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7 Banks Subpoenaed In Libor Investigation

Aug 16, 2012
Originally published on August 21, 2012 4:53 pm
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RENEE MONTAGNE, HOST:

NPR's business news starts with a subpoena.

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MONTAGNE: Seven banks have now been subpoenaed in an investigation involving LIBOR, that's the London Interbank Offered Rate, or the rate at which banks lend money to one another. Earlier this summer, Barclays was fined by U.S. and U.K. officials to settle charges of manipulating that rate. The latest subpoenas come in a probe by state regulators in New York and Connecticut. Bloomberg reports that investigation includes JPMorgan Chase, Citigroup and HSBC. Transcript provided by NPR, Copyright NPR.