Going Outside The Box !
Economics, finance and social comments
people in motion
mercredi 25 juillet 2012
Li(e)bor Scandal : Infographic For Dummies
Infographic for Dummies
Since (at least) 2005, Barclays has been manipulating LIBOR, and their traders have been allegedlypocketing $40MM a daybetting on interest rate derivatives. If the LIBOR, one of the most fundamental metrics of our banking system can be rigged, can you imagine what other elements of our financial system are a fraud? This morning's comments from European regulators appears to confirm that this story has a long way to go as ECB's Almunia states:"The evidence we have collected is quite telling so I am pretty sure this investigation will not be closed without results."