Kucinich Explains “LIBOR”

SHORT VIDEO CLIPS, 16 Jul 2012

DJKucinich – TRANSCEND Media Service

Late last month, Barclay’s Bank, a multinational bank and financial institution based in the United Kingdom, admitted to regulators that it tried to manipulate something called “Libor” before and during the financial crisis in 2008. ”Libor” is an acronym for London Interbank Offered Rate. It is a rate used as a benchmark for the cost of lending throughout the financial system, and it is also used as a reference rate for a wide range of financial products like car loans, adjustable-rate mortgages, student loans and credit cards.

 

This article originally appeared on Transcend Media Service (TMS) on 16 Jul 2012.

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