SLIDESHOW: The Naughty List - Financial Edition
The Libor Manipulators
If you thought The Bernie Madoff Scandal was bad, then you were blown away by The Libor Scandal. In June 2012, criminal cases involving London's Barclay's Bank revealed evidence of collusion between member banks across Europe and North America in artificially raising or lowering the Libor interest rate they would all expect to pay for borrowing from each other. The London InterBank Offered Rate [LIBOR] is supposed to be calculated as the average among interest rates estimated and submitted by London's leading banks. Prior to the scandal it was thought to be one of the key indicators of financial health and stability across the globe. Now, it's the greatest financial theft of all time, to the tune of potentially $88 billion and rising, but we may never even know for sure.