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HomeBarclays Libor Scandal: The Precedent
Posted by Larry Doyle on July 16th, 2012 3:15 PM |
Although many on Wall Street would like to see this Libor scandal go away, that is not going to happen. With banks already admitting that they were involved in the manipulation, the public rage resulting from this massive fraud is only going to grow stronger. Rest assured legal defense teams on Wall Street are working overtime on this case.
Remember, Libor is used as a benchmark for trillions of dollars worth of securities and contracts. A basis point here or there equates to literally billions of dollars — if not more — in misallocated and misappropriated funds. (more…)
