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Fbi Joins Inquiry Into Libor Manipulation Claims Against Banks

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8529592/FBI-joins-inquiry-into-Libor-manipulation-claims-against-banks.html

The Daily Telegraph has learnt that the US crime fighting agency is working alongside regulators including the US Commodity Futures Trading Commission and the Securities and Exchange Commission.

The UK equivalent, the Serious Fraud Office, has revealed it is also taking an active interest. A spokesman said: "We are taking an interest in these matters and stand ready to help the US authorities with their investigations."

Lloyds Banking Group, Barclays, Royal Bank of Scotland and Swiss bank UBS have all revealed they are part of the investigation. Insiders believe another 10 banks may be involved.

The allegations centre on concerns that the interbank lending rate, Libor, was manipulated at the height of the financial crisis to lower borrowing costs artificially.

The British Banking Association is responsible for setting Libor. The daily rate is set by a panel of 16 banks in a number of currencies. It defines the benchmark rate at which banks lend to each other.

This story just keeps growing, perhaps Obama will be declaring it started in the UK? If the BBA is sued will the UK taxpayer be expected to pick up the bill?

If the financial system collapses I wonder if we will see bankers jailed as politicians look to cover their own backsides?

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I think interest rates for savers should be set by a panel of savers.

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Interesting that that this is gathering pace over all the othe frauds that have taken place in the US. Looks to me the reason they will go to town on this is because it has a none US focus. More US protection?

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Interesting that that this is gathering pace over all the othe frauds that have taken place in the US. Looks to me the reason they will go to town on this is because it has a none US focus. More US protection?

Although they'll just have to hope that we don't have a global financial system...

However it's ironic that they are being investigated for trying artificially lower the Libor rate presumably to keep the banking system solvent and yet the Fed isn't investigated for lowering borrowing costs artificially.

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  • 309 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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