Libor Scandal Reflects A Cesspool of Financial Fraud
Unprecedented government sanctioned crime.
by Stephen Lendman
At issue is a bad barrel, not a few rotten apples. Western banking is rife with fraud. The business model of major banks is grand theft.
UK-based Barclays bank was caught in a Libor rigging scandal. Other major banks are involved. Expect more to come out. How much and who's named remains to be seen. More on that below.
Libor and Euribor are mechanisms used to set interest rates.
Euribor stands for the Euro Interbank Offered Rate. It's one of the reference rates for interbank lending.
Libor is the acronym for London Interbank Offered Rate. It's a fundamental rate-setting benchmark. It's set daily between UK banks for overnight to 12 month durations.