From law firm McDermott Will & Emery, an in-depth look at the London Interbank Offered Rate (LIBOR), what it represents, and the continuing manipulation scandal:
“[LIBOR] is considered one of the most important interest rates in the financial world. It underpins approximately £225 trillion of financial products ranging from interest rate swaps and corporate loans to credit cards, mortgages and savings accounts. It is a benchmark reference rate fundamental to the operation of both UK and international financial markets. In the past month, evidence of deliberate manipulation of LIBOR submissions and news of the ensuing public scandal has made global headlines. Aside from financial penalties and possible criminal prosecution of the main perpetrators of the scandal, the role, purpose and function of LIBOR has been placed under intense scrutiny by regulators, the financial markets and the public.”
Read the full update, The LIBOR Scandal and LIBOR Explained – McDermott Will & Emery
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Additional updates:
- Terms of Wheatley Review of LIBOR Announced – Katten Muchin Rosenman LLP
- Terms of Reference for Wheatley Review of LIBOR Published – Orrick
- SFO Confirms Criminal Offences are Capable of Covering LIBOR Conduct – Orrick
- Credit Crunch Digest — July 2012 – Sedgwick LLP
- Measuring Deterrence: How Big a Fine Will Deter Corporate Crime? – Michael Volkov
- Parliamentary Commission on Banking Standards Established – Katten Muchin Rosenman LLP
- Parliamentary Commission on Banking Standards Appointed – Orrick
- What if LIBOR is Disrupted? – Dechert LLP
- Barofsky: Govt. Complicity Provides Libor Defense [Video] – Bloomberg Law
- Internally Funding Your Compliance Program – Thomas Fox
- The LIBOR Scandal: Are There Lessons for Auditors? – Barry Epstein
- Explaining Libor and Examining Who’s Most-Affected by Interest Rate Scandal—Steven Berk [Video] – LXBN
- Gathering Storm Against “Corporate Corruption” – Michael Volkov
- Whalen: Libor Is A Collusive Price Set By Collusive Banks [Video] – Bloomberg Law
- SFO Press Release on Manipulation of LIBOR – Orrick, Herrington & Sutcliffe LLP
- LIBOR Manipulation: Is Barclays Only the Beginning?
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