Many of us have been hearing this Libor Scandal story for a while now but we seem not to understand what it is all about. At times we could get confused and wonder why it is taking center stage in the global financial market.
In that connection, it is only timely to inform you that several other banks have received subpoenas from the New York and Connecticut attorney generals on the same matter. The banks include: Barclays bank, UBS, RBS, Deustche bank, HSBC, JP Morgan and Citigroup.
More regulatory bodies are also delving into the matter to try and unearth those who worked in collaboration with Barclays bank in this scandal.
In order to understand better what this Libor Scandal is, here is a summarized and simple to understand explanation that I sourced out for you….Explaining the Libor scandal
(courtesy of BBC)