Fed investigating rate rigging

by Bernie Becker - 01/13/14 9:24 AM ET

The Federal Reserve is looking into whether officials at major global banking powers manipulated interest rates.

{mosads}The central bank is now among the authorities investigating whether bankers across multiple continents shared information that allowed them to rig rates and pad their pockets, according to Bloomberg.

Authorities around the world have already contacted at least a dozen banks over the matter, which includes the manipulation of Libor, the London interbank offered rate.

Tags Finance Interest rates Libor