“.. Even when there doesn’t seem to be a lot going on, the cost to banks just keeps on rising.
The latest estimates are found in a Wall Street Journal piece published Monday on all the lawyers piling up like brains-hungry zombies to file lawsuits against banks accused of manipulating Libor.
The plaintiffs include small banks, like Berkshire Bank of New York, that claim they missed out on some sweet lending cash because rates were manipulated too low.
They include state and local governments and other municipalities that say they lost money on interest-rate swaps because of Libor rigging.
They include hedge funds and other investors who claim they were duped in trades with Libor manipulators.
The high-end estimate of the potential cost to the 16 banks being investigated in the Libor probe has risen to $176 billion, the WSJ writes -
- citing a July report by Australian firm Macquarie Research…”
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Libor Scandal’s Potential Costs Exploding To $88 Billion Or More.
