US builds criminal cases in interest rate-fixing s

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US builds criminal cases in interest rate-fixing scandal

Prospect of charges could push financial institutions to settle with authorities

As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal.

www.msnbc.msn.com/id/48187483/ns/business-us_business/#.UAObpvV0hyI

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Update on this:
Interest Rate-Fixing Scandal Swindles Baltimore, Other Municipalities out of Millions of Dollars

Amidst the financial crisis of 2008 and resultant recession, cities and states around the country lost millions of dollars on investments tied to the London Interbank Offered Rate (Libor). Far from a "free market phenomenon," they say the rate was suppressed by a cartel of some of the world's largest banks, and the city of Baltimore is taking them to court.