Libor Rigging-Guest Blog by Steve Rushton of Occupy

LIBOR rate rigging during the bank bailouts cost Britain millions if not billions of pounds. Panic started on 13th September for Northern Rock customers as the BBC announced that the Rock had a liquidity problem. The day later, the Bank of England announced its measures; it would become the “lender of last resort.” Its motive was that retail and ordinary people had £24 billion worth of deposits in the bank, according to the BBC. This decision to lend the Rock money through special liquidity support fund was decided on by the Bank of England, the HM Treasury and the Financial…