UBS has pled guilty to manipulating global interest rates, and will pay $1.5billion in fines. Liam Vaughan, Bloomberg UK finance reporter, discusses the case and the implications for financial regulation.

The Libor scandal hasn't gone away — it's only getting bigger. New York State attorney general Eric Schneiderman has subpoenaed several of the world's leading banks, including Barclays, for possible manipulation of interest rates. Connecticut's attorney general has also joined the investigation.

Banking scandals have dominated the headlines this summer. Now Michael Sandel, professor of political philosophy at Harvard University, is arguing that market-driven thinking has corrupted our moral code — not just on Wall Street, but in our everyday interactions.

New York State is looking more closely into the alleged role banks played in rigging the interbank lending rate known as Libor.

Treasury Secretary Timothy Geithner told Congress yesterday that he warned UK officials about problems with the LIBOR interbank lending rate as early as four years ago. ProPublica’s Cora Currier joins us to explain the ongoing LIBOR scandal.

In 2008, then president of the New York Federal Reserve Timothy Geithner noticed something might be wrong with Libor. So he took the strongest possible action he could think of: He sent a memo.

Yesterday in Washington, lawmakers from both sides of the aisle were talking about the structure and behavior of big banks. Tim Geithner offered testimony about the LIBOR rate-fixing scandal. And comments by a former Citigroup CEO led to buzz about the return of Glass-Steagall, which prevented banks from getting too big. Wall Street Journal economic policy reporter Damian Paletta discusses the latest.

Matthew Goldstein, editor in charge of Wall Street Investigations for Reuters, discusses his reporting on possible arrests in London and in New York City over the LIBOR rate-fixing scandal.

Treasury Secretary Timothy Geithner will testify before Congress this week. He’s expected to be asked about the LIBOR scandal. It comes at a time when a new report indicates banks from around the globe, including some U.S.-based banks, could be on the hook for billions of dollars over the LIBOR rate rigging.

The recent admission by Barclays Bank that it manipulated a key interest rate, the LIBOR or London Interbank Offered Rate, has raised questions about how state and local government finances have been affected in the U.S.

This is bigger than Obamacare. It's much more significant than Romney continuing as CEO of Bain after 1999. It has a far greater impact on every American this election year than any other issue the candidates have been discussing or will address in presidential debates this fall.

The Justice Department is said to be preparing cases against financial institutions in response to the Libor scandal, but Barclays has signed a non-prosecution agreement and is paying a penalty of $450 million – not much for a company with over $50 billion in revenue last year. 

It has been a tumultuous year for big banks, and today is turning out to be no different. JPMorgan and Wells Fargo released their earnings reports today.

There was once a time when the bank was a respected institution. But in 2007, only two in five Americans trusted in banks. Now, just five years later, the number has dipped even lower. 

The Libor manipulation scandal has dominated the news with stories of a culture of corporate greed and bankers who don't know right from wrong. But why should we care about a few London traders who fudged the numbers?

The Libor rigging scandal that started at Barclay's in London has landed, in its most recent episode, at the Federal Reserve Bank of New York. Reports that Barclay's met with the New York Fed about Libor in 2007 and 2008 implicate then-president Timothy Geithner. Nobody knows yet what those meetings were about, but the Treasury Secretary may now face grilling from some senators who want to know more.

The New York Times op-ed columnist Joe Nocera explains the London InterBank Offered Rate (LIBOR) index in the context of the allegations that Barclays manipulated that key rate benchmark.

It's big news in Europe right now. Monday morning, before a British Parliamentary committee, a top official with the Bank of England is testifying.