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The banks also face a raft of civil litigation from municipalities, investors and other financial firms that claim they lost money from the misreporting of rates. These lawsuits could end up costing the industry tens of billions of dollars, according to analysts.
On Monday, the oversight panel of the House Financial Services Committee sent a letter to the New York Fed seeking transcripts from at least a dozen phone calls in 2007 and 2008 between central bank officials and executives at Barclays.
“Some news reports indicate that although Barclays raised concerns multiple times with American and British authorities about discrepancies over how Libor was set, the bank was not told to stop the practice,” Representative Randy Neugebauer, a Texas Republican and the head of the House oversight panel, said in the letter, which was reviewed by The New York Times.
The political firestorm also escalated in London on Monday, where a British parliamentary committee grilled a top Bank of England official over his knowledge of wrongdoing at Barclays. British politicians chided Paul Tucker, deputy governor at the Bank of England, the country’s central bank, for not taking a more active role in Libor.
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