Flaws in the rules allowed banks to rig interest rates without conspiracy

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Flaws in the way the Libor is set means that big banks have adjusted global interest rates to their liking for years, said Bloomberg.

And it didn’t take conspiring with other banks. Instead, merely nudging a single banks’ rate meant the others followed suit.

Allegedly, bank employees tried to rig the benchmark for $500 trillion of securities worldwide.

Read more at Bloomberg.