Florida Gov. Rick Scott Tuesday asked the state’s congressional delegation to investigate the scandal involving the manipulation of the London interbank offered rate, and how much money it may have cost Florida.
Scott asked legislators in a letter to determine the extent to which Libor manipulation may have driven up interest rates unfairly or denied the appropriate returns on retirement savings and other investments.
He pointed to the recent settlement in which Barclays Capital agreed to pay a record 290 million pounds, or $451 million, in fines for submitting false Libor rates.
“Additionally, allegations that the Federal Reserve Bankruptcy of New York may have been advised of problems with Libor reporting deserves a thorough investigation to ensure that sufficient action was taken to protect Americans from the impacts of these practices,” Scott said.
The attorneys general of New York and Connecticut are already conducting an investigation, in addition to probes by the United States government and by other countries.
Royal Bank of Scotland Group Plc, UBS AG, Lloyds Banking Group Plc and Deutsche Bank AG are reportedly involved in the ongoing investigations.
