key foreign exchange rates used
to set the value of investments worth trillions of dollars. Traders said
the rigging is accomplished by executing deals before and during the
minute-long windows when benchmarks are set. The report says the
activities happened daily for at least a decade. The latest news follows
the public scandal over the rigging of the global interest rate Libor.
Matt Taibbi wrote in his blog for Rolling Stone, "if this story is true,
it would almost certainly trump LIBOR for scale/horribleness."

 

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