Econ 101: July 17, 2012

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • According to a government investigation, Treasury Department employees have been cited for soliciting prostitutes and receiving gifts from corporate executives, including bankers. [The Hill]
  • The House Financial Services Committee is launching an investigation into the LIBOR rate rigging scandal. [Los Angeles Times]
  • Small banks may have an opening to sue Wall Street banks due to the LIBOR debacle. [CNBC]
  • Federal Reserve Chairman Ben Bernanke is scheduled to testify before the Senate Banking Committee today. [Associated Press]
  • Goldman Sachs is creating an in-house bank to lend to wealthy clients and corporations. [Wall Street Journal]
  • A drought gripping the U.S. has has helped push corn prices up by 50 percent in the past two months. [Washington Post]
  • The International Monetary Fund is projecting an economic slowdown in the developing world, including China and India. [Washington Post]