Money

Video: World's Largest Banks May Have Fixed Global Interest Rates

| by Michael Allen

While appearing on the Current TV show 'Viewpoint with Eliot Spitzer,' Rolling Stone contributing editor Matt Taibbi recently said that the underreported Libor scandal was “the biggest story, Wall Street-related story, of this year" (video below).

Libor stands for London Interbank Offered Rate. It is a collection of interest rates generated for various currencies across 15 different time periods. The Libor scandal suggests that the world's largest banks fixed global interest rates, reports RawStory.com.

Taibbi said: "If it’s true that the 16 biggest banks in the world were fixing global interest rates, then it’s hard not to argue that that’s not the biggest financial corruption case in history."

"Because the, almost every kind of financial product would be affected by that. It hasn’t gotten the press that maybe it should have in the United States yet, but it’s largely because people don’t understand it... I fully expect that we’ll find out in the end that American banks were involved in this scandal."