{"id":5327,"date":"2012-07-16T00:00:00","date_gmt":"2012-07-16T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/07\/barclays_libor_manipulation_sc"},"modified":"2022-03-09T16:20:42","modified_gmt":"2022-03-09T22:20:42","slug":"barclays-libor-manipulation-sc","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/barclays-libor-manipulation-sc\/","title":{"rendered":"Barclays LIBOR Manipulation Scam Places Citigroup, Credit Suisse, Deutsche Bank, JP Morgan Chase, and UBS Under The Investigation Microscope"},"content":{"rendered":"\n

The London Inter-Bank Offer Rate (LIBOR) manipulation scandal involving Barclays Bank (BCS-P) has now opened up a global probe, as investigators from the United States, Europe, Canada, and Asia try to figure out exactly what happened. While Barclays may have the settled the allegations for $450 million with the UK\u2019s Financial Services Authority, the US Department of Justice, and the Commodity Futures Trading Commission, now a number of other financial firms are under investigation including UBS AG (UBS)<\/a>, JPMorgan Chase (JPM)<\/a>, Deutsche Bank AG, Credit Suisse Group (CS), Citigroup Inc., Bank of Tokyo-Mitsubishi UFJ, HSBC Holdings PLC (HBC-PA), Lloyds Banking Group PLC (LYG), Rabobank Groep NV, Mizuho Financial Group Inc. (MFG), Societe Generale SA, RP Martin Holdings Ltd., Sumitomo Mitsui Banking Corp., and Royal Bank of Scotland PLC (RBS).<\/p>\n

In the last few weeks, the accuracy of LIBOR, which is the average borrowing cost when banks in Britain loan money to each other, has come into question in the wake of allegations that Barclays and other big banks have been rigging it by submitting artificially low borrowing estimates. Considering that LIBOR is a benchmark interest rates that affects hundreds of trillions of dollars in financial contracts, including floating-rate mortgages, interest-rate swaps, and corporate loans globally, the fact that this type of financial fudging may be happening on a wide scale basis is disturbing.<\/p>\n

\u201cIt\u2019s my understanding the total financial paper effected by LIBOR is close to $500 trillion dollars. This is a half-quadrillion dollars if you are wondering about the next step up,\u201d said Shepherd Smith Edwards and Kantas, LTD, LLP Founder and Institutional Investment Fraud Attorney William Shepherd<\/a>.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The London Inter-Bank Offer Rate (LIBOR) manipulation scandal involving Barclays Bank (BCS-P) has now opened up a global probe, as investigators from the United States, Europe, Canada, and Asia try to figure out exactly what happened. While Barclays may have the settled the allegations for $450 million with the UK\u2019s Financial Services Authority, the US […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3756,3820,3817,3818,3752,3958,4027,3999,3755],"tags":[],"class_list":["post-5327","post","type-post","status-publish","format-standard","hentry","category-barclays-capital","category-citigroup","category-credit-suisse","category-deutsche-bank","category-financial-firms","category-jp-morgan-chase","category-libor-scandal","category-rbs-securities","category-ubs"],"yoast_head":"\nBarclays LIBOR Manipulation Scam Places Citigroup, Credit Suisse, Deutsche Bank, JP Morgan Chase, and UBS Under The Investigation Microscope — Investor Lawyers Blog — July 16, 2012<\/title>\n<meta name=\"description\" content=\"The London Inter-Bank Offer 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