Search results
Results from the WOW.Com Content Network
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 ...
The Libor scandal was a series of fraudulent actions connected to the Libor (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world.
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 the world's largest house ...
The London Inter-Bank Offered Rate (Libor / ˈ l aɪ b ɔː r / LY-bor) [a] was an interest rate average calculated from estimates submitted by the leading banks in London. Each bank estimated what it would be charged were it to borrow from other banks. [1] [b] It was the primary benchmark, along with the Euribor, for short-term interest rates ...
September 4: The Libor rate rises to its highest level since December 1998, at 6.7975%, above the Bank of England's 5.75% base rate. [169] [170] September 6: The Federal Reserve adds $31.25 billion in temporary reserves (loans) to the US money markets which has to be repaid in two weeks. [171]
UBS is the latest bank to face consequences of this summer's LIBOR scandal, in which 16 banks were allegedly involved in manipulating the rate that sets interest rates for 10 currencies. The Swiss ...
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 rates quoted are estimates of the interest a ...
It is the difference between: 1) the risk-free three-month U.S. treasury bill (t-bill) rate; and 2) the three-month London Interbank Borrowing Rate (LIBOR), which represents the rate at which banks typically lend to each other. A higher spread indicates banks perceive each other as riskier counterparties.