LIBOR

LIBOR, the London Interbank Offered Rate, is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.

LATEST

Societe Generale settles Libor and Libya litigations

Societe Generale

French banking giant Societe Generale today announced the settlement of US legal actions for allegedly rigging the Libor benchmark rate and for questionable transactions with Libyan parties, as reported interest in a merger from Italy’s Unicredit boosted demand for shares.

HOT LIST

Rate-Fixing Settlements Are Just Tip of the Iceberg

In total RBS, Barclays and UBS will pay nearly $3 billion in fines stemming from the multi-year practice of artificially suppressing these benchmark interest rates, a practice that spanned the financial crisis and beyond. While the fines vary, the charges are becoming more egregious.

RBS building

RBS exec said told client about Libor support in 2007

A Royal Bank of Scotland executive told a hedge fund client as early as August 2007 that banks were setting Libor rates to support their own trading, according to evidence from a U.K. lawsuit alleging that RBS’s misconduct has yet to be fully exposed.

Red Warning Light

Trader said to tell boss: 'You don’t want to know'

A broker at Tullett Prebon was able to stop an internal review of a $53,000 payment made by derivatives trader Tom Hayes for help rigging Libor by telling his boss that 'you don’t want to know' about it, according to tapes played to jurors Monday.

Ex-Barclays trader freaked out

An ex-Barclays trader on trial for conspiring to rig Libor said he was "freaked out" by an internal interview in 2009 despite reassurances from his bosses that there was nothing wrong with influencing the rates submitted by colleagues.

FEATURED