I Get By With Alittle Help From My Friends....

Dinar Outcast


You are not connected. Please login or register

JPMorgan Chase, 6 Other Banks Subpoenaed By NY AG Over Libor

View previous topic View next topic Go down  Message [Page 1 of 1]

gente


JPMorgan Chase, 6 Other Banks Subpoenaed By NY AG Over Libor



By MICHAEL VIRTANEN 08/15/12 04:42 PM ET

reddit
stumble

AP 14457235241Get Business Alerts:

Sign Up Follow: Financial Crisis, Citibank, Video, JPMorgan Chase, Jamie Dimon, Royal Bank Of Scotland, Barclays, Hsbc, LIBOR, Libor Rigging, Ubs, Business News ALBANY, N.Y. -- The attorneys general of New York and Connecticut have issued subpoenas to seven banks over the possible manipulation of a global interest rate, a person with knowledge of the matter told The Associated Press on Wednesday.

Subpoenas were issued, mostly last month and this month, to Barclays, Citigroup, Deutsche Bank, JPMorgan Chase, HSBC, Royal Bank of Scotland and UBS, the person said.

The person spoke on condition of anonymity because the person was not authorized to discuss the matter publicly.

American and British regulators have already fined Barclays, based in Britain, $453 million for submitting false information between 2005 and 2009 to keep the interest rate, known as LIBOR, low.

LIBOR, short for London interbank offered rate, is used to set the interest rates on trillions of dollars in contracts around the world, including mortgages and credit cards.

It is a self-policing system and relies on information that global banks submit to a British banking authority.

The New York and Connecticut attorneys general issued the subpoenas because LIBOR is also used to determine the rates for the bonds issued by city and county governments, the person with knowledge of the matter told AP.

Barclays has admitted that it submitted figures that were lower than accurate for its interbank borrowing, including during the financial crisis in the fall of 2008. Those reports made it appear that Barclays was healthier than it was.

UBS filed a report with regulators July 31 saying that agencies including state attorneys general were examining whether it and other banks had tried to manipulate the rate. A spokeswoman for Barclays declined further comment.

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum