Libor scandal
The Libor scandal was a big event that happened in 2012. It involved some big banks that were making deals and manipulating a certain number called the Libor.
The Libor (London Interbank Offered Rate) is an important number that affects the global economy. It is the rate that banks use when they lend money to each other.
The banks involved in the scandal (the bankers) figured out ways to manipulate this number, so that they could make more money. They did this by pretending to have higher or lower interest rates than they really did, so they could make money on their loans.
This was wrong, and all of the banks involved were punished by paying fines and giving back the money they had taken from people who were impacted.
The Libor (London Interbank Offered Rate) is an important number that affects the global economy. It is the rate that banks use when they lend money to each other.
The banks involved in the scandal (the bankers) figured out ways to manipulate this number, so that they could make more money. They did this by pretending to have higher or lower interest rates than they really did, so they could make money on their loans.
This was wrong, and all of the banks involved were punished by paying fines and giving back the money they had taken from people who were impacted.
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