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Showing posts from July 7, 2012

Recent Tweets July 7, 2012 10:55 AM ET

stephencroseStephen C. RoseJul 07, 10:30 AMBeyond Barclays: Laying out the Libor Investigations - ProPublicahttp://t.co/lKTMBXMF Beyond Barclays: Laying out the Libor Investigations - ProPublica [www.propublica.org] Beyond Barclays: Laying out the Libor Investigations by Cora Currier Last week, the British bank Barclays was slapped with $450 million in fines and penalties for manipulating information used to set a critical interest rate. Settlements filed by government regulators in the U.S. and the U.K. show this manipulation happened in two ways: first, Barclays’ traders attempted to steer rates up or down in order to benefit trades they had made to profit off of those rates. Separately, the filings show that during the financial crisis, Barclays tried to counter reports that it had financial troubles by changing the interest rate it reported. If you’re just catching up to this, here’s some background on the scandal, and how we’ll likely see government action on other banks besides B…