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7 Banks Subpoenaed In Libor Investigation
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7 Banks Subpoenaed In Libor Investigation

Business

7 Banks Subpoenaed In Libor Investigation

7 Banks Subpoenaed In Libor Investigation
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Authorities have been investigating London's interbank interest rate. Earlier this summer, Barclays was fined by U.S. and U.K. officials to settle charges of manipulating the rate. The latest subpoenas come in a probe by state regulators in New York and Connecticut.

RENEE MONTAGNE, HOST:

NPR's business news starts with a subpoena.

(SOUNDBITE OF MUSIC)

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.

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