Continued Fallout from the LIBOR Manipulation

The LIBOR interest rate is a benchmark for all short term interest rates, and is set by the “big banks” that are members of the British Bankers’ Association as a rate for banks to borrow funds that reflects market conditions. These banks submit a figure representing the rate they pay for borrowing from other bank, which itself demonstrateWhite Collar Crime in Miamis the health of the global financial system because high interest rates will generally mean credit is tighter and confidence in the system is lower, while lower rates mean credit is more available and thus confidence in the system is higher since people will be more likely to take on debt and therefore take on risk.

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