Daily News: August 6, 2012

NYT: It’s Now Every Bank for Itself in LIBOR Scandal

According to a New York Times article, major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum.

The Times said, according to government and bank officials with knowledge of the matter, with billions of dollars and their reputations on the line, financial institutions have been spreading the blame in recent meetings with authorities. While acknowledging their own wrongdoing, institutions are pointing out actions at other banks that they believe are worse – and in some cases, extend to top executives.

To read the full New York Times article, click here.