The LIBOR scandal is being called the “Wall Street scandal of all scandals” and the “rotten heart of finance,” but the massive fraud can be hard to fathom for anyone who doesn’t follow the markets.
The London Interbank Offered Rate (LIBOR) is a benchmark interest rate used broadly all over the world and affects trillions of dollars of loans – mortgage loans, small-business loans, personal loans – worldwide.
This nifty infographic from AccountingDegree.net gives non-finance folk an idea of the scope of the scandal (h/t r/Politics):
SEE ALSO: How Barclays Made Money On LIBOR Manipulation >
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