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September 2013 » Why Libor Manipulation Matters
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Michael Kraten, PhD, CPA
The manipulation of the London Interbank Offered Rate (Libor), a global phenomenon that exploded across news headlines last summer, has been called the greatest financial scandal in the history of the financial markets (Sven Böll, Martin Hesse, Christoph Pauly, Thomas Schulz, and Anne Seith, “The Cartel: Behind the Scenes in the Libor Interest Rate Scandal,” Spiegel Online, Aug. 1, 2012). During the past year, the financial markets have continued to be plagued by a series of exposés in the financial industry. Hundreds of trillions of dollars of debt securities have been affected (Liam Vaughan and Gavin Finch, “Libor Lies Revealed in Rigging of $300 Trillion Benchmark,” Bloomberg Markets Magazine, Jan. 28, 2013), and the values of many investors’ portfolios have likely been impacted.
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