The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of collusively suppressing interest rates.Isn't time to separate banking from state?
The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate.
The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.
Among the banks named as defendants include Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank AG, HSBC Holdings, JPMorgan Chase, the Royal Bank of Scotland Group and UBS.
Saturday, March 15, 2014
Posted by Steve Bartin at 10:31 PM