Libor is in the news today. As an overview, libor is an interest rate the banks can barrow from other banks in the London interbank market. It is also called as an inter-bank offered rate.
Libor scandal has dominated the news since the first week of July. LIBOR stands for London Interbank Offered Rate has great influence in loan industries amd markets which greatly affects people in the world.
Libor scandal has resulted to diminishing trust of the public to the Barclays and to major banks. The authorities are now doing further investigations and has fined the said giant bank, involved in this illegal practice of more than $450 million. Is it the end of Libor?
The controversial rate manipulation of the Barclays capital that hits the world business and political sectors had led to an amendment of laws that would prohibit the manipulation of interest rates and make the control thereof a criminal offense.
The controversial rate manipulation of the Barclays capital hits the global finance. It has also been noted as indisputable case of the decade for banking industry for the British regulators.
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