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Freddie Mac Sues Bank of America, JPM For Billions In Libor Losses
US mortgage company Freddie Mac claims it suffered more than $3 billion in losses between 2007-2010 due to bank manipulation of Libor, a benchmark borrowing rate run by the British Banking Association.
Freddie Mac is suing more than a dozen banks, including Bank of America, JPMorgan Chase, UBS, CitiGroup, Royal Bank of Scotland, and Credit Suisse for setting the Libor low against the dollar to “both hide their institutions’ financial problems and to boost their profits,” according to the complaint. The complaint was filed March 14 in US District Court in the state of Virginia.
“Defendants’ fraudulent and collusive conduct caused USD LIBOR to be published at rates that were false, dishonest, and artificially low,” Richard Leveridge, a Freddie Mac lawyer wrote in the complaint, which went public on Tuesday.
Rest of today's links.
- ICELAND BANK FRAUD -- Nine people indicted in largest fraud in history
- Senate DEMs vote to repeal Obamacare tax they passed just 2 years ago
- Britain To Be Downgraded Again From AAA Rating - Fitch
- U.S. gets D+ on infrastructure report card - CBS News
- Jeb Bush says he admires George for ‘not responding to Obama’ since he left office
- Iceland's Lost Billionaires
- BlackBerry Inventor Starts Fund to Make Star Trek Device A Reality
- TSA humiliates double-amputee Marine
- Is New Zealand Next -- A Push To Adopt A Cyprus Solution
- Congressional Report: Obamacare Leads to Skyrocketing Premiums, 200% Possible
- NAFTA at 20: The New Spin
- South Korean banks and media hacked by North Korea?
- Exclusive: No More Drones For CIA - The Daily Beast
- Obama's limo breaks down in Israel: Eight amazing facts about 'the Beast'
- 'Black Dragon' jailed for 3 years for hacking the UN to steal carbon credits
Senate gun control stopped.
Harry Reid: Assault weapon ban does not have 60 Votes.
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In Depressed Spain, ATMs That Dispense Free Cash
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Goldman Sachs - Life with Goldman..sucks!
A song about Goldman Sachs, written by Georgina Grammatikou.