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"The most important number in #finance", the London Interbank Offered Rate (#LIBOR), died a shameful death at the age of 52.
The interest rate benchmark underpinned more than $300 trillion in financial contracts before being marred in a scandal that lasted ~ a decade.
A short🧵
The interest rate benchmark underpinned more than $300 trillion in financial contracts before being marred in a scandal that lasted ~ a decade.
A short🧵
2/ The scandal came into the limelight in 2008 but there is evidence that collusion between banks was going on since 2003.
🤥 “We know that we’re not posting, um, an honest” rate, a Barclays employee told a New York Fed official in April 2018.
How was it done?
🤥 “We know that we’re not posting, um, an honest” rate, a Barclays employee told a New York Fed official in April 2018.
How was it done?
