Posts Tagged ‘Rigged LIBOR’

How Barclays’ bank CEO earned his big bonus

August 9, 2012

Bob Diamond resigned as CEO of Barclays’ bank after it was revealed his bank helped rig the London Interbank Offered Rate, a benchmark interest rate which is used in setting credit card rates, variable mortgage interest rates and other variable rates.  False information made the LIBOR rate higher than it otherwise would have been, and this pushed up other interest rates as well.

Click on The Market Has Spoken—And It Is Rigged for background from Simon Johnson, former chief economist for the International Monetary Fund.

Click on Libor rate-rigging scandal sets off legal fights for restitution for background on how rigging LIBOR rates hurt local governments in the USA.

I got the cartoon off Ripped-Off Britons, the official blog of The Guardian cartoon strip.