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THE LIBOR $.C.A.N.D.A.L : THE LARGEST BANKING SCANDAL IN HISTORY ?

THE LIBOR IS THE RATE BANKS CHARGE EACH OTHER FOR SHORT TERM LOANS.

THE LIBOR SCANDAL IS STILL RUMBLING ON AND INVOLVES MAJOR MONEY CENTER BANKS.

THE EUROPEAN UNION’S FINANCIAL REGULATOR SAID HE INTENDED TO MAKE THE MANIPULATION OF BENCHMARKS RATES A CRIME.

IN BRITAIN THE CHAIRMAN OF BARCLAYS AND THE DEPUTY GOVERNOR OF THE BANK OF ENGLAND WERE GRILLED BY A PARLIAMENTARY COMMITTEE. BOB DIAMOND ( FORMER BARCLAYS CEO ) STEPPED DOWN IN THE WAKE OF THE RATE RIFFING SCANDAL.

BARCLAYS  WAS FINED A RECORD £290 MILLION FOR FIXING THE INTEREST RATE FLOOR.

IS THE LIBOR SCANDAL THE LARGEST BANKING SCANDAL IN HISTORY ?

SOURCE : BLOOMBERG, CNN, THE ECONOMIST, WSJ, FT.

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