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The LIBOR Banking Scandal Explained

More on the LIBOR Scandal here...

LIBOR Scandal

The LIBOR Banking Scandal Explained

This video, titled, "Eliot Spitzer - LIBOR Mega scandal (total corruption) - YouTube" explains quite well the big mess 16 major banks in the world, and likely more, have created:

More information on LIBOR (London Interbank Offered Rate)
in part reads:

"Libor rates are calculated for ten different currencies and 15 borrowing periods ranging from overnight to one year and are published daily after 11 am (London time) by Thomson Reuters.[4] Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it. At least $350 trillion in derivatives and other financial products are tied to the Libor.[5]"

Did you read that?! "At least $350 trillion in derivatives and other financial products are tied to the Libor."!

Read the Global Economics Weekly Brief - QE Too Little Too Late on NewsUSA as well.

Here is a list of the 16 banks that make up the LIBOR committee (not saying they are all involved in this scandal, but as many as 20 banks have been named in the LIBOR rate fixing scandal.):

LIBOR Panel Members

Bank of America
Bank of Tokyo-Mitsubishi UFJ Ltd
Barclays Bank plc
Citibank NA
Credit Suisse
Deutsche Bank AG
JP Morgan Chase
Lloyds TSB Bank plc
Royal Bank of Canada
Société Générale
The Norinchukin Bank
The Royal Bank of Scotland Group
West LB AG

The LIBOR Scandal. More then meets the eye and the banking systems regulators.

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Comments on this item:

12-07-2012 15:46:31

Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue:
13-07-2012 19:01:09
Fed aware of LIBOR fraud


Libor scandal grows!
16-07-2012 13:02:01
LIBOR Scandal grows -

"The U.S. Justice Department is building a criminal case against big banks and individuals who manipulated a key global interest rate, according to a media report" See FULL:

Where will this LIBOR scandal end?!
16-07-2012 21:14:06
LIBOR fraud ordered by the BOE - Bank of England?!?! -
"Mr del Missier told the committee he believed the Bank of England alone instructed Barclays to lower Libor submissions."


More discussion on the matter here:
BOE and the LIBOR scandal!
15-08-2012 20:13:29
J.P. Morgan, UBS and Barclays among banks subpoenaed in Libor probe: report

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