Hours ago, news broke that Attorneys General in New York and Connecticut issued subpoenas to 7 banks in their probe of the growing Libor scandal.
There are lots of acronyms in the capital markets and LIBOR is one of them. It stands for the London Interbank Offered Rate and it is not that well understood. This memo explains why everyone seems to be talking about Libor, and what it means for consumers, businesses, and our financial sector.
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