Editing Libor (section)

===Criminal investigations===
On 28 February 2012, it was revealed that the [[US Department of Justice]] was conducting a criminal investigation into Libor abuse.<ref>{{Cite news|url=https://www.reuters.com/article/us-libor-probe-idUSTRE81R1ZG20120228|title=U.S. conducting criminal Libor probe|date=28 February 2012|work=Reuters| df=dmy-all}}</ref> Among the abuses being investigated were the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an advantage in predicting that day's fixing. Libor underpinned approximately $350&nbsp;trillion in [[derivative (finance)|derivative]]s. One trader's messages indicated that for each basis point (0.01%) that Libor was moved, those involved could net "about a couple of million dollars".<ref>{{Cite news|url=http://www.economist.com/node/21557772|title=Libor: Eagle fried|newspaper=The Economist|date=30 June 2012|url-status=live|archive-url=https://web.archive.org/web/20120724205601/http://www.economist.com/node/21557772|archive-date=24 July 2012|df=dmy-all}}</ref>

On 27 June 2012, [[Barclays Bank]] was fined $200m by the [[Commodity Futures Trading Commission]],<ref name="cftc">{{Cite news|url=http://www.cftc.gov/PressRoom/PressReleases/pr6289-12|title=CFTC Orders Barclays to pay $200 Million Penalty for Attempted Manipulation of and False Reporting concerning LIBOR and Euribor Benchmark Interest Rates| df=dmy-all}}</ref> $160m by the [[United States Department of Justice]]<ref name="usdoj">{{Cite news|url=https://www.justice.gov/opa/pr/2012/June/12-crm-815.html|title=Barclays Bank PLC Admits Misconduct Related to Submissions for the London Interbank Offered Rate and the Euro Interbank Offered Rate and Agrees to Pay $160 Million Penalty|url-status=live|archive-url=https://web.archive.org/web/20120713233752/http://www.justice.gov/opa/pr/2012/June/12-crm-815.html|archive-date=13 July 2012|df=dmy-all}}</ref> and £59.5m by the [[Financial Services Authority]]<ref name="fsa">{{Cite news|url=http://www.fsa.gov.uk/library/communication/pr/2012/070.shtml|title=Barclays fined £59.5&nbsp;million for significant failings in relation to LIBOR and EURIBOR|url-status=live|archive-url=https://web.archive.org/web/20120628104925/http://www.fsa.gov.uk/library/communication/pr/2012/070.shtml|archive-date=28 June 2012|df=dmy-all}}</ref> for attempted manipulation of the Libor and Euribor rates.<ref>{{cite news|first=Ian|last=Pollock|url=https://www.bbc.co.uk/news/business-18622907|title=Libor scandal: Who might have lost?|publisher=BBC News|date=28 June 2012|access-date=28 June 2012|url-status=live|archive-url=https://web.archive.org/web/20120628183415/http://www.bbc.co.uk/news/business-18622907|archive-date=28 June 2012|df=dmy-all}}</ref> The United States Department of Justice and Barclays officially agreed that "the manipulation of the submissions affected the fixed rates on some occasions".<ref name="usdoj statement of facts">{{cite web | url=https://www.justice.gov/iso/opa/resources/9312012710173426365941.pdf | title=Statement of Facts | publisher=United States Department of Justice | date=26 June 2012 | access-date=11 July 2012 | url-status=live | archive-url=https://web.archive.org/web/20120715064327/http://www.justice.gov/iso/opa/resources/9312012710173426365941.pdf | archive-date=15 July 2012 | df=dmy-all }}</ref><ref>Taibbi, Matt, [https://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703 Why is Nobody Freaking Out About the LIBOR Banking Scandal?] {{webarchive|url=https://web.archive.org/web/20120707005012/http://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703 |date=7 July 2012 }}, [[Rolling Stone]], 3 July 2012</ref> On 2 July 2012, [[Marcus Agius]], chairman of Barclays, resigned from the position following the interest rate rigging scandal.<ref>{{cite news|agency=Reuters |title=Barclays chairman resigns over interest rate rigging scandal |url=http://profit.ndtv.com/News/Article/barclays-chairman-to-resign-over-interest-rate-rigging-scandal-307175 |access-date=2 July 2012 |newspaper=NDTV profit |date=2 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120704215734/http://profit.ndtv.com/News/Article/barclays-chairman-to-resign-over-interest-rate-rigging-scandal-307175 |archive-date= 4 July 2012 }}</ref> [[Bob Diamond (banker)|Bob Diamond]], the chief executive officer of Barclays, resigned on 3 July 2012. Marcus Agius was to fill his post until a replacement was found.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-18685040|title=Barclays boss Bob Diamond resigns amid Libor scandal|date=3 July 2012 |publisher=BBC News|url-status=live|archive-url=https://web.archive.org/web/20170422222236/http://www.bbc.co.uk/news/business-18685040|archive-date=22 April 2017|df=dmy-all}}</ref><ref>{{cite news|url=http://www.thehindubusinessline.com/industry-and-economy/banking/article3598091.ece?homepage=true |title=Bob Diamond |date=4 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20130210195646/http://www.thehindubusinessline.com/industry-and-economy/banking/article3598091.ece?homepage=true |archive-date=10 February 2013 }}</ref> Jerry del Missier, chief operating officer of Barclays, also resigned. Del Missier subsequently admitted that he had instructed his subordinates to submit falsified LIBORs to the British Bankers Association.<ref>{{cite news | url=https://dealbook.nytimes.com/2012/07/16/former-senior-barclays-executive-faces-scrutiny-in-parliament/ | work=The New York Times | first=Mark | last=Scott | title=Former Senior Barclays Executive Faces Scrutiny in Parliament | date=16 July 2012 | url-status=live | archive-url=https://web.archive.org/web/20170709105939/https://dealbook.nytimes.com/2012/07/16/former-senior-barclays-executive-faces-scrutiny-in-parliament/ | archive-date=9 July 2017 | df=dmy-all }}</ref>

