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. 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."
Did you read that?! "At least $350 trillion in derivatives and other financial products are tied to the Libor."!
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 HSBC JP Morgan Chase Lloyds TSB Bank plc Rabobank Royal Bank of Canada Société Générale The Norinchukin Bank The Royal Bank of Scotland Group UBS AG West LB AG
The LIBOR Scandal. More then meets the eye and the banking systems regulators.
"The Federal Reserve Bank of New York was warned as early as mid-2008 that banks may have been misreporting their Libor borrowing rate to aid their own trading positions, much earlier than previously known.
Tim Geithner, then president of the New York Fed and now US Treasury secretary, was told by a senior colleague in a May 2008 email of her concerns about banks' deliberate misreporting." FULL: http://www.cnbc.com/id/100326499
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