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General News 7/20/2012 at 5:44 PM EDT

Citigroup Manipulated Libor More Than Any Other U.S. Bank: Reports

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So far Barclays has been the sad, British face of the Libor scandal, but there could soon come a day when an American bank could be the poster child for Libor manipulation. USA! USA!

Fortune's Stephen Gandel wrote on Friday about not one, not two, but three different studies that use charts and math to show that, of all the many banks just stone-cold manipulatin' Libor during the financial crisis, the champion Libor-mangler of all was apparently, drumroll please, Citigroup.
Citi did not respond to Fortune's request for a comment. It is no doubt one of 16 different banks, including fellow Americans Bank of America and JPMorgan, getting the stinkeye from regulators over Libor. Libor, for you Libor virgins who have somehow accidentally stumbled into this story, is an interest rate at which banks lend money to each other for short periods. It's the basis for hundreds of trillions...

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OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

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