|
The LIBOR probes; Anexpensive smoking gun 伦敦银行间拆放款利率调查;代价高昂的铁证 Court documents shed light on how LIBOR wasallegedly manipulated; 法院公文阐明伦敦银行间拆放款利率是如何涉嫌操纵; It is supposed to be constructed using banks ownhonest estimates of what it costs for them toborrow money. But regulators around the worldsuspect that LIBOR , a financial benchmark that is set every day by collating these estimates, hasbeen subject to manipulation. Little information has been publicly released by the regulatorsthat are investigating. But Canadian and American legal documents seen by The Economistpaint a picture of what is alleged. It is not pretty. 银行自己诚实的估算其借贷成本本是很有建设性的。但世界各地的监管机构怀疑伦敦银行间拆放款利率，这一根据估算结果而每天确立的金融基准涉嫌操纵。负责调查的监管机构并没有公开过多内幕。但是《经济学人》了解到的加拿大和美国的法律公文描述了这些未经证实的指控，说的有些不堪入耳。 Suspicions that something was wrong with LIBOR were aroused in 2008 when financial risksbegan to pick up but the benchmark, which ought to have ticked upwards too, did not move.That same year a group of American academics circulated a paper showing that banks individual estimates of their borrowing costs were surprisingly close, given their differentlevels of risk. That suggested something fishy but was not conclusive proof, according toRosa Abrantes-Metz of New York University Stern School of Business, one of the paper sauthors. | 
