FROM George Nilson
Barclays, LIBOR and Banking Culture The latest global financial scandal may be the biggest of all, involving a benchmark used to set interest rates for contracts worldwide. It's the London Interbank Offered Rate, or LIBOR . As the world learns more about international banking, one public policy expert calls it a "cheating culture." We hear about the growing LIBOR scandal and what it might mean for $350 trillion in contracts -- from multi-national business and municipal government bonds down to mortgages and student loans. Photo: Bob Diamond, then-CEO of Barclay's UK, speaks at the World Economic Forum Annual Meeting in Davos, Switzerland, January 27, 2012.
The LIBOR and Why It Matters 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?
Ex-FBI Director Comey tells his side of the story Today, former FBI Director James Comey came close to calling the President who fired him a liar. The White House denied the claim and called it insulting, but Republican Senators did not challenge Comey’s truthfulness. Many questions remain: did the President try to obstruct a federal investigation? Later, we’ll go behind the “velvet rope” for a look at 5-Star health care for the richest Americans.
The longest US war: Will Trump send more troops to Afghanistan? The Trump White House is divided over the Pentagon's request for more troops in Afghanistan—where the US has been fighting for the past 16 years. Is there a formula -- either for "victory" or a political settlement? Is there an end in sight for America's longest war?
Who's to blame for the opioid crisis? Some of the lawyers who took on Big Tobacco are now going after Big Pharma. It’s all about the deadly epidemic of opioid use. Are the drug companies to blame? What about the users? Later, on today’s Talking Point: making sense of Britain’s upset election.
Janesville and the American Dream Janesville, Wisconsin is the hometown of Republican House Speaker Paul Ryan. But he couldn’t prevent the closing of the General Motors factory after 100 years. On this Memorial Day rebroadcast of To the Point, we hear what’s happened to what once was a model of American middle-class unity.