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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.
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]
A second major bank is near a settlement agreement with regulators related to charges of manipulating the Libor interest rate. Swiss banking giant UBS AG (NYSE: UBS) is expected to agree to pay at ...
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 ...
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 ...
The LIBOR scandal is big, and getting bigger, as more and more entities line up to sue the bloomers off the big banks involved in the manipulation. What at first seemed almost non-newsworthy has ...
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Obama won by comfortable margins in Franklin, Hamilton, and Lucas counties, home to the cities of Columbus, Cincinnati, and Toledo, respectively. Obama's greatest support came from northeast Ohio, centered in Cuyahoga and Summit counties, home to the cities of Cleveland and Akron, respectively, the second and fourth largest cities in the state ...