Bloomberg News is reporting traders at some of the world’s biggest banks have manipulated key foreign exchange rates used to set the value of investments worth trillions of dollars. Traders said the rigging is accomplished by executing deals before and during the minute-long windows when benchmarks are set. The report says the activities happened daily for at least a decade. The latest news follows the public scandal over the rigging of the global interest rate Libor. Matt Taibbi wrote in his blog for Rolling Stone, “if this story is true, it would almost certainly trump LIBOR for scale/horribleness.”
2013