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- Libor_scandal abstract "The Libor scandal was a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and also the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks in London. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives. It is administered by the British Bankers' Association (BBA).The banks are supposed to submit the actual interest rates they are paying, or would expect to pay, for borrowing from other banks. The Libor is supposed to be the total assessment of the health of the financial system because if the banks being polled feel confident about the state of things, they report a low number and if the member banks feel a low degree of confidence in the financial system, they report a higher interest rate number. In June 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the scandal.Because Libor is used in US derivatives markets, an attempt to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a violation of American law. Since mortgages, student loans, financial derivatives, and other financial products often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide.On 27 July 2012, the Financial Times published an article by a former trader which stated that Libor manipulation had been common since at least 1991. Further reports on this have since come from the BBC and Reuters. On 28 November 2012, the Finance Committee of the Bundestag held a hearing to learn more about the issue.The British Bankers' Association said on 25 September 2012 that it would transfer oversight of Libor to UK regulators, as predicted by bank analysts, proposed by Financial Services Authority managing director Martin Wheatley's independent review recommendations. Wheatley's review recommended that banks submitting rates to Libor must base them on actual inter-bank deposit market transactions and keep records of those transactions, that individual banks' LIBOR submissions be published after three months, and recommended criminal sanctions specifically for manipulation of benchmark interest rates. Financial institution customers may experience higher and more volatile borrowing and hedging costs after implementation of the recommended reforms. The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them.Significant reforms, in line with the Wheatley Review, came into effect in 2013 and a new administrator will take over in early 2014. The UK controls Libor through laws made in the UK Parliament. In particular, the Financial Services Act 2012 brings Libor under UK regulatory oversight and creates a criminal offence for knowingly or deliberately making false or misleading statements relating to benchmark-setting.".
- Libor_scandal wikiPageExternalLink case_details.cfm?proc_code=1_39861.
- Libor_scandal wikiPageExternalLink case_details.cfm?proc_code=1_39914.
- Libor_scandal wikiPageExternalLink 011314liborcomplaint.pdf.
- Libor_scandal wikiPageExternalLink 011314libordocs.pdf.
- Libor_scandal wikiPageExternalLink 068.aspx.
- Libor_scandal wikiPageExternalLink enfbarclaysorder062712.pdf.
- Libor_scandal wikiPageExternalLink enficaporder092513.pdf.
- Libor_scandal wikiPageExternalLink enfrabobank102913.pdf.
- Libor_scandal wikiPageExternalLink enfrbsorder020613.pdf.
- Libor_scandal wikiPageExternalLink enfubsorder121912.pdf.
- Libor_scandal wikiPageExternalLink icap-europe-limited.pdf.
- Libor_scandal wikiPageExternalLink rabobank.pdf.
- Libor_scandal wikiPageExternalLink summary-report-ubs-libor-20121219-e.pdf.
- Libor_scandal wikiPageExternalLink 20111216-2.html.
- Libor_scandal wikiPageExternalLink 20111216-3.html.
- Libor_scandal wikiPageExternalLink 20130412.html.
- Libor_scandal wikiPageExternalLink barclays-jun12.pdf.
- Libor_scandal wikiPageExternalLink rbs.pdf.
- Libor_scandal wikiPageExternalLink ubs.pdf.
- Libor_scandal wikiPageExternalLink IOSCOPD415.pdf.
- Libor_scandal wikiPageExternalLink the-wheatley-review-of-libor-final-repo-99414.
- Libor_scandal wikiPageExternalLink Hayes-Tom-and-Darin-Roger-Complaint.pdf.
- Libor_scandal wikiPageExternalLink hayes-et-al-complaint-exhibits.pdf.
- Libor_scandal wikiPageExternalLink 217201326133540747939.pdf.
- Libor_scandal wikiPageExternalLink 337201271017335469822.pdf.
- Libor_scandal wikiPageExternalLink 645201310298755805528.pdf.
- Libor_scandal wikiPageExternalLink 6942012121911725320624.pdf.
- Libor_scandal wikiPageExternalLink 838201392583237891746.pdf.
- Libor_scandal wikiPageExternalLink Barclays_LIBOR_Matter.html.
- Libor_scandal wikiPageExternalLink DNB_letter.pdf.
- Libor_scandal wikiPageID "36348056".
- Libor_scandal wikiPageRevisionID "604990101".
- Libor_scandal align "right".
- Libor_scandal hasPhotoCollection Libor_scandal.
- Libor_scandal quote "180.0".
- Libor_scandal quote "It's just amazing how Libor fixing can make you that much money or lose if opposite. It's a cartel now in London.".
- Libor_scandal quote "Pls go for 5.36 libor again, very important that the setting comes as high as possible ... thanks.".
- Libor_scandal quote "This dwarfs by orders of magnitude any financial scam in the history of markets.".
- Libor_scandal quoted "1".
- Libor_scandal source "2006-09-13".
- Libor_scandal source "2007-07-29".
- Libor_scandal source "2007-08-19".
- Libor_scandal source "Andrew Lo, MIT Professor of Finance".
- Libor_scandal source "Barclays Bank trader in New York to submitter,".
- Libor_scandal source "RBS trader in Singapore to Deutsche Bank trader,".
- Libor_scandal title "Libor fixing a banking cartel".
- Libor_scandal title "Libor manipulation to lower rate".
- Libor_scandal title "Libor manipulation to raise rate".
- Libor_scandal title "Scale of the scandal".
- Libor_scandal tstyle "text-align: left;".
- Libor_scandal width "20.0".
- Libor_scandal subject Category:2012_in_the_United_Kingdom.
- Libor_scandal subject Category:2012_scandals.
- Libor_scandal subject Category:Banking_in_the_United_Kingdom.
- Libor_scandal subject Category:Business_ethics_cases.
- Libor_scandal subject Category:Corporate_crime.
- Libor_scandal subject Category:Corporate_scandals.
- Libor_scandal subject Category:Financial_scandals.
- Libor_scandal subject Category:Scandals_in_the_United_Kingdom.
- Libor_scandal subject Category:Scandals_in_the_United_States.
- Libor_scandal subject Category:Systemic_risk.
- Libor_scandal comment "The Libor scandal was a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and also the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks in London. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.".
- Libor_scandal label "Libor scandal".
- Libor_scandal label "Libor-Skandal".
- Libor_scandal label "Скандал вокруг ЛИБОР".
- Libor_scandal sameAs Libor-Skandal.
- Libor_scandal sameAs m.0k91rqj.
- Libor_scandal sameAs Q1443894.
- Libor_scandal sameAs Q1443894.
- Libor_scandal wasDerivedFrom Libor_scandal?oldid=604990101.
- Libor_scandal isPrimaryTopicOf Libor_scandal.