Just caught this concerning the 'Libor' manipulations and a number of major banks causing the failure of some three dozen U.S. banks
FDIC sues big banks for alleged Libor manipulation
14 March 2014 - The Federal Deposit Insurance Corp. is suing many of the world's largest banks for their role in manipulating a global interest rate benchmark, alleging their actions played a role in the failure of more than three dozen U.S. banks.
The banks named in the suit filed in federal court in New York on Friday include U.S. banks such as JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500), as well as international banks such as Barclays (BCS), the London bank that was the first one to admit its role in manipulating the interest rate. read more>>>
This report isn't going into great depth but it does lay out the particulars somewhat. I'm sure much more is coming, especially from the banks.
Here's a quick update from Reuters:
U.S. regulator sues 16 banks for rigging key interest rate
14 March 2014 - The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate.
The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.
"The closed banks' losses flowed directly from, among other things, the harm to competition caused by the fraud and collusion alleged in the complaint," the FDIC said in the lawsuit. read more>>>