LIBOR Scandal CJ 100
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This 1 page Class Notes was uploaded by Erica Kugler on Friday January 16, 2015. The Class Notes belongs to CJ 100 at University of Alabama - Tuscaloosa taught by Douglas Klutz in Spring2015. Since its upload, it has received 405 views. For similar materials see Intro to Criminal Justice in Criminal Justice at University of Alabama - Tuscaloosa.
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Date Created: 01/16/15
LIBOR Scandal LIBOR Rate 0 London InterBank Offered Rate 0 It s the average interest rate calculatedestimated by major banks 0 All money institutions set own rates relative to LIBOR Crime 0 Banks colluded to manipulate the LIBOR to benefit them I RaisedLowered the rate at certain times of the year relative to what it actually was 0 Manipulation of LIBOR rate 0 Lying about actual LIBOR rate Effect 0 Affected 300900 trillion in global money Little media coverage cuz most of six main news sources had ties to financial institutions that were a part of the scandal Biggest financial scam in history New Info 0 NY Federal Reserve knew about LIBOR rigging I Timothy Geithner NY Fed Res head 0 Later became US Sec of Treasury 0 Filing of civil suits I Class action lawsuits by individuals cities etc who were affected I Class crime quottortquot I Goal get money resulting from wrong done to you I Case taken to court but judge thrown out for quotno merit despite abundant evidence