NEW YORK (AP) — Emergency workers removing debris from the site of a deadly explosion at two New York City apartment buildings were expected to reach the basement levels Saturday, clearing the way for investigators to search for clues that might reveal what caused the blast.
The US Federal Deposit Insurance Corporation sued HSBC, Citigroup, Deutsche Bank and 12 other global banking heavyweights for manipulating the Libor benchmark interest rate. The manipulation caused "substantial losses" to 38 US banks that were shut down due to insolvency during and after the 2008 financial crisis, according to the FDIC. Libor, or the London Interbank Offered Rate, is used as a reference for some $350 trillion worth of financial contracts worldwide, from corporate loans to financial swap contracts. "The panel bank defendants fraudulently and collusively suppressed USD Libor, and they did so to their advantage," the FDIC's filing said.