February 24, 2014
We noted in 2012 that bot the Bank of England and Federal Reserve knew about the Libor interest rate rigging scandal by the big banks.
Newly-released minutes of the meeting of the Fed’s Open Market Committee confirm that the Fed knew about the Libor interest rate manipulation.
And Bloomberg reported earlier this month:
Bank of England officials told currency traders it wasn’t improper to share impending customer orders with counterparts at other firms, a practice at the heart of a widening probe into alleged market manipulation, according to a person who has seen notes turned over to regulators.
Traders representing some of the world’s biggest banks told officials at the meeting that they shared information about aggregate orders before currency benchmarks were set, three people with knowledge of the discussion said. The officials said there wasn’t a policy on such communications and that banks should make their own rules, according to the people.
This isn’t some minor case of stretching the truth a little bit … The Libor interest rate scandal was thebiggest financial scandal in world history:
This article was posted: Monday, February 24, 2014 at 5:49 am