At the heart of the scandal are market interest rates called Libor and Euribor.
The three-month London Interbank Offered Rate, or LIBOR, dropped to 4.50 percent from Wednesday's 4.55 percent.
There is evidence that, as early as 2005, some banks began manipulating the LIBOR rates.
They also expected the three-month dollar Libor to be set at 4.46% later today.
The dollar libor for three-month lending actually rose to 3.20% on Thursday, from 3.06% on Wednesday.
Investors were offered interest at Libor plus 4.25, up from 4.00 earlier this month.
We have yet to see prosecutions for manipulation of the Libor inter-bank lending rates.
And I think we want to know exactly what happened with the rigging of Libor.
But during the fall of 2008, the complaint alleges, Citi artificially inflated the Libor rates.
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This was partly caused by settling mis-selling claims and fines related to the Libor rate-fixing scandal.
At times individual traders wanted Libor to be pushed lower, to suit their own deals.
The overnight Libor rate has dropped to 1.67%, its lowest rate in four years.
Unitranche loans made to companies backed by private equity will range between 6-10% over LIBOR.
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The submissions of all the participants are published, along with each day's LIBOR fix.
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The Libor investigation has ratcheted up the tensions, according to the people familiar with the case.
The bigger problem he says is that the markets are so reliant on the Libor rate.
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By contrast, the Libor rate is based on assumptions banks make about their daily borrowing rate.
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Deutsche has been looking into alleged manipulation of the Libor and Euribor benchmark lending rates.
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It also envelops the banks who we now learn were engaged in fixing LIBOR rates.
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David Cameron was this morning highly critical of Barclays' conduct in the Libor market.
This process ensures that full LIBOR coverage is available every day, even in lesser-used currencies.
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Such steps could lead to an accurate LIBOR fix, not just a fixed one.
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By lowering LIBOR, these banks' interest costs would fall more than interest revenues, boosting profits.
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LIBOR, or London InterBank Offered Rate, theoretically represents what banks charge one another to borrow.
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However, when market forces shifted such that numerous players suppressed LIBOR simultaneously, rates swayed downward.
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The Libor-rigging scandal could have been the failure of other regulators, as Mr. Geithner suggests.
When I consulted my 60-year chart on LIBOR I drew a trendline through 4 percent.
Interest rates on adjustable-rate mortgages, for instance, use the Libor rate as a reference.
There is no suggestion that either man knew about the alleged manipulation of Libor.
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The implication is that new LIBOR rates are likely to be higher and more volatile.
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