Exposing Barclay's LIBOR Rigging ScandalEconomy
Unless you've been living in a cave, you've probably not been able to get away from all the news about the LIBOR rigging scandal...or perhaps we should call it LI(E)BOR-Gate.
LIBOR stands for "London Interbank Offered Rate" and refers to the interest rate that banks (allegedly) charge each other for short term loans. Why is LIBOR important? Because lenders use it to set the interest rates they charge you for credit cards, mortgages, student loans, etc.
Here's an infographic from HealthcareAdministration.com that does a great job summarizing the monkey business, the immense size of the problem, and a list of institutions that, along with Barclay's, may have been involved.