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.