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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.
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 London Interbank Offered Rate (LIBOR) came into widespread use in the 1970s as a reference interest rate for transactions in offshore Eurodollar markets. [25] [26] [27] In 1984, it became apparent that an increasing number of banks were trading actively in a variety of relatively new market instruments, notably interest rate swaps, foreign currency options and forward rate agreements.
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 rates quoted are estimates of the interest a ...
After 3 years, both banks were put into bankruptcy, a new nationalized bank was created and the assets of the two bankrupt banks and the bank accounts of local account holders were transferred to the new bank and the local depositors were made whole by stealing about $180 million of money belonging foreign depositors, who lost their entire savings.
The investigation into the LIBOR rate-rigging scandal continues, with regulators and investigators tackling each of the banks involved one by one. Barclays and UBS settled previously for their ...
Chapter 11 bankruptcy and liquidation financial company [58] April 10, 2009: New Frontier Bank: Chapter 11 bankruptcy and liquidation Bank [59] April 17, 2009: American Sterling Bank: Metcalf Bank: Bank [60] April 24, 2009: American Southern Bank: Georgia Department of Banking and Finance: Bank $ 216,600,000 [61] May 8, 2009: Stanford Bank ...