LIBOR is the London inter-bank offered rate -- basically a key determinant of how much it costs banks to borrow money from each other. The LIBOR scandal is centred in the UK and basically saw traders artificially manipulate the rate for their own gain. The scandal has cost the British bank Barclays about $450 million in fines and forced the resignation of the CEO but there's now a Canadian connection with the Competition Bureau investigating possible roles in the affair by the Canadian arms of international banks such as the Royal Bank of Scotland, Citibank and HSBC.