Economy

Po_d Mainiac

(4,183 posts)

19. Developing story

Wed Feb 22, 2012, 09:04 AM

Feb 2012

Although it will likely go the same route as the inquest into the funds at MFG or the farce that the ‘mortgage fraud' prosecution has become.

The unnamed bank, seeking immunity, told Canada’s Competition Bureau that traders and cash brokers conspired to influence the Yen London interbank offered rate from 2007 to 2010 to profit on interest-rate derivative positions linked to the benchmark. The bureau spelled out the probe in documents it filed with the Ontario Superior Court in May.

http://www.bloomberg.com/news/2012-02-15/jpmorgan-hsbc-implicated-by-informant-bank-in-canada-libor-case.html

What the article doesn't state, is JPM’s exposure to IR derivatives is estimated to be around $61T....Just a tad more than a few years worth of the world's GDP.

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