«The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. Libor rates are calculated for different lending periods: overnight, one week, one month, two months, six months, etc., and published daily at 11:00 by the British Bankers’ Association. Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to Libor.»
«The current Libor interest rate scandal, involving hundreds of trillions in international derivatives trade, shows how the really big boys play. (…) Modern international bankers form a class of thieves the likes of which the world has never before seen. Or, indeed, imagined. (…) It reveals that behind the world’s financial edifice lies a reeking cesspool of unprecedented corruption. (…) How to explain a $450 million settlement for one bank whose defense, in a plea bargain worked out with regulators in London and Washington, is that every institution in their elite financial circle was doing it? Not just Barclays but JPMorgan Chase, Citigroup and others are now being investigated on suspicion of manipulating the Libor rate, so critical to a $700 trillion derivatives market.»
Off With Their Heads!