LIBOR stands for the London Interbank Offered Rate -- about as boring as any phrase could possibly sound, but it turns out that the LIBOR is often called "the world's most important number." It's the global benchmark used to price credit card debt, variable rate mortgages and virtually everything else in the world of finance. It's the unlikely subject of a book by David Enrich, The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History.
The LIBOR financial scandal gets the crime thriller treatment
Credits
Guest:
- David Enrich - finance editor at The New York Times - @davidenrich