BUSINESS
08/06/2012 08:07 am ET Updated Oct 06, 2012

The Libor Scandal Turns Defensive

Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum.

With billions of dollars and their reputations on the line, financial institutions have been spreading the blame in recent meetings with authorities, according to government and bank officials with knowledge of the matter. While acknowledging their own wrongdoing, institutions are pointing out actions at other banks that they believe are worse -- and in some cases, extend to top executives.

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