From Business Insider:
The London Interbank Offered Rate (LIBOR) is a benchmark interest rate used broadly all over the world and affects trillions of dollars of loans – mortgage loans, small-business loans, personal loans – worldwide.
This nifty infographic from AccountingDegree.net gives non-finance folk an idea of the scope of the scandal (h/t r/Politics). Double-click graphic for large graphic.
Read more: http://www.businessinsider.com/infographic-the-libor-scandal-explained-2012-7#ixzz2iCKmhPoa