JPMorgan Chase Libor Subpoenas Coming From Everybody In The World

JPMorgan Chase Libor Subpoenas Coming From Everybody In The World

Pretty much everybody in the world with subpoena power has hit JPMorgan Chase with requests for information in the Libor-rigging scandal.

The biggest U.S. bank revealed the extent of its involvement in the probe in a filing Thursday morning with the Securities and Exchange Commission, saying regulators in the U.S., U.K., Canada, Switzerland and more had asked it for information:

JPMorgan Chase has received subpoenas and requests for documents and, in some cases, interviews, from the DOJ, CFTC, SEC, European Commission, UK Financial Services Authority, Canadian Competition Bureau, Swiss Competition Commission and other regulatory authorities and banking associations around the world.

That’s a whole lot of subpoenas. For the uninitiated, “DOJ, CFTC, SEC” refer to the Justice Department, Commodity Futures Trading Commission and Securities and Exchange Commission. “Libor” stands for “London Interbank Offered Rate,” a short-term interest rate that affects borrowing costs for homeowners, companies and borrowers throughout the world, along with about $350 trillion in credit derivatives. Despite its importance, the rate has apparently been manipulated constantly for years, in what may be the biggest financial scandal of all time.

Rest here…


4 Responses to “JPMorgan Chase Libor Subpoenas Coming From Everybody In The World”
  1. Bill says:

    This all will finally be revealed, lttle by little, but I don’t think it’s going to help any of us regular people one iota.

  2. Pamela Edwards says:

    Imagine that now that it’s too late to do anything everyone is all of a sudden interested.If this wasn’t so pathetic it would almost be laughable.

    • Bobbi Swann says:

      @ Pamela – YEP.

      • Pamela Edwards says:

        Again Ms.Swann please accept my apologies for thinking you were a gentleman and not a lady.It is your very anilitical mind that prompted this thought process.

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