Econintersect: The LIBOR scandal, which broke with news about the years of falsification of data input by Barclays Bank (NYSE:BCS) to determing a key global interest rate benchmark, the LIBOR (London Interbank Offered Rate), has not been easy to understand for the man on the street (Econintersect's Joe Sixpack). It is believed that many, if not all of the worlds largest banks may ultimately be involved in this scandal, but so far the spotlight has been on Barclays. GEI News has been reporting on this story, including rvelations that the Federal Reserve knew that there was a problem in this area as long as five years ago. Also, there may have been some encouragement from the BOE (Bank of England) for Barclays to engage in this action.
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The serious nature of this scandal has prompted GEI Opinion guest author Shah Gilani to ask: Why Aren’t LIBOR Manipulating Banksters in Prison?
Hat tip to The Political Commentator.
Related News Analysis and Opinion:
- Barclays LIBOR Scandal: The Fed Knew WHEN? (GEI News, 10 July 2012)
- Did Bank of England Have a Hand in LIBOR Fixing? (GEI News, 04 July 2012)
- Joe Sixpack's Recession - Part II (Steven Hansen, GEI Analysis, 23 June 2012)
- Why Aren’t LIBOR Manipulating Banksters in Prison? (Shah Gilani,GEI Opinion, 03 July 2012)