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Philadelphia Schools Consider Suing World Banks For Fraud

Aaron Liu

During the height of the financial crisis, world banks fudged the Libor rate -- the interest rate a bank would pay to another bank -- to their advantage. $300 trillion in financial deals rely on this index; the estimated losses from Libor fraud goes as high as $176 billion.

The School District of Philadelphia, which is slated to fire 3,000 employees due to budget cuts, lost $161 million from deals tied to the index. With few options left, they're considering a lawsuit against their lenders for fraud.

(Photo by Versageek via Flickr)

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