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> The libor scandal cost the U.S. at least $6 billion in interest charges (y) and another $4 billion just to unwind their positions. Got a reference for that?
by easytiger 12y ago
> The libor scandal cost the U.S. at least $6 billion in interest charges (y) and another $4 billion just to unwind their positions.
Got a reference for that? Not being a dick just interested to read more. For that amount of damage to have occured in < 10 years it would require borrowingin the hundreds of billions wouldn't it?
Libor is an interesting and important concept. An open way to show its calculation should exist.
- salesforce_wha 12y agoNo problem, I got it from Wikipedia which in return cites a bloomberg article. http://en.wikipedia.org/wiki/Libor#Aftermath http://en.wikipedia.org/wiki/Libor#Aftermath Finding actual damages proved really difficult on this subject.
- easytiger 12y agoYea their citations are to paywalls RE the costs to US. But well written wikipedia page nonetheless. Prob the most accessible journalism I've read on the matter. Definitely worth more investigation. Definitely a part of our world that needs more light shed on it. Got to be some interesting angles there too ;)
- gohrt 12y agoConsidering a theft of $5000 can land a person in jail, it shouldnt be a grave concern that we can't say exactly how many $billions were stolen by the LIBOR cospirators.