We Get Support From:
Become a Supporter 
 We Get Support From:
Become a Supporter 

More Banks Caught Up In Libor Scandal

NPR
Friday, June 21, 2013

Copyright 2018 NPR. To see more, visit http://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

Sign up for ReCap

and never miss the top stories

Delivered to your inbox every Wednesday.

Check out a sample ReCap newsletter.