Episode 424 • • 6:58 - 10:56
424: Internet Governance
LIBOR Manipulation Scandal, BBC Explainer, and Bank Fines
The BBC provides an overview of the London Interbank Offered Rate (LIBOR) manipulation scandal involving Barclays and other major global banks. The manipulation affects interest rates for mortgages, student loans, and the $800 trillion derivatives market. Criticism is directed at the Financial Services Authority (FSA) for a system where fines paid by corrupt banks are redistributed to other member banks to reduce their fees.