A Little White Lie-Bor

Turns out the world’s megabanks have engaged in a rate-fixing fraud for years.  The London InterBank Offered Rate (LIBOR) is an interest rate index that literally hundreds of trillions of dollars in financial instruments are pegged to.  And how is it set?  Well, someone phones up 18 duuudes around London every day and says “Yo, if you were gonna borrow money from some other bank right now, what rate would they charge you?”  And they can answer with whatever wild-ass-guess they want.  So they lied, in order to make themselves more money.  Shocking, I know.  Seems like the one thing you can trust banks to do is cheat when given the opportunity.

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