Friday, July 06, 2012
THE LIBOR SCANDLE "IS THE LARGEST RIGGING OF PRICES IN THE WORLD BY MANY ORDERS OF MAGNITUDE" -- ECONOMIST AND CRIMINOLGIST, BILL BLACK
UK to launch inquiry into banking scandal
Published on Jul 2, 2012 by AlJazeera
English Prosecutors in Britain are considering filing criminal charges against Barclays Bank. The UK lender is at the centre of a market manipulation scandal that could involve more than a dozen international banks. While much of the fallout has been confined to Britain - it's likely to spread overseas because Barclays manipulated a key interest rate known as libor - which is used to determine the value of financial products ranging from credit cards to ordinary loans. Al Jazeera's Laurence Lee reports from London.
How Barclays manipulated the libor rates
Published on Jul 2, 2012 by AlJazeeraEnglish
The Barclays Bank scandal centres around a key interest rate known as Libor. Al Jazeera's Dominic Kane reports on exactly what that is. We also speak to Bill Black, a former US banking regulator for more clarity on how this multi-million dollar fraud was perpetrated.