The Libor scandal is more than just the latest financial deception to come to light. It exposes a fraud that runs to the heart of our financial system.
The London interbank offered rate is a benchmark for a range of interest rates, and the misdeeds making headlines have to do with how those rates are set. If insiders can manipulate the basic measurement of a loan ? the interest rate ? there is rot at the core of the financial system.
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Source: http://feeds.washingtonpost.com/click.phdo?i=7d06b85873bf3596937642c40a76a43a
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