Well know banking analyst Dick Bove of Rochdale Securities discusses ongoing Libor Manipulation investigation. Seven banks are investigation by U.S. authorities for alleged rigging of LIBOR rate including JPMorgan Chase (JPM) and Citigroup (C).
-- Despite the scandal, Bove thinks banks are getting better and stronger and he doesn't see why not invest in U.S. banks.
-- He thinks the LIBOR system is broken and it is not a question of whether banks are manipulating it, but rather whether this rate should be used to base the interest rates of so many loans and securities.
Here is the video:
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