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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.
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 ...
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 ...
Although the LIBOR and EURIBOR scandal is many orders of magnitude larger than the separate caper in the $3.7 trillion municipal-bond market here in the U.S., Taibbi is correct to point out that ...
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 ...
Jennifer Marie Arcuri (born February 1985) [1] is an American technology entrepreneur. She lived in London from 2011 to 2018, before moving back to California. Self-described as an "ethical hacker", [2] she founded the white hat consultancy Hacker House in 2016 [3] [4] and organised the Innotech Network from 2012.