UPDATE: The Libor-Fixing Scandal

(If you haven't read my first post about the Libor-fixing scandal, you can read it here)

It has emerged that a senior UK Banker has pleaded guilty to conspiring to manipulate the London Interbank Offered Rate. This follows investigations by the Serious Fraud Office (SFO), which began in 2012.

The Libor-Fixing Scandal

I was present for many discussions about the LIBOR fixing scandal towards the end of last year, but to be honest, much of the conversation flew straight over my head. I've compiled an explanation of what Libor is and what the scandal was about using information from all the sites I found helpful.