LIBOR Scandal To Cost $3 Trillion [ANALYSIS]Harrison Roger
Meant to represent the amount big banks charge each other for a loan, LIBOR is the benchmark against which millions of loans and upwards of $800 trillion in value (loans, securities, and notional derivative contracts) is measured. When Barclays PLC (LON:BARC) (NYSE:BCS) $450 million settlement with regulators was made public last week, a couple questions were raised: Why does the LIBOR rate matter and who does it affect? The rate matters because . . .
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