What I love about the LIBOR scandal:
It’s more proof that conspiracies actually do happen.
People at the top have each other’s emails and phone numbers. They talk to each other. And they strike deals.
The LIBOR, a benchmark for interest rates around the world, is determined by surveying 16 banks on what they think the LIBOR should be, throwing out the 4 highest and the 4 lowest, and averaging the estimates in the middle. It’s determined this way every day.
To rig it, you need pretty much all 16 banks in on it.
Literally the definition of an international banking conspiracy.
Tumblr, I need your help
Doing my Libya paper, cuz this shit is ridiculous.
If anyone wants to help me figure out global currency markets with regards to the dollar’s dominance, OPEC denominating the dollar for oil prices, and the effect of this on oil-producing countries, I’d love you forever :D
What have I learned about Libya?
You do not fuck with bankers. They will fuck your shit up. Period.