The LIBOR scandal, part 1: background

Earlier this month the Court of Appeal rejected Tom Hayes’ referral of his conviction for LIBOR manipulation. JC looks at LIBOR, the history of interest rate derivatives, and the implications.

Dramatic look gopher goes to the British Bankers’ Association (von Sachsen-Rampton, 2024)

“If the law supposes that,” said Mr. Bumble, squeezing his hat emphatically in both hands, “the law is a ass—a idiot. If that’s the eye of the law, the law is a bachelor; and the worst I wish the law is that his eye may be opened by experience—by experience.”

— Charl…