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Citi, Bank Of America, And JPMorgan Enter Lieborgate: Congress Expands Libor Probe To Big Three Domestic Banks
When the Fed released its “trove” of materials confirming that the Fed indeed knew that the Barclays was manipulating its Libor submissions (amusingly explained by Ben Bernanke before Senate today that “the employee had no idea what Libor is in that case”), few were surprised, but more were confused why the congressional inquiry focused solely on the Fed’s interactions with British Barclays, instead of focusing on the three domestic banks that were part of the BBA’s USD Libor fixing committee. And only three US banks.
World Economy ready for total collapse, Unemployment rises in 90% of U.S. Cities, Greek Bank Run and Mass Exodus in progress, New Yorkers flee oppressive…