The Libor scandal is back (and potentially with a vengeance) as the US CFTC charges Lloyds Bank with attempted manipulation and false reporting of Libor. They says Lloyds colluded with Rabobank to rig yen Libor.
Other banks will be running scared because they certainly weren’t the only ones.
Update: The UK’s FCA has fined Lloyds £105m for serious Libor and othre benchmark failings..
They say that between April 2008 and Sept 2009, firms manipulated the rates to reduce fees payable by them to the Bank of England. Second they artificially inflated repo rate submissions to narrow the repo-rate/Libor spread.
It looks like the UK finished its case with Libor and Lloyds, now the US gets a crack. The Americans have been handing out some hefty fines lately.