By 4 July 2012, the breadth of the scandal was evident and became the topic of analysis on news and financial programs that attempted to explain the importance of the scandal.<ref>[http://www.capitalismwithoutfailure.com/2012/07/matt-taibbi-eliott-spitzer-and-dennis.html Capitalism Without Failure] {{webarchive|url=https://web.archive.org/web/20120711131836/http://www.capitalismwithoutfailure.com/2012/07/matt-taibbi-eliott-spitzer-and-dennis.html |date=11 July 2012 }} coverage of a discussion among [[Matt Taibbi]], [[Eliot Spitzer]], and Dennis Kelleher on [[Viewpoint with Eliot Spitzer]] on 4 July 2012 regarding the emerging LIBOR Scandal</ref> On 6 July, it was announced that the UK [[Serious Fraud Office (United Kingdom)|Serious Fraud Office]] had also opened a criminal investigation into the attempted manipulation of interest rates.<ref>{{cite web|url=http://www.businessweek.com/news/2012-07-09/libor-criminal-probe-cftc-bank-exemptions-canada-compliance|title=Bloomberg Business|publisher=Bloomberg L.P.|url-status=dead|archive-url=https://web.archive.org/web/20120712095510/http://www.businessweek.com/news/2012-07-09/libor-criminal-probe-cftc-bank-exemptions-canada-compliance|archive-date=12 July 2012|df=dmy-all}}</ref>

On 4 October 2012, Republican [[United States Senate|US Senators]] [[Chuck Grassley]] and [[Mark Kirk]] announced that they were investigating [[United States Treasury Secretary|Treasury Secretary]] [[Timothy Geithner]] for complicity with the rate manipulation scandal. They accused Geithner of knowledge of the rate-fixing, and inaction which contributed to litigation that "threatens to clog our courts with multi-billion dollar class action lawsuits" alleging that the manipulated rates harmed state, municipal, and local governments. The senators said that an American-based interest rate index would be a better alternative and that they would take steps towards creating one.<ref>HITC Business (4 October 2012) [http://hereisthecity.com/2012/10/04/fox-business-networks-charlie-gasparino-reports-sen-grassley-and/ "Senators Launch Investigation Into Treasury Secretary Geithner’s Involvement In Libor Manipulation"] {{webarchive|url=https://web.archive.org/web/20130117114250/http://hereisthecity.com/2012/10/04/fox-business-networks-charlie-gasparino-reports-sen-grassley-and/ |date=17 January 2013 }} (''FOX Business'')</ref>