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Re: The Britsh lying about LIBOR!
Not British, but worldwide banks are lying about their costs... -
Re: The Britsh lying about LIBOR!
Mike, that is quite an instructive article as far as educating me about Libor, and also in elucidating how the Libor as a benchmark is possibly being manipulated by banks.Originally posted by Mega View Post
Anyone not understanding Libor, perhaps should read the article.Jim 69 y/o
"...Texans...the lowest form of white man there is." Robert Duvall, as Al Sieber, in "Geronimo." (see "Location" for examples.)
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Good judgement comes from experience; experience comes from bad judgement. Unknown.Comment
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Re: The Britsh lying about LIBOR!
Isn't this actually good for consumers? The banks are still paying the higher rate but the published LIBOR rate is lower than it should be, hence not affecting consumers' mortgages such that they are higher.Comment
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Re: The Britsh lying about LIBOR!
good for some consumers, bad for others.
There are investments that say "we'll pay you x.xx% above or below LIBOR - whoever has those is being cheated.
Originally posted by rj1 View PostComment
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Re: The Britsh lying about LIBOR!
Mike, you've made an extremely important observation.
The British Banker's Assn is going to kick out banks that continue to cheat:
Banks That Misquote Money-Market Rates to Be Banned
Which has caused a spike in LIBOR and may well kick off the second leg in the credit crisis.
Macro Man: A funny thing happened on the way to the rallyIt's Economics vs Thermodynamics. Thermodynamics wins.Comment
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