For decades, conspiracy theorists claimed banks were manipulating LIBOR -- the London Interbank Offered Rate that determined interest rates on everything from mortgages to student loans. In 2012, it was proven true: Deutsche Bank, Barclays, UBS, Rabobank, and RBS had been inflating or deflating rates since at least 1991 for profit. Banks were fined over $9 billion. A former trader told the Financial Times that LIBOR manipulation had been 'common' for over two decades.
Banks rigged LIBOR, the benchmark rate underpinning $300 trillion in global loans
βBanks have been systematically rigging LIBOR rates since at least the early 1990s, affecting trillions of dollars in financial contracts worldwide.β
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Confirmed: They Were Right
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