A group representing British banks is giving up its responsibility for setting a key global interest rate. The British Bankers Association will no longer control LIBOR -- the London Interbank Offered Rate. That's the benchmark for hundreds of trillions
of dollars in mortgages, student loans and other transactions around the world.
The attorneys general of New York and Connecticut have sent subpoenas to several banks, including JPMorgan Chase and Citigroup. When it comes to banking scandals, it's state regulators who are out in front.