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LIBOR (London Interbank Offered Rate) sounds boring. It is just a number. But it is the number that determines the interest rate on $350 trillion of global assets-from your mortgage to student loans to the price of derivatives. For years, the world assumed this number was set by market forces. In reality, it was set by a group of traders in London chat rooms, trading favors for champagne and sus...
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LIBOR (London Interbank Offered Rate) sounds boring. It is just a number. But it is the number that determines the interest rate on $350 trillion of global assets-from your mortgage to student loans to the price of derivatives. For years, the world assumed this number was set by market forces. In reality, it was set by a group of traders in London chat rooms, trading favors for champagne and sus...
Read more
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