To the Point
Barclays, LIBOR and Banking Culture
What the growing LIBOR scandal could might mean for $350 trillion in contracts from worldwide business, municipal governments mortgages and student loans.
By Warren Olney • • 51m ListenThe more the world learns about international banking, the more it looks like a "cheating culture." We hear about the growing LIBOR scandal and what it could mean for $350 trillion in contracts from multi-national business and municipal government down to mortgages and student loans. Also, the showdown deepens between Egypt's president, the military council and the courts, and another battle over how far the Bush tax cuts should be extended.
Banner image: Bob Diamond, then-CEO of Barclay's UK, speaks at the World Economic Forum Annual Meeting in Davos, Switzerland, January 27, 2012. Photo by by Moritz Hager, courtesy of the World Economic Forum/flickr
In this episode
3 storiesShowdown Deepens Between Egypt's President, Military Council, Courts
A confrontation appears to be escalating between Egypt's newly elected President, Mohamed Morsi, and institutions still run by the country's military regime. Yesterday, Morsi ordered Parliament to re-convene. But today, the constitutional court refused to reconsider its order dismissing that body.
Read the story8 minThe 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.
Read the story34 minObama and Romney Try Framing Tax Cut Debate
President Obama repeated a familiar proposal today: when the Bush Tax Cuts expire at the end of the year, they should be extended — but only for those making less than $250,000 a year. Mitt Romney and other Republicans call this a massive tax increase at the worst possible time.
Read the story9 min
