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Britain’s Libor needs ‘complete overhaul’: watchdog
Britain’s Libor interest rate needs a “complete overhaul” in the wake of the Barclays rate-rigging scandal, the nation’s finance regulator will say Friday in an eagerly-awaited review. The Financial Services Authority will make the key recommendation in an independent report commissioned by British finance minister George Osborne in the wake…
Seven banks subpoenaed in U.S. Libor probe
NEW YORK — Seven banks have been subpoenaed in the United States in the investigation into rigging the Libor benchmark interest rate, a source close to the case told AFP Wednesday. New York authorities subpoenaed UBS, Deutsche Bank, Royal Bank of Scotland, JP Morgan, Citigroup, HSBC and Barclays Bank in…
WATCH LIVE: Geithner testifies on Libor reform
U.S. Treasury Secretary Tim Geithner testified before the House Committee on Financial Services on Wednesday about potential Wall Street and Libor reforms. Libor, an interest rate calculated by various banks in London, has been found to be rigged. An employee at Barclays bank in London admitted that they knew they…
Barclays Bank chairman to quit in lending rate scandal
LONDON — The chairman of Barclays Bank is set to step down after the group was fined for attempting to manipulate the inter-bank lending rate, the BBC reported on Sunday. Marcus Agius will announce on Monday that he is to leave his post in the face of public and political…
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