When bankers lie

San Francisco investigates LIBOR fraud and its possible impact on city finances

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By Darwin BondGraham

news@sfbg.com

Although few have ever heard of it, there's probably no number more important to the global financial system than the London Interbank Offered Rate, or LIBOR. Defined precisely, LIBOR is a set of different interest rates that the world's largest banks charge one another for cash loans denominated in US dollars.