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2012-07-23 — thefiscaltimes.com
Shapiro estimates that more than $200 billion in government agency swaps contracts were affected by the rate manipulation and total losses to governments alone could be in excess of $1 billion. A report issued in early June by a coalition of urban transit advocacy groups estimated the Libor scandal cost 13 big city transit agencies $92.6 million in reduced payments, led by San Francisco's Bay Area Rapid Transit system with a $17.1 million loss and the New York Metropolitan Transportation Authority with a $16.9 million loss.
"Because we bailed out the bank and the Fed has pushed rates down to nothing, these deals have turned sour," said Saqib Bhatti, a research analyst with the Service Employees International Union who helped compile the report. "That's why we think the banks should be forced to renegotiate these deals."
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