US FDIC sues 16 banks alleging Libor manipulation in Doral collapse

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US FDIC sues 16 banks alleging Libor manipulation in Doral collapse

US FDIC sues 16 banks alleging Libor manipulation in Doral collapse

The media does not report names of banks listed, here it is:

COMPLAINT against BARCLAYS BANK PLC, BBA Enterprises Ltd., BBA TRENT LTD. (F.K.A. BBA LIBOR LTD.), Bank of America, N.A., Bank of Scotland PLC, British Bankers Association, COPERATIEVE RABOBANK UA (F.K.A. COPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A.), Citibank, N.A., Credit Suisse AG, Credit Suisse International, Deutsche Bank AG, HSBC Bank PLC, JPMorgan Chase Bank, N.A., Lloyds Bank PLC (formerly known as Lloyds TSB Bank PLC), Lloyds Banking Group PLC, PORTIGON AG (F.K.A. WESTLB), Royal Bank of Canada, Societe Generale, The Bank of Tokyo-Mitsubishi UFJ Ltd., The Norinchukin Bank, The Royal Bank of Scotland PLC, UBS AG.

Reuters-

A U.S. regulator on Tuesday filed a lawsuit against 16 U.S. and international banks alleging they had manipulated bbaLIBOR, which is a series of interest-rate benchmarks, leading to the collapse of Puerto Rico’s Doral Bank.

The Federal Deposit Insurance Corp (FDIC), which brought the suit in its capacity as receiver for Doral Bank, alleged that the rate rigging harmed Doral by causing substantial losses with regard to its loan portfolio and derivative holdings.

The suit is the latest in a long line of lawsuits in the U.S. District Court in Manhattan targeting the alleged rigging by banks of one interest rate benchmark, market or commodity or another.

[REUTERS]

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2 Responses to “US FDIC sues 16 banks alleging Libor manipulation in Doral collapse”

  1. Usif says:

    …..never mind what it did to more than 10 million homeowners.

  2. Charles Reed says:

    I knew back in 1998 that the LIBOR seems to be too easy to manipulate because there were only something like a couple of guy in London making the decisions on these rates.

    The FDIC needs to sue themselves in the hoax that JPMorgan could purchase $140 billion in 95% perform Federal Government loan the United State was providing insurance for was somehow included in the $1.9 billion sales of assets to JPMorgan!

    When is the Fed going to give Wells Fargo their punishment for illegally foreclosing on WaMu Ginnie Mae pooled borrowers properties?

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