Labour And B O E Rigged Libor Rates During Banking Crisis

[Gromit]

https://www.bbc.co.uk/news/business-65635243

[Hymie]

And a number of people where jailed for assisting them – time for another Post Office Horizon scandal type enquiry into who knew and did what; but don’t hold your breath waiting for that.

[Old_Geezer]

As a matter of interest, was committing such at act beneficial or detrimental to the world economy ?

[Hymie]

Private Eye has been covering this banking scandal for some considerable time, it looks like once again the main stream media has caught up with their back-issues.

[Hymie]

Based on the PE coverage, those setting the libor rate (interbank interest rate) were not setting the rates based on what would be advantageous to their employing bank, but instructed from on high as to where to set the rate (for which some of them were jailed).

You might think that banks setting a high interest rate would be beneficial to them, charging customers more on their loans. But banks themselves were borrowing money (at the interbank rate) to loan out, so there is a balance to be struck.