The Emerging LIBOR Scandal

For those who don't know what LIBOR is, it stands for London Interbank Offer Rate. This is the rate of exchange that banks use to lend to each other. This is the foundation for all other financial instruments. If you were to go back to the 2008 banking crisis and replay those events, you will see the financial stations such as CNBC and Bloomberg talking about stabilizing the LIBOR which at that time was considered too high. Meanwhile  the media had everyone watching Tom Cruise's divorce. The biggest bank scandal in history involving Barclays Bank went under the radar. Watch your 401K's people because here we go again.