The Fall-Out from the Financial Crisis: LIBOR, Bid-Rigging, and Securities Lending
IMLA Municipal Lawyer
Recent scandals in the financial markets have made global headlines over the last year, and some of the biggest victims are likely U.S. cities, towns, and other municipal agencies. In particular, banks have been accused of manipulating the LIBOR rate, rigging bids on municipal investment agreements, and taking inappropriate risks on their clients' behalf in securities lending programs. As a result, municipalities and other local governmental entities may have suffered significant investment losses from the financial crisis, sometimes without even realizing it.
The complete article, "The Fall-Out from the Financial Crisis: LIBOR, Bid-Rigging, and Securities Lending," first appeared in the January/February 2013 issue of IMLA Municipal Lawyer.