Lawsuits against banks loom in LIBOR scandal - Jul. 6, 2012
Lawsuits against banks loom in LIBOR scandal - Jul. 6, 2012
NEW YORK (CNNMoney) -- The Libor interest-rate-fixing scandal has already cost Barclays more than $450 million. For the British banking giant and others, however, that could be just the beginning. Libor -- or the London Interbank Offered Rate -- is the world's most important benchmark for interest rates. Roughly $10 trillion in loans -- including credit card rates, car loans, student loans and adjustable-rate mortgages -- as well as some $350 trillion in derivatives are tied to Libor
NEW YORK (CNNMoney) -- The Libor interest-rate-fixing scandal has already cost Barclays more than $450 million. For the British banking giant and others, however, that could be just the beginning. Libor -- or the London Interbank Offered Rate -- is the world's most important benchmark for interest rates. Roughly $10 trillion in loans -- including credit card rates, car loans, student loans and adjustable-rate mortgages -- as well as some $350 trillion in derivatives are tied to Libor
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