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LIBOR bankers subpoena
DrMarty | August 16, 2012 at 01:57 amby
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Connecticut Attorney General General George Jepsen is working jointly on the investigation. More state AGs could join the effort.
Schneiderman's investigation comes as no surprise. He's no stranger to bank investigations; he has gone after all the major banks for their mortgage and foreclosure mishaps.
Many of the banks disclosed possible LIBOR-related troubles in their 10-Q filings. When asked about the NY AG's subpoena, Citi pointed to its disclosure in its 10-Q filing:
"Interbank Offered Rates-Related Litigation and Other Matters In connection with the investigations and inquiries regarding submissions made by panel banks to bodies that publish various interbank offered rates, certain Citigroup subsidiaries have received additional requests for information and documents from various U.S. and non-U.S. governmental agencies, including the offices of the New York and Connecticut Attorneys General."
UBS pointed to its second-quarter report that says various agencies and attorneys general are focusing on whether there were improper attempts by UBS (among others), either acting on their own or together with others, to manipulate LIBOR and other benchmark rates at certain times.
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