RT: Libor lies: 13 giant lenders sued over the benchmark rate riggin

2012: What's the 'real' truth?

Published time: September 24, 2013 14:06Reuters / Mike SegarReuters / Mike Segar

JPMorgan Chase, Barclays, Credit Suisse, and 10 other world’s biggest international lenders are being sued by a US regulator for causing millions of losses to credit unions by allegedly manipulating the Libor benchmark rate.

Five credit unions were forced to close after they received less interest income than they were entitled to because of the manipulated Libor rates, according to the statement released on Monday by the National Credit Union Associations (NCUA). The complaint was filed in Kansas in a US District Court, Reuters reports.

“We have a responsibility to pursue recoveries through every available avenue against those who caused billions of dollars in losses to credit unions,” NCUA Board Chairman Debbie Matz said the Monday night statement.

“Some firms were manipulating international interest rates in a way that cost the five corporates to lose millions of dollars. Just as…

View original post 409 more words

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s