Deutsche Bank, whose board holds President Barack Obama’s secretary of defense nominee Chuck Hagel, made major profits in 2008 on bets related to the London interbank offer rate (Libor).
Swiss bank UBS has agreed to pay roughly $1.5 billion in fines to settle accusations that it was involved in rigging interest rates to boost its trading profits.
The developing Libor scandal has ensnared Obama Treasury Secretary Timothy Geithner, the Washington Post reports.
The New York Federal Reserve and its then-chairman Timothy Geithner were informed as early as 2007 about problems pertaining to Libor, a critical interest rate that sets the tone in the global marketplace, according to the Washington Post.
FACEBOOK
TWITTER