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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 London Interbank Offered Rate (LIBOR) is a benchmark interest rate used broadly all over the world and affects trillions of dollars of loans -- mortgage loans, small-business loans, personal ...
LIBOR -- the London Interbank Offered Rate -- is supposed to reflect the average interest rate at which banks are willing to loan funds to each other. Banks submit their daily estimates of ...
By James O'Toole Add one more to the list of alleged victims of Libor manipulation: homeowners. A class action complaint filed earlier this month in New York federal court claims borrowers with ...
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 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 ...
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 ...
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]