LIBOR
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posted 4:12 am 19/07/2012 in
News
by thecrookedman
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For those of you wondering whether a handful of rich dudes in London drove the world's economy into the shitter to enrich themselves...
Libor Reported as Rigged in ’08 Crisis Proving Revelation in ’12
By John Detrixhe on July 18, 2012
Barclays Plc’s admission that it rigged the London interbank offered rate shows regulators, central bankers and politicians weren’t paying attention when everyone from Citigroup Inc. to the Bank for International Settlements indicated that the measure was being manipulated.
The BIS signaled in March 2008 that the benchmark was being misstated. A month later, analysts at Citigroup suggested the same. In May of that year, one of Barclays’s own strategists said the numbers reported by banks “were a lie.”
