Arab Today, arab today official libor case could mushroom
Last Updated : GMT 00:19:34
Arab Today, arab today
Arab Today, arab today

Official: Libor case could mushroom

Arab Today, arab today

Arab Today, arab today Official: Libor case could mushroom

Washington - UPI

A state treasurer said the Libor manipulation scandal could end with settlements as large as the recent foreclosure case settlement with five major U.S. banks. The settlement with five of the nation\'s largest banks for their part in taking illegal shortcuts in foreclosure cases came to $26 billion. The Libor scandal has already resulted in Barclays bank settling its case with New York and British regulators for $450 million. As investigators look into large banks that help set the Libor rate -- more than a dozen of them -- the numbers begin to look pretty large, The New York Times reported Wednesday. \"We think this could be as big as the mortgage crisis settlement, that this could be a really high impact situation and that we should be aggressive on this,\" North Carolina Treasurer Janet Cowell said. Part of the problem facing plaintiffs in the Libor case is how to calculate the losses they incurred when banks manipulated the rate used as a benchmark rate for a wide variety of business and personal loans. Barclays manipulated its Libor numbers -- Libor being the London inter-bank offered rate, which is the rate banks charge other banks for overnight loans. That rate is averaged by the British Bankers Association and published as the Libor. Banks gained by making themselves look healthier if they reported low borrowing rates. A lower Libor also sweetened the pot on a variety of deals, the Times said. Municipalities were affected when their pension funds held bonds with rates attached to the Libor. But larger losses would have been incurred with interest rate swaps, which is how municipalities ensure they won\'t be hurt by floating interest rates on bonds. The foreclosure case included a national coordination of attorneys general and the Libor case is working in that direction, as well. A spokeswoman for Connecticut Attorney General George Jepsen said Jepsen\'s office was working with New York Attorney General Eric Schneiderman. The case \"has broadened significantly over the last few weeks and we are now coordinating with a much larger group of attorneys general,\" the Jepsen spokeswoman said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today official libor case could mushroom Arab Today, arab today official libor case could mushroom

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:38 2017 Friday ,24 March

Pass health bill Friday or he'll move on

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday