LIBOR---London Interbank Offered Rate published daily at 11:30 am in
London time showing the interest rates in many global currencies that banks
would charge to each other for a range of lending periods spanning from
overnight to one year. Futures (options) and credit
derivatives are based on these published numbers. Lately there is a global
scandal concerning manipulation of this global benchmark. Arrests have been made
and legend has it fines totalling hundreds of billions of dollars are in the
works as investors sue the banks and traders involved in the scandal. One legend
has it this number is by nature man-made. Another has it there is oligopoly power
in the financial markets, namely hedge funds/banks/dark pools and very rich investors with high speed
equipment and protected software. This crew, the .01 % according to the yarn, are being eyed for currency manipulation,
insider trading, money laundering, and are notorious for sinking pensions, sovereigns, bank accounts and money market funds with outrageous fees.
Many thanks to Mom, Steve, Wikipedia, the NYT and the crew of Bloomberg LP for help with this
definition.
London time showing the interest rates in many global currencies that banks
would charge to each other for a range of lending periods spanning from
overnight to one year. Futures (options) and credit
derivatives are based on these published numbers. Lately there is a global
scandal concerning manipulation of this global benchmark. Arrests have been made
and legend has it fines totalling hundreds of billions of dollars are in the
works as investors sue the banks and traders involved in the scandal. One legend
has it this number is by nature man-made. Another has it there is oligopoly power
in the financial markets, namely hedge funds/banks/dark pools and very rich investors with high speed
equipment and protected software. This crew, the .01 % according to the yarn, are being eyed for currency manipulation,
insider trading, money laundering, and are notorious for sinking pensions, sovereigns, bank accounts and money market funds with outrageous fees.
Many thanks to Mom, Steve, Wikipedia, the NYT and the crew of Bloomberg LP for help with this
definition.