The London Interbank Offered Rate, or LIBOR, is what banks charge each other to borrow money, and it's not just for financial wonks and accountants. It's also used as a benchmark to set rates for $350 trillion in contracts: commercial loans, home loans, car loans and credit cards, including yours. Now it turns out that major banks may have manipulated the LIBOR for their own profit. Are they being run by a "cheating culture?" Would regulation of the latest global financial scandal help or should bankers be required to risk their own money, not everybody else's?
The LIBOR and Why It Matters
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Kara Scannell - Financial Times - @KaraScannell, George Nilson - City of Baltimore, William D. Cohan - business writer and former Wall Street investment banker - @williamcohan, David Callahan - Inside Philanthropy - @Demos_Org, Alex Pollock - American Enterprise Institute - @AEI