HUFFPO-
Libor is a joke.
Don’t get me wrong, the London Interbank Offered Rate, or Libor, is deadly serious business, affecting $350 trillion in derivatives contracts and all sorts of borrowing costs around the world. Your adjustable-rate mortgage or corporate loan is probably based on Libor. A big deal, then.
But it has long been a hilarious joke to traders, as some new instant message transcripts dug up by Bloomberg show. The transcripts, which are evidence in a wrongful-termination suit by a former Royal Bank of Scotland trader, show RBS traders breezily chatting back and forth about how much fun they’re having jerking around this important interest rate.
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