BofA (BAC) has received requests for information from U.S. and U.K authorities about the setting...


BofA (BAC) has received requests for information from U.S. and U.K authorities about the setting of Libor and other interbank rates, BofA said yesterday. The firm is also a defendant, along with other banks, in investor lawsuits over the affair. BofA will take a Q3 charge of $800M related to a fall in the U.K. tax rate, and it will contribute $738M to the credit-card price-fixing settlement in the U.S. (10-Q)

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Comments (4)
  • davidingeorgia
    , contributor
    Comments (2661) | Send Message
     
    BofA involved in another scandal? Gosh, there's a shocker!
    3 Aug 2012, 05:20 AM Reply Like
  • MexCom
    , contributor
    Comments (3073) | Send Message
     
    Yup with interest rates at record lows did they rig them lower than they should be? The net result is an increase in costs for the banks and the need to increase their rates to cover it. Higher rates = higher profits for the banks.
    3 Aug 2012, 05:28 AM Reply Like
  • Mike Maher
    , contributor
    Comments (2863) | Send Message
     
    As a LIBOR setting bank, why wouldnt authorities request information from BAC? I'll wait for either charges or a settlement before I decide that BAC did anything illegal.
    3 Aug 2012, 08:19 AM Reply Like
  • vandagreenwood
    , contributor
    Comments (27) | Send Message
     
    BofA is just in the headlights.
    WFC and all the rest just kept a lower profile and have a better PR department.
    Moved my small business account to Bof A because they offer more services for less than any other bank I shopped.
    Am impressed actually and my life became simpler. One actually speaks to someone in the USA when there is a problem and they get it fixed.
    3 Aug 2012, 09:47 AM Reply Like
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