The New York Times reported here that North Carolina State Treasurer Janet Cowell has spent the summer with her staff reviewing the state’s finances to find LIBOR damages. As we have reported, those damages are to be found in the states swap agreements. These paragraphs sum up the entire article: North Carolina had two major…
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I came across this piece from Bloomberg on the LIBOR fixing scandal. Vaughan and Linsell do a good job laying out how any participating bank could manipulate the rate by entering high or low bids. The article can be found here. Also, a mid-length article from The Economist can be found here.
While not exactly breaking news, I just came across this settlement filing by the CFTC with Barclays over the LIBOR fixing. For those of you in the compliance world, this is great reading. The filing can be found here.
Zero Hedge was out this morning with an update on LIBOR liability estimates, here. Also, see the WSJ piece, here. (You’ll need a subscription.) The range: Macquarie at $176B to Morgan Stanley at $7.8B.