2011-04-20gata.org

``Three investment funds have accused a group of US, European, and Japanese banks of conspiring to manipulate the benchmark interest rate used to calculate the cost of billions of dollars of debt... The complaint argues that the banks had two motives for suppressing Libor: "to avoid having the market doubt their financial stability" and "to take advantage of insider trading opportunities their inside information would provide in the Libor-based derivative market."''


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