It may go down as the biggest banking scandal in history, and yet many Americans have not even heard about it.
The LIBOR (London Interbank Offered Rate) scandal is a big deal, and so far no one knows just how deep the ruse ran. Put simply, the LIBOR rate is the rate at which banks get funds from other banks. The scandal: Barclays—and potentially other banks—allegedly tried to rig the rate. So far, Barclays has paid $455 million in fines to U.S. and U.K. regulators.
The LIBOR rate is a benchmark interest rate used to set an estimated $800 trillion in financial instruments. That’s not a typo--$800 trillion.
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