The 21st has been a banner century for financial and accounting scandals. Enron, the dotcom bust, the subprime-mortgage crisis and the bank bailouts have all contributed to the very low esteem in ...

Within the financial sector, few topics are hotter right now than the manipulation of the London Interbank Offered Rate, or Libor. Libor, essentially, is the average benchmark for different interest ...

When the LIBOR interest-rate fixing scandal broke wide open over the summer, I asked whether it was “The Crime of the Century.” The answer to that question relied on whether banks were understating ...

Libor is calculated for multiple terms each day by the British Bankers’ Association based on submissions received from 16 global banks. The four highest and the four lowest submissions are disregarded ...

“The conspiracy to fix Libor appears more extensive than had been previously thought,” harrumphs the Financial Times in respect of the $1.2 billion fine of UBS over the London Interbank Offered Rate. ...

On October 1, 2024, the United Kingdom Financial Conduct Authority (UK FCA) phased out ‘Zombie’ LIBOR, as a transitional benchmark, with the move to alternative “risk-free” rates. To be addressed in ...

(Reuters) - Libor, the London interbank offered rate, is the global benchmark for interest rates on everything from credit cards to trillions of dollars in financial derivatives and is at the heart of ...

In August 2015, former UBS banker Tom Hayes sat in a London courtroom after being found guilty of eight counts of conspiracy to defraud, for his involvement in the Libor interest-rate rigging scandal.

Tom Hayes, the former City trader who was jailed in 2015 for his part in rigging inter-bank interest rates, the so-called Libor scandal – was a patsy. The former UBS and Citigroup trader was convicted ...

To the long, dismal list of fatally broken institutions — GDP, governments, schools, corporations — we can add the mysterious Libor, and its conveniently comfortable calculation. It’s difficult to ...

REUTERS - Libor, the London interbank offered rate, is a global benchmark for interest rates on everything from credit cards to trillions of dollars in financial derivatives and is at the heart of a ...

On Dec. 4 several world banks were implicated in an interest rate fixing scheme that amounted to, in the words of the European Commission, a financial world “illegal cartel,” and were ordered to pay ...