If you don’t understand or have heard about how banks are manipulating the LIBOR rate which affects nearly everything under the heavens … you need to read “It’s time to send the bankers to jail“. Barclay’s bank has been found guilty of manipulating LIBOR interest rates which as we shared HERE:
I’m afraid it’s rather obvious. Given that almost half the reported inputs that help establish the Libor rate are discarded immediately, Barclays simply CANNOT have manipulated the Libor rate alone. Period.
What’s more, to effectively ensure the rate is set at the price required, you’d need to not only establish the highest and lowest 25% of prices, but then ensure the remaining 50% average out to the required rate and, based on the fact that there are 16 banks that submit rates, that would mean about 13 of the 16 involved would need to be complicit.
Educate yourself.
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[...] can read an infographic on how the LIBOR scandal works HERE. We’ve written about the LIBOR scandal before HERE or you can read “It’s time [...]
[...] If you need a primer on what the LIBOR scandal is all about – read this infographic HERE. [...]