Friday, July 27, 2012

WSJ: "Libor Suits Weighed by Mutual Fund Firms"


The Wall Street Journal July 27, 2012 p. C3

Majia here: Do you have a 401k? If so, your investments may have been harmed by the big banks' manipulation of the Libor rate.

Kristen Grind of the WSJ reports: "Several large mutual fund companies, including BlackRock Inc and Vanguard Group Inco have launched internal investigations into whether their funds have been harmed by alleged interest-rate rigging by large banks...

...The moves by fund companies are the first indication that the $12 trillion US fund industry could have been widely affected by the scandal..."

Majia here: The article notes that around $2.5 trillion in assets could be the most likely affected because of possible ties to Libor

For background on Libor see my post here:

http://majiasblog.blogspot.com/2012/07/the-financial-crisis-that-keeps-on.html

http://majiasblog.blogspot.com/2012/07/libor-scandal.html

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