The Sharks Are Biting Each Other

This is amusing....

Charles Schwab Corp. (SCHW), the largest independent brokerage by client assets, sued Bank of America Corp., Citigroup Inc. (C) and other banks claiming they manipulated the London interbank offered rate, or Libor, starting in 2007 in violation of U.S. antitrust law. The banks conspired to depress Libor rates by understating their borrowing costs, thereby lowering their interest expenses on products tied to the rates, according to the lawsuit filed Aug. 23 in federal court in San Francisco, where Schwab is based.

Hoh hoh hoh.... Schwab and its customers would have gotten hosed by this, of course, but the essence of the claim is that in the months leading up to the collapse in 2008 these institutions... Read the full analysis here.