News Story

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News Story

Recently, the banking industries fixing of the LIBOR rate has been the biggest news in the economic world. The LIBOR rate (London Interbank Offered Rate), is the average interest rate estimated by leading banks in London that they would be charged if borrowing money from other banks. This is so important for world markets because it affects almost every interest rate given on loans. Many financial institutions including mortgage lenders and credit card agencies set their interest rates to it. It is estimated that $350 trillion in derivatives and other financial products are tied to the Libor rate. CNN has been running stories on this for days now because it affects almost every person, in every developed country in the world. Banks are already in poor standing with the world’s government and people due to their action leading up to the 2008 financial crisis. This eliminates any trust or respect remaining for the banking and financial sector. The only bank to admit wrong doing is the British Bank, Barclay’s. The other banks that are a part of the Libor rate setting process are as follows Bank of America, Citi Bank, BTMU, Deutsche Bank, Credit Suisse, HBOS, HSBC, JPMorgan, Lloyds, Rabobank, RBC, RBS, UBS, West LB, and Norinchuckin. Barclays has already paid fines of $458 million dollars but the other banks could face up the 30% more after the completion of the investigation. This does not include the billions of dollars that they face from lawsuits for municipalities, investors, and any other people that lost money due to manipulation of the Libor rate. Morgan Stanley estimates that total liability could be up to $58 billion dollars when all said and done.

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