Barclays Corrupts Libor and Maybe a Lot More
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July 6 (Bloomberg) -- If Barclays Plc would lie about itsborrowing costs, what else would it lie about?
That question gets to the heart of the damage Barclays didto itself by submitting false numbers for years to the BritishBankers’ Association as part of the surveys used to set theLondon interbank offered rate, the benchmark for $360 trillionof financial instruments globally. The most important asset anybank has is trust -- especially when it comes to the figures onits own financial statements. Whatever credibility Barclays had,it’s been poured down the drain like last night’s suds.