Jun 29, 2012

This record fine on a prestigious bank appears to be a very big deal and could have an effect on many other banks including Citigroup and JPMorgan.

http://www.dailymail.co.uk/news/article-2166198/Libor-scandal-Barclays-blows-whistle-Americas-financial-giants.html

The bank admitted to manipulating key interest rates, increasing pressure on other banks to cooperate in a probe that could cost the financial industry billions of dollars.

The agreement came after coordinated investigations lasting years and is just the first in a series of potential cases against other financial firms, including HSBC, Citigroup and JPMorgan Chase.

But it is Barclays' decision to co-operate with authorities that has sent a wave of panic through financial institutions across America.