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Tag: Libor

Justice Department Building Case Against Financial Institutions

Steve Neavling
ticklethewire.com

The U.S. Justice Department is investigating several financial institutions and their employees over the manipulation of interest rates, Reuters reports.

Traders at Barclays Plc are among the institutions under investigation related to how banks set the London interbank offered rate, or Libor, Reuters reported, citing sources who spoke on condition of anonymity.

Rates are important because they determine borrowing costs for trillions of dollars in credit cards, mortgages and student loans. The newspaper also reported that some U.S. local and state governments were hurt by rate manipulation.

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