Where Are the Libor Cases Against U.S. Banks?: Jonathan Weil
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It would look awfully strange if the U.S. government wound up targeting only foreign banks as part of its investigation into the manipulation of the London interbank offered rate. It’s too soon to say if that will be the end result. But time is marching quickly.
A year ago this week, London-based Barclays Plc cut a $160 million nonprosecution agreement with the U.S. Justice Department and became the first bank to admit to falsifying its Libor submissions. Two other European banks -- Zurich-based UBS AG and Edinburgh-based Royal Bank of Scotland Group Plc -- have reached Libor-related settlements with U.S. prosecutors since then, each with much harsher penalties than Barclays got.