How deep will this rabbit hole go?

[CedarPhin]

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The New York Federal Reserve on Friday released documents showing it knew banks were manipulating a key interest rate more than four years ago.
The documents, which date back to 2007, show that the Fed was fully aware that banks were lying about their borrowing costs when setting Libor, and chose to take no action against them.

Should be interesting to see how this turns out. Can't possibly turn out well for anyone.

[Dolphins9954]

The Federal Reserve is the KING KONG of manipulating interest rates.

[CedarPhin]

So are Barclay's, Chase, and HSBC, not to mention others. The Fed just looked the other way. The banks were Sandusky, The Fed was Paterno.

[CedarPhin]

DOJ building a criminal case against several banks/individuals.....

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WASHINGTON, July 14 (Reuters) - The U.S. Justice Department is building criminal cases against several financial institutions and their employees related to the manipulation of interest rates, The New York Times reported on Saturday.

Citing government officials close to the case who spoke on condition of anonymity, the Times said traders at Barclays Plc were among the individuals against whom Justice was building cases. Authorities expect to file charges against at least one bank later this year, the newspaper reported.