Monday, July 9, 2012

The Chicago Firm That Sued Big Banks Over Rigging LIBOR

Earlier today, I wrote in Gapers Block about a Chicago trading firm's lawsuit against the major banks for their role in manipulating LIBOR.

The catch? The suit was filed over a year ago.
The seemingly-obscure LIBOR rate affects everything from student loans to mortgate rates. Since LIBOR is the interest rate that the world's largest banks are supposed to pay whenever they borrow money, and since several of the world's largest banks have offices in Chicago, I wonder how much banking fraud and manipulation took place right here in the Windy City?
We'll see what justice - if any - is served, as the flood of lawsuits by swindled investors pop up in the coming weeks. 

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