LIBOR: A Small Group Once Manipulated the Number Controlling Global Contracts

LIBOR stands for London Interbank Offered Rate, which was understood as the interest rate at which large banks in London believed they could borrow money without collateral from other banks. Each day, a group of banks submitted estimated numbers for multiple currencies and terms. The highest and lowest rates were excluded, and the remaining rates were calculated into a reference rate.

LIBOR stands for London Interbank Offered Rate, which was understood as the interest rate at which large banks in London believed they could borrow money without collateral from other banks. Each day, a group of banks submitted estimated numbers for multiple currencies and terms. The highest and lowest rates were excluded, and the remaining rates were calculated into a reference rate.

LIBOR stands for London Interbank Offered Rate, which was understood as the interest rate at which large banks in London believed they could borrow money without collateral from other banks. Each day, a group of banks submitted estimated numbers for multiple currencies and terms. The highest and lowest rates were excluded, and the remaining rates were calculated into a reference rate.

LIBOR stands for London Interbank Offered Rate, which was understood as the interest rate at which large banks in London believed they could borrow money without collateral from other banks. Each day, a group of banks submitted estimated numbers for multiple currencies and terms. The highest and lowest rates were excluded, and the remaining rates were calculated into a reference rate.