Originally published on Tue July 3, 2012 11:24 am
Every day at 11 a.m., a few big banks tell the British Bankers' Association what it costs them to borrow. Out of that comes LIBOR — the London Interbank Offered Rate, a dull but vital interest rate that underpins trillions of dollars of transactions globally, from home mortgages and personal credit cards to major corporate lending.
Read more