The LIBOR Scandal Explained in One Simple Infographic
Jul 11th 2012 11:12AM
Updated Oct 15th 2013 10:08AM
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.