So I know I haven’t posted anything in a long time, but I swear I have my reasons (work, other work on top of that work, and a bunch of catching up to do in terms of reading and studying). I promise to start posting more.
For those who have been following some recent economic news, you might have heard about the LIBOR Scandal, a controversial scandal that saw the banking company Barclays try to manipulate worldwide interest rates. Here’s a nifty infographic that tells you, the consumer, just how you are effected by this scandal in general.
Even more recently, according to the New York Times, Barclays just settled accusations for $450 million last month. However, Barclays ultimately decided ‘fuck that’, and has raised their rates even higher. Here, the NYT explains how the rate is set, and consequently, how the rate is manipulated.