Today on Down to Business English, Skip Montreux and Dez Morgan talk through the LIBOR Scandal.What is the LIBOR? How did this scandal work? What penalties will the banks involved in this receive?
Skip: Hello everyone this is Skip Montreux signing in from Tokyo, Japan.
Dez: And this is Dez Morgan still in the sweltering city of Abu Dhabi, at least for a couple of days longer.
Skip: Welcome Dez and a great big warm welcome to all of our listeners to an all new episode of Down to Business English.
Skip: So Dez, you say that you only have a couple of more days left in the heat of the UAE?
Dez: That’s right, I’m off to London in a few days.
Skip: Oh great, will you be taking in some of the Olympics?
Dez: I’m not planning on it as my main focus will be looking for a house.
Skip: Aren’t houses in London incredibly expensive, Dez?
Dez: They are, which is why I will be looking for something very small on the outskirts somewhere. I have the mortgage agreement in place although the interest rates that I’m being charged is a bit higher as I am an expat.
Skip: I guess you are more risky than someone living in their home country. Your mortgage isn’t with Barclays I hope, as they have been involved in quite the financial scandal recently.
Dez: No it’s with another bank so seems to be safe enough. I heard about that scandal too and thought that we must do a show on that as in parts it’s quite hard to understand.
Skip: Don’t worry Dez I am up on all of the details. So let’s do it let’s get D2B…Down to Business with the Libor rate manipulation scandal: What does LIBOR actually mean and how and why was it manipulated?