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The LIBOR Manipulation Case

January 2013
Ilan Guedj, PhD and Ran Farmer

If you read the headlines about Barclays Bank agreeing to pay $450 million as part of a civil settlement related to charges of manipulating the LIBOR (London Interbank Offered Rate), you could be forgiven for thinking that the culprits had been caught and punished, and that was the end of the story. However, this was never a simple case about a few rogue employees or even just one financial institution. Rather, the LIBOR manipulation is part of a much wider systemic issue. Therefore, the first announced settlement was not the end but only the beginning of the story.

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