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The Wall Street multibillion-dollar scandal no one is talking about

The Wall Street multibillion-dollar scandal no one is talking about


The LIBOR trading scandal could turn out to be far worse for Wall Street than its mortgage troubles.

CNN Money-

FORTUNE — Much of the talk about bad behavior on Wall Street since the financial crisis has been about mortgages with a little bit of insider trading sprinkled in. And that makes sense. Everyone immediately understands what a mortgage is. And the housing bust that resulted from all those bad home loans affected us all. And Hollywood has taught us to ooh and ah over insider trading.

But there is another scandal that has come out of the financial crisis that at least to me makes the mortgage underwriting scandal look like small peanuts, and it has been heating up lately. Two weeks ago, the government disclosed that it is looking into bringing criminal cases against traders and banks that manipulated a key bank lending rate, called LIBOR. A source close to the case says the government’s “may” will be dropped soon. Both Barclays and Deutsche Bank have disclosed that they have been the focus of investigations. Banks have suspended dozens of traders. Today, Credit Suisse announced that it was cooperating with regulators on the case. Traders at UBS reportedly are already working with the government on its investigation. Looking for instances in which Wall Streeters go to jail, unlike mortgages, this may be the one.

[CNN MONEY]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Bank of America, Citibank, UBS Violated Antitrust Law, Fund Says in Suit

Bank of America, Citibank, UBS Violated Antitrust Law, Fund Says in Suit


Do you see the direction this is heading…

BLOOMBERG-

A West Virginia pension fund sued Bank of America Corp. (BAC), Citigroup Inc. (C)’s Citibank unit and UBS AG (UBSN) claiming they manipulated the London Interbank Offered Rate, or Libor, in violation of U.S. antitrust law.

The Carpenters Pension Fund of West Virginia filed a complaint in federal court in Manhattan yesterday claiming the banks and a group of unnamed co-conspirators deliberately understated their borrowing costs to depress Libor, lowering their interest expenses on products tied to the rate.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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