Libor's true colours

Interest rates


Like the serial killer who is described by shocked former colleagues and neighbours as a quiet, seemingly pleasant man, Libor has managed to hide its true nature from the banking industry for more than 20 years. During that time, there have been short-lived episodes of stress when the rate spiked upwards, but its history has typically been one of calm and stability - so Libor's violent eruption in August came as a nasty shock. Funding desks and structurers now say there is a question mark over L

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