Libor manipulation?

Business culture and dishonesty in the banking industry

“…However, in recent years, numerous scandals involving fraud have undermined confidence in the financial industry [5][6][7] . Contemporary commentators have attributed these scandals to the financial sector's business culture [8][9][10] , but no scientific evidence supports this claim.…”

“…For example, the practices of the two rogue traders Jerôme Kerviel and Kweku Adoboli resulted in total damages of almost US$10 billion 5 . Other examples, such as the manipulation of key interest rates (for example, LIBOR 6 ), as well as several tax evasion affairs 12 , have led to a dramatic loss of reputation and a crisis of trust 7 in the financial sector.…”

I Might Be a Liar, but Not a Thief: An Experimental Distinction between the Moral Costs of Lying and Stealing

“…Libor manipulation (Abrantes-Metz, Kraten, Metz, & Seow, 2012). Volkswagen was dishon-5 est regarding their emission values and thereby have harmed their customers and the public 6 due to decreasing residual values of purchased cars and decreased air quality (Wang et al, 7 2016).…”

“…The Libor manipulation, on the other hand, was a dishonest report of interest rates by 8 large banks. These reports led to manipulated reference interest rates and damage to the global 9 economy running into the millions of euros (Abrantes-Metz et al, 2012). Besides these exam-10 ples of lying, stealing also harms the economy.…”

Financial crime ‘hot spots’ – empirical evidence from the foreign exchange market

“…While much of the literature has focused on the manipulation of closing stock prices (Comerton-Forde and Putniņš 2011;Spatt 2014), an emerging strand of work investigates the manipulation of specific financial benchmarks, such as the London inter-bank offered rate (LIBOR) (Abrantes-Metz et al 2012;Fouquau and Spieser 2015). However, benchmark manipulation in the FX market has received comparatively little academic attention.…”