More or Less: Who are the Libor losers? (WS)
More or Less
BBC
4.6 • 3.7K Ratings
🗓️ 14 July 2012
⏱️ 10 minutes
🧾️ Download transcript
Summary
How much damage did messing with Libor really do to the financial system? After all, most financial trades are two way bets – and for every winner, there is a loser.
Transcript
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| 0:00.0 | Thank you for downloading from the BBC. |
| 0:04.0 | The details of our complete range of podcasts and our terms of use go to BBCWorldService.com |
| 0:10.0 | Slash Podcasts. |
| 0:12.0 | Hello and welcome to more or less on the BBC World Service, a statistical rainbow amidst |
| 0:18.0 | a downpour of dubious numbers. |
| 0:20.0 | Over the past fortnight, one number has been grabbing all the attention on the dance floor of news. |
| 0:26.0 | Libor. |
| 0:28.0 | Libor. |
| 0:30.0 | Libor. |
| 0:32.0 | Libor. |
| 0:34.0 | Libor. |
| 0:36.0 | You probably know the following facts. |
| 0:38.0 | Libor is a financial number. |
| 0:40.0 | It's important. |
| 0:42.0 | And Barclays Bank has been fiddling it and has been fined $450 million for doing so. |
| 0:47.0 | But judging from your emails, you want us to go a little deeper than that. |
| 0:51.0 | And in fact, this isn't the first time that more or less has wrestled with the mighty Libor. |
| 0:57.0 | Back in late 2008, as the world was still reeling from the collapse of layman brothers, |
| 1:01.0 | more or less talked its way into the office in London's Canary Wharf, where Libor is calculated every morning. |
| 1:09.0 | We were the first journalists to do so. |
| 1:11.0 | We've just walked into the Thompson Reuters offices, which is the front end of the operation |
| 1:17.0 | that gathers the Libor numbers. |
... |
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