Libor is widely used as a benchmark in connection with rates for corporate loans, derivatives contracts and many other financial deals around the world. Financial transactions tied to Libor are said to be worth an estimated 360 trillion dollars globally.
Such an important benchmark rate has been revealed to have been distorted by false submissions from Barclays, one of Britain’s top banking groups. Barclays has paid a huge fine over the irregularities, and its false reporting was a clear betrayal of investors’ trust.
The wrongdoing is said to have been conducted from 2005 to 2009.