There is evidence that, as early as 2005, some banks began manipulating the LIBOR rates.
But during the fall of 2008, the complaint alleges, Citi artificially inflated the Libor rates.
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It also envelops the banks who we now learn were engaged in fixing LIBOR rates.
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The implication is that new LIBOR rates are likely to be higher and more volatile.
Near the end of 2008, Libor rates plummeted, forcing the university to post collateral.
The CFTC settlement says Barclays had "no internal procedures and controls" determining how the Libor rates were calculated.
Previously esoteric issues that only bankers talked about, like Libor rates, were suddenly part of the everyday vernacular.
At its heart Libor rates represent what banks would have to pay to borrow money from other banks.
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Barclays is currently reviewing its operations in the light of recent scandals over the fixing of Libor rates and PPI mis-selling.
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Much bigger panels would include banks that are smaller and less creditworthy than those currently submitting, leading to higher LIBOR rates.
As to the substance of his testimony, he was unambiguous that he did not ask or instruct Barclays to rig the important Libor rates.
That leaves a question as to whether Treasury officials expressed their concern about Barclays' high LIBOR rates in their conversations with the Bank of England.
The investigation is predicated on the assumption that at least one other bank must have colluded with Barclays in any attempts to manipulate Libor rates.
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Barclays was found to have tried to manipulate Libor rates, by putting in inaccurate submissions, resulting in a record fine from US and UK regulators.
Because trillions of dollars of loans based on floating Libor rates ratcheting higher would cause borrowers to default, banks needed to keep a lid on rising rates.
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In response the British Bankers' Association (BBA) started publishing LIBOR rates in 1986 and they quickly became a vital reference point for the pricing of financial instruments.
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Credit markets remain jammed, with three-month Libor rates at 4.5%.
According to notes Diamond has submitted as evidence Tucker suggested during the conversation that Barclays need not submit such high Libor rates as it was doing during that time.
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So, maybe the Euribor and Libor rates correspond to something, but we know for a fact that they do not always, or even usually, correspond to an actual transaction.
JPM, Citi, and BofA and other U.S. banks are also part of the group that submits Libor rates they have yet to face any fines as many are still in talks with regulators.
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The idea is that with the ECB offering an unattractive rate at which it borrows money overnight, banks will be more inclined to lend to one another, bringing Libor rates down even further.
The problem, say plaintiffs in the suit, is that banks were submitting artificially inflated Libor rates around the first day of each month in order to push their mortgage rates higher and make bigger profits.
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Throughout the Class Period, the LIBOR 6 month rates on the first business day of each month are, on average, more than two basis points higher than the average LIBOR 6 month rates throughout the Class Period.
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Additionally, from August, 2007 through February, 2009, the LIBOR 6 month rates on the first business day of each month are, on average, more than seven and one-half basis points higher than the average LIBOR 6 month rates.
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They were unable to force him out, because the recent FSA investigation into how Barclays attempted to rig the important Libor interest rates did not find him personally culpable.
What is perhaps even more problematic is that the SFO is embarking on its most important investigation in recent years, whether crimes were committed in the way that banks and bankers tried to manipulate the important Libor interest rates.
So where does that leave Bob Diamond, Barclays' chief executive - whom some have said should quit, because he ran Barclays' investment bank during the period when its traders were trying to manipulate the important Libor interest rates and when the bank was understating what it had to pay to borrow?
The claim is that returns for mortgages or other loans tied to dollar-based LIBOR were depressed because rates had been suppressed by banks manipulating LIBOR.
However, when market forces shifted such that numerous players suppressed LIBOR simultaneously, rates swayed downward.
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