2020 War news, Bankers wars
FINANCIAL FRAUD BANKING FRAUD The LIBOR Scandal By JULIA KAGAN Reviewed By SOMER ANDERSON Updated May 29, 2020 What Is the LIBOR Scandal? The LIBOR scandal, which came to light in 2012, involved a scheme by bankers at many major financial institutions to manipulate the London Interbank Offered Rate ( LIBOR ) for the purposes of profit. The LIBOR, which is calculated daily, is supposed to reflect the interest rate that banks pay to borrow money from each other. It is also the basis for determining the rates charged on many other kinds of loans. Evidence suggested that this collusion had been going on since at least 2005, possibly earlier than 2003. In the LIBOR scandal, some banks reported artificially low or high-interest rates to benefit their derivatives traders, undermining a major benchmark for interest rates and financial products. Among the financial institutions that became caught up in the scandal were Deutsche Bank, Barclays, UBS, Rabobank, HSBC, Bank of America,