Thread Reader
Share this page!
×
Post
Share
Email
Enter URL or ID to Unroll
×
Unroll Thread
You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649
How to get URL link on X (Twitter) App
On the Twitter thread, click on
or
icon on the bottom
Click again on
or
Share Via icon
Click on
Copy Link to Tweet
Paste it above and click "Unroll Thread"!
More info at
Twitter Help
IPOR Labs
@ipor_io
Building the IPOR Protocol. #DeFi Interest Rate Benchmarks & Interest Rate Derivatives. #RealYield and sound economics. https://t.co/VIhZtuKRQL
Subscribe
Save as PDF
Oct 6, 2022
•
11 tweets
•
8 min read
"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🧵
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?
2/ The scandal came into the limelight in 2008 but there is evidence that collusion between banks was going on since 2003.