Finance & EconomicsConfirmed
LIBOR Rate-Rigging Scandal
Major international banks including Barclays, UBS, Deutsche Bank, and Rabobank colluded to manipulate the London Interbank Offered Rate (LIBOR), which underpins over $300 trillion in financial contracts worldwide. Traders coordinated via chat rooms to rig rates for profit. Exposed 2012; $9+ billion in fines; four convictions.