In-depth introduction: Libor

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Risk first wrote about suspicions that Libor rates were being rigged in January 2008 – three months before the Wall Street Journal article that is widely credited with breaking the story (Risk January 2008, pages 74–76).

The key elements were all there. An unnamed treasurer at one bank said the rate “no longer reflects reality – it no longer reflects where even the biggest banks can borrow funds”. He pointed to the December 18, 2007 two-month US dollar Libor fix – of 4.93% – to illustrate: “If

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