From Fortune: Earlier this week, Citigroup CEO Vikram Pandit told analysts
not to use Barclays' $450 million Libor settlement as a guidepost for what his
firm might have to pay. And he could be right. Citigroup (C) might end up
paying much more.
A number of studies have shown that when it comes to lying
about the key bank rate, Barclays was far from the worst offender. That title
may belong to Citi.
In early 2010, two economics professors from UCLA and the
University of Minnesota looked at Libor manipulation and found that, at least
according to one measure, Citi had misstated its lending rate by more than any
other large U.S. bank in the run up to the financial crisis. The worst offender
worldwide, according to the analysis, was the Royal Bank of Canada….
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