A new scandal in the banking industry is undermining its image, already tarnished by rogue trading at JPMorgan Chase and the 2008 subprime mortgage collapse. At the heart of the scandal: manipulation of Libor, the most widely used interest rate in the world. In congressional testimony Tuesday, Federal Reserve Chairman Ben Bernanke said he thought the Libor system was “structurally flawed.” USA TODAY reporter John Waggoner explains the Libor scandal and what it means to you.

via Libor scandal explained and what rate-rigging means to you – USATODAY.com.

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