# What is the Libor Scandal? **URL:** \ **Category:** Miscellaneous and Personal Stuff I Must Share\ **Created:** [January 14, 2013, 8:29pm UTC](https://boards.straightdope.com/t/what-is-the-libor-scandal/647216 "2013-01-14T20:29:04Z")\ **Posts on this page:** 6\ **Page:** 1
**Author:** ![April\_R](https://avatars.discourse-cdn.com/v4/letter/a/3da27b/32.png) [@April\_R](https://boards.straightdope.com/u/April_R)\ **Post date:** [January 14, 2013, 8:29pm UTC](https://boards.straightdope.com/t/what-is-the-libor-scandal/647216/1 "2013-01-14T20:29:04Z")
Help me SDMB. I had a FB friend post this (below) today and I have had little luck googling it, so can you tell me what the heck he is talking about? > [@](#): > > Wanna hear something strange??? > > The father of the supposed shooter in Sandyhook and the father of the supposed shooter at the movie theater were both to testfy in the Libor Scandal. > The father of Connecticut school shooter Adam Lanza, Peter Lanza, was the tax director for General Electric, a corporation that paid -0- taxes on 14.2 billion dollars in profits last year. According to Fabian4Liberty, Peter Lanza was scheduled to testify in the ongoing global LIBOR scandal. In what could only be described an amazing coincidence, the father of Colorado Batman shooter James Holmes, Robert Holmes, was also a LIBOR witness in his position with FICO. According to the link at FICO, Robert Holmes was a ‘Fraud Scientist’. 😕 ---
**Author:** ![ReticulatingSplines](https://avatars.discourse-cdn.com/v4/letter/r/e274bd/32.png) [@ReticulatingSplines](https://boards.straightdope.com/u/ReticulatingSplines)\ **Post date:** [January 14, 2013, 8:39pm UTC](https://boards.straightdope.com/t/what-is-the-libor-scandal/647216/2 "2013-01-14T20:39:46Z")
Well that little quoted bit is an outlandish conspiracy theory. But the Libor is one benchmark for the average short-term interbank lending rate, compiled by the British Bankers’ Association. However, it is collated from self-reported data, and it was recently discovered that some banks falsely reported inaccurate rates. ---
**Author:** ![Simplicio](https://avatars.discourse-cdn.com/v4/letter/s/c37758/32.png) [@Simplicio](https://boards.straightdope.com/u/Simplicio)\ **Post date:** [January 14, 2013, 8:40pm UTC](https://boards.straightdope.com/t/what-is-the-libor-scandal/647216/3 "2013-01-14T20:40:01Z")
The LIBOR scandal is a real thing. Banks were conspiring to fix a certain measure of lending costs to advantage their traders. Fines have been leveled and serveral people are up on criminal charges. The rest is silliness from the needs of the Ron Paul message board denizens to come up with conspiracy theories linking any event in the news to dark banking conspiracies. There are no Senate committee hearings on LIBOR and neither father would have been likely to testify at said non-existent hearings. ---
**Author:** ![madmonk28](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/madmonk28/32/20811_2.png) [@madmonk28](https://boards.straightdope.com/u/madmonk28)\ **Post date:** [January 14, 2013, 8:45pm UTC](https://boards.straightdope.com/t/what-is-the-libor-scandal/647216/4 "2013-01-14T20:45:25Z")
Salon had an article today about a reporter who is focusing on Sandy Hook conspiracy theories, including Libor. [http://www.salon.com/2013/01/14/is\_it\_okay\_for\_reporters\_to\_question\_the\_official\_narrative\_of\_sandy\_hook/](http://www.salon.com/2013/01/14/is_it_okay_for_reporters_to_question_the_official_narrative_of_sandy_hook/) > [@](#): > > In another recent episode of the show, Swann takes a generous look at the LIBOR conspiracy theory, which speculates that there is a connection between Lanza and Holmes via their fathers’ alleged upcoming testimony on the banking scandal. Swann eventually dismisses the bulk of the theory, but not before credulously investigating the connection and the claims of “alternative media.” > > “However, and here’s where it gets interesting,” Swann continues, “it does appear that Peter Lanza’s GE capital division, over which he was vice president, again according to ABC News, was involved in a bid-rigging scheme that used LIBOR rates to manipulate the bond market. That is the story as we know it so far. Is there more? Maybe. And we’ll keep looking for it.” ---
**Author:** ![Grey](https://avatars.discourse-cdn.com/v4/letter/g/b782af/32.png) [@Grey](https://boards.straightdope.com/u/Grey)\ **Post date:** [January 14, 2013, 9:43pm UTC](https://boards.straightdope.com/t/what-is-the-libor-scandal/647216/5 "2013-01-14T21:43:26Z")
Well LIBOR is the number on which global short term interest rates are based. Consequently any kind of financial manipulation by anyone is going to be based on it. That’s why it’s such a nasty little scandal, it screwed everyone over. ---
**Author:** ![Katriona](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/katriona/32/113_2.png) [@Katriona](https://boards.straightdope.com/u/Katriona)\ **Post date:** [January 14, 2013, 9:50pm UTC](https://boards.straightdope.com/t/what-is-the-libor-scandal/647216/6 "2013-01-14T21:50:35Z")
From Snopes: > **[Was the Sandy Hook Elementary School Shooting a Hoax?](https://www.snopes.com/fact-check/sandy-hook-exposed/)** > > A video supposedly documenting that the shootings at Sandy Hook Elementary School were a staged hoax is full of misinformation.