Panic Surfer - A Very Metal Explanation of the LIBOR Scandal

The London Interbank Offered Rate
Is based on borrowing cost estimates
Of a whole fuckload of global banks
Sent in at eleven AM everyday

The average is used as a base rate
To which hundreds of trillions of dollars are linked
Including mortgages in the United States
And essentially the global economy

Beginning in two thousand and three
A bunch of these banks colluded behind the scenes

Barclays, Deutche Bank, JP Morgan Chase
Lied about the rates that they thought they'd pay
To skim money off of, well, everything
It was the biggest fucking scam in world history

And yet it was memory holed

State regulators allowed this shit to happen
So don't feel bad if you cheat on your taxes explanation

Written by:
Connor Posey

Publisher:
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