More Banks Caught Up In Libor Scandal
Update RequiredTo play audio, update browser or
Flash plugin.
Copyright 2024 NPR. To see more, visit https://www.npr.org.
Libor is the London interbank offered rate. It's important because it establishes the rate that banks pay to borrow from one another.
Transcript
STEVE INSKEEP, HOST:
NPR's business news starts with the growing scandal over Libor.
(SOUNDBITE OF MUSIC)
INSKEEP: All right. More banks are getting caught up here. Libor, you will recall, is the London interbank offered rate - which is important because it establishes the rate that banks pay to borrow from one another.
A man accused of rigging that rate went before a British court for the first time yesterday. U.K. officials say former UBS and Citigroup trader Tom Hayes conspired with workers from at least 10 companies. Those companies include JPMorgan Chase, HSBC, Royal Bank of Scotland and Germany's Deutsche Bank.
Hayes already faces similar charges in the United States. Transcript provided by NPR, Copyright NPR.
View this story on npr.org
Follow us for more stories like this
CapRadio provides a trusted source of news because of you. As a nonprofit organization, donations from people like you sustain the journalism that allows us to discover stories that are important to our audience. If you believe in what we do and support our mission, please donate today.
Donate Today