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Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered in 2012 that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. [3]
The LIBOR scandal is being called the "Wall Street scandal of all scandals" and the "rotten heart of finance," but the massive fraud can be hard to fathom for anyone who doesn't follow the markets.
Tom Hayes (born October 1979 [1]) is a former trader for UBS and Citigroup who was convicted for conspiracy to defraud and sentenced to 14 years in prison (reduced to 11 years on appeal) for conspiring with others to dishonestly manipulate the London Interbank Offered Rate [2] as part of the Libor scandal.
Business and economics Mobile photo-sharing service Instagram and others sites are forced offline due to thunderstorms and widespread power outages in the eastern United States. (Mashable) (Al Jazeera) Libor Inter-bank interest rate The UK government announces an independent review of the workings of the Libor inter-bank lending rate in the wake of the Barclays scandal. (BBC) Barclays Chief ...
According to an article in The New York Times published July 16, 2012, a former senior Barclays executive claimed he had received instructions from Robert Diamond to lower Libor rates after Diamond's discussions with Paul Tucker, deputy governor of the Bank of England, in which they had discussed the bank's financial position at the height of ...
Why LIBOR Matters to You By messing with the LIBOR benchmark rates that are tied to an estimated $800 trillion of securities, the offending banks essentially played with matches in the middle of ...
LIBOR 101 Founded in the 1980s, LIBOR is the London Interbank Offered Rate, which is calculated daily based on rates provided by a panel of banks. ... The scandal has triggered major reforms to ...
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