Libor Scandal Is No Match for Its Medieval Precedent
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July 27 (Bloomberg) -- The financial news has recently beendominated by the scandal over the London interbank offered rate(known as Libor), with allegations that leading banks havemanipulated a financial benchmark determining the interest ratescharged to millions of borrowers and used in derivativescontracts worth hundreds of trillions of dollars.
The U.K. Parliament has become involved, grilling theformer chief executive officer of Barclays Plc, Bob Diamond,over these events. But none of this is entirely withoutprecedent.