Topic: banks

Libor Fixing Scandal in the Grand Scheme of Things

 “Save me from these evil deeds before I get them done.” Fiona Apple Libor is an acronym that stands for London Interbank Offer Rate. It’s the rate at which banks borrow and lend between themselves. But Libor has much wider implications. In fact it affect several hundred trillion dollars of various investments. Libor is the basis for calculating interest rates on your mortgage, your student loans, your credit cards, as well as on any corporate, municipal and mortgage-backed bond out … Read More

Lunchbreak Link-A-Thon
Remember, Remembers
(Over Mimosas)

You’ve likely heard that today is Bank Transfer Day.

As my own bank account will attest, I understand very little about finance and even less about industry, and if I’m honest, I have to admit that deep down, in a place preceding logic, I actually believe the phrase “monetary instruments” was devised by a shadowy cabal of Frank Luntzes whose sole mission is to piss me off. (Oh Frank, you had me at “death tax.”) But since TARP, it’s become increasingly clear that very few of the people who understand the financial industry very well are looking out for me. Perhaps you’ve come to a similar conclusion.

And so I’ve gotten up early to bring you a special Saturday Brunch edition of the Lunchbreak Link-a-thon, wherein I’ve compiled, from sources more knowledgeable than I and more trustworthy than Timothy Geithner, all the information you’ll need to understand and participate in this unprecedented people’s holiday: Read More