Truthmatters
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Libor banking scandal may have cost U.S. mortgage agencies $3 billion - The Washington Post
Mortgage finance giants Fannie Mae and Freddie Mac may have lost up to $3 billion from the ma*nipu*la*tion by several big banks of the global interest rate known as Libor, according to an internal government memo.
That was just one more sign Wednesday of the growing rate-fixing scandal, as federal prosecutors and regulators also announced that Swiss banking giant UBS had agreed to pay $1.5 billion in fines for manipulating the rate. U.S. authorities also filed criminal charges against two UBS employees, the first individuals targeted by the widening investigation.
Mortgage finance giants Fannie Mae and Freddie Mac may have lost up to $3 billion from the ma*nipu*la*tion by several big banks of the global interest rate known as Libor, according to an internal government memo.
That was just one more sign Wednesday of the growing rate-fixing scandal, as federal prosecutors and regulators also announced that Swiss banking giant UBS had agreed to pay $1.5 billion in fines for manipulating the rate. U.S. authorities also filed criminal charges against two UBS employees, the first individuals targeted by the widening investigation.
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