Breaking late Thursday from Bloomberg:
Bank of America Corp. (BAC), the second- biggest U.S. bank, received formal inquiries from investigators pressing their probe into the possible rigging of a key international lending benchmark.(bolding by diarist -- not just the DOJ!)
The bank received subpoenas and requests for information from the U.S. Department of Justice, Commodity Futures Trading Commission and U.K. Financial Services Authority, the firm said yesterday in a filing. Bank of America also said regulators have asked whether the company properly oversaw vendors who sold identity-theft protection products to its customers.
Regulators have queried at least a dozen banks worldwide about their roles in setting Libor, the most widely used benchmark for interest rates, affecting more than $360 trillion in financial products. U.S. prosecutors are preparing to file charges later this year against traders from banks involved in a bid-rigging scheme to manipulate Libor, a person with knowledge of the case has said.
That thar moral universe arc sure seems to be bending!