A Chicago trading firm accused Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM), UBS AG (UBSN) and Citigroup Inc. (C) of conspiring to manipulate the London interbank offered rate.The banks drove down Libor to generate billions of dollars in profits from swaps, loans, interest rate derivatives and other financial instruments whose value depended on the rate, Eldorado Trading Group LLC said in a complaint filed July 5 in federal court in Newark, New Jersey. (h/t Mish Shedlock)
This has been out there for awhile, but this is the first actual official complaint, to my knowledge. Thrown in on top of everything else, this is making Wall Street look like a Mafia subsidiary.
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3 comments:
Mr. Hickey:
I wouldn't criticize the mafia like that.
run from the banks
bank run
"I wouldn't criticize the mafia like that."
Right, they have a code of honor.
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