Discover and share stories

of adventure, connection, and change making.

Think this is good?

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)

Continue to citypaper.net

Inappropriate?

Think this is good?

This post is tagged in…

Discuss

  1. {{attachment.file.name}}
  1. {{fields.video_link.url}}

Ready to post! You’ve uploaded the maximum number of images.

Your video is ready to post!

Oops! Nice pic, but it’s just not our (file) type. Please try uploading a .jpg or .png image.

Well, this is embarrassing. Something went wrong when posting your comment. Care to try again?

That image is too large. Maximum size is 6MB.

Please enter a valid URL from YouTube or Vimeo.

Embedding has been disabled for this video.

{{c.errors.other}}

Posting comment...