Banks in Libor Inquiry Are Said to Be Trying to Spread Blame – NYTimes.com

Banks in Libor Inquiry Are Said to Be Trying to Spread Blame – NYTimes.com.

The Barclays settlement prompted the resignation of top executives, including the chief executive, Robert E. Diamond Jr., and helped to erase more than $3 billion of the bank’s market value.

Looks like the blame game has started and had started a long time ago. But then again the regulators are in cahoots with these Banks and too-big-to-fail banksters. But can you really blame them ? Moral Hazard has long been the name of the game and when governments bail these institutions out, this cycle will continue. 

Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum.

With billions of dollars and their reputations on the line, financial institutions have been spreading the blame in recent meetings with authorities, according to government and bank officials with knowledge of the matter. While acknowledging their own wrongdoing, institutions are pointing out actions at other banks that they believe are worse — and in some cases, extend to top executives.
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