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The LIBOR Scandal Explained In Under 90 Seconds (Video)

From Business Insider

The LIBOR scandal, which some people consider “the Wall Street scandal of all scandals,” has dominated headlines recently.

The subject is incredibly complex. LIBOR, the London Interbank Offered Rate, is determined by 18 banks that tell the British Bankers Association (via Thomson Reuters) the rate at which they can borrow funds every day. This rate is incredibly important to global markets, affecting everything from credit cards to mortgages to derivatives and hedges.