As the financial crisis began to unfold in 2007, the New York Federal Reserve learned that some banks might have intentionally underestimated the rates they expected to pay for loans from other banks.
Documents the New York Fed released Friday, in response to a request from Congress, show that the banking regulator began to be concerned about the accuracy of LIBOR — or the London Interbank Offered Rate — late in 2007.
Visa and Mastercard have announced that they will pay retailers more than $6 billion to settle several class-action and individual lawsuits retailers have filed since 2005.
According to a Wall Street Journal story from earlier this month, the settlement stems from complaints that Visa and MasterCard, the largest card-payments networks in the world, prohibited retailers from imposing surcharges to customers using those credit cards.
This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block. It's Friday and we'll begin the hour with the week in politics. The presidential campaigns are trading barbs over Republican Mitt Romney's role at his private equity firm Bain Capital, specifically when did he stop managing the company. SEC filings appear to contradict Romney's claim that he ended his active management role in 1999 when he left to run the Salt Lake City Olympics.