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Former UBS and Citigroup trader Tom Hayes has been convicted of eight counts of conspiring with other traders and brokers to manipulate Libor.
While a legislator and union members are pushing the city to reclaim losses resulting from LIBOR bank fraud, San Francisco agencies remain cautious.
A New York-based bank has sued the group of 16 banks, which set the Libor interest rate, claiming that recent allegations of Libor manipulation has cost the lender money in its lending operations.
Shocking information continues to surface, building on the already known facts released since the London Interbank Offered Rate (Libor) scandal hit the airwaves at the end of June.
Former Barclays Plc Chief Operating Officer (COO) Jerry del Missier on Monday testified that his former boss, Bob Diamond, instructed him to low ball the bank’s Libor submissions.
