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Barclays' settlement over Libor-fixing claims gives immediate credibility to lawsuits worldwide...

Barclays' settlement over Libor-fixing claims gives immediate credibility to lawsuits worldwide against banks for buying financial instruments based on a manipulated rate. The sums are potentially huge as Libor is used to price pretty much everything rate-related. The BIS estimates the notional value of interest rate derivatives at $500T - even a tiny fraction would be a vast amount.
Comments (5)
  • chris293
    , contributor
    Comments (181) | Send Message
     
    I don't know how much governments' have had to do with getting banks, especially big banks to take over the bad loans starting with Saving and Loan failed banks in the early 80's to the failing Mortgage companies of the 90's, and then President Clinton and Congress repealing parts of Glass-Steagall that even made the financial problems worse, but i do remember how the president of Bank of America with other bank presidents were called to Washington D.C. to help take over many of the failing companies.
    27 Jun 2012, 05:35 PM Reply Like
  • hotelben
    , contributor
    Comment (1) | Send Message
     
    Is there a class action law suit yet?
    27 Jun 2012, 06:22 PM Reply Like
  • milesmolyneux
    , contributor
    Comments (4) | Send Message
     
    Meltdown ahead. This could make Lehmans look like a picnic in the park.
    27 Jun 2012, 06:23 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (8154) | Send Message
     
    This is a tempest in a teapot.
    28 Jun 2012, 05:11 AM Reply Like
  • JasonC
    , contributor
    Comments (3143) | Send Message
     
    Lawyers want to be bank robbers, they think it is a better line of work.
    28 Jun 2012, 03:57 PM Reply Like
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