LIBOR

Politics
12:03 pm
Wed July 25, 2012

LIBOR Scandal Likely Affecting Revenues for Kentucky Agencies

A former trustee for the Kentucky Pension Systems says an international banking scandal is leading to millions of dollars in losses for Kentucky agencies.

Investment consultant Chris Tobe believes the pension systems have lost money due to the false interest rates associated with the LIBOR banking scandal.

LIBOR averages interest rates from other major banks to set a standard. Some banks are charged with providing manipulated rates to LIBOR to boost profiles. 

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