The financial world will begin what some are calling a once-in-a-lifetime transition this year. The London Interbank Offered Rate (LIBOR), which serves as the globally accepted interest rate benchmark for borrowing costs between banks, will be phased out beginning in December of this year. This transition follows a major scandal surrounding LIBOR that came to light in 2012, though there is evidence of collusion dating back to 2003. Read our latest post on the Glowlit blog to learn more about how the LIBOR scandal came to be along with our key takeaways.
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