Deutsche Bank faces Libor questions from German lawmakers
November 28, 2012 11:14 AM EST
Birgit Reinemund, a lawmaker with the Free Democrats (FDP), invited Deutsche Bank to attend a parliamentary hearing as Berlin politicians join a raft of regulators and politicians trying to understand how some banks manipulated the London Inter Bank Offered Rate (LIBOR), a benchmark interest rates used to price trillions of dollars worth of contracts.
Parliamentarians had invited co-Chief Executive Anshu Jain, a former head of investment banking, but the lender decided to send board member Leithner in his place, sparking accusations that Jain has "chickened out.
Even Jain's former boss, Josef Ackermann, accused him of demonstrating a lack of leadership for not going to the hearing.
The move strains the already tense relationship between bankers, who prefer to keep out of the public eye, and politicians, who are eager to demonstrate their grip on the freewheeling world of global finance.
In the United States, Goldman Sachs
The manipulation of Libor burst into the headlines in June when British bank Barclays
Deutsche Bank said in July initial findings from an internal probe into alleged rigging of global interest rates found that no members of the management board behaved inappropriately.
The probe revealed that two former Deutsche Bank traders may have been involved in colluding to manipulate global benchmark interest rates.
Libor rates submitted by banks are compiled by Thomson Reuters
(Reporting By Edward Taylor; Editing by Louise Heavens)
Most Popular Slideshows
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- Celebrities Who Got Pregnant Using IVF: Busting the Myths About IVF
- Lunch with the Gods: Pope Francis Eats with Vatican Workers in Cafeteria
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Apple iPhone 6 Release Date Update: 6 Most Wanted Feature Upgrades for Next iPhone
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- Top Surprising Features Of iOS 8
- Twin Malaysia Airlines MH370, MH17 Aviation Disasters Create Phobia Among Travellers
- HTC One M8 Windows Phone to Launch for Verizon; Release Date, Price, Five Fresh Features to Anticipate for New Smartphone
- OnePlus One vs. Moto X+1 – Early Specifications, Release Date and Price Faceoff