Financial Times (December 19)
2012/ 12/ 21 by jd in Global News
“The conspiracy to fix Libor appears more extensive than had been previously thought. This was not just a question of massaging submissions to make UBS’s financial position look stronger than it was after the crisis. The settlement also points to a co-ordinated effort across banks to manipulate market rates for profit.” Collusion and anti-trust charges may lead to class-action suits. Libor may become “the banks’ ‘tobacco moment’, when long-running bad behaviour is finally rumbled and the lawsuits roll in.”
Tags: Anti-trust, Banks, Class-action, Collusion, LIBOR, Tobacco, UBS
