Question: Q) When banks quote LIBOR rates, it is important that other banks around the world accept these quotes as representing the days equilibrium, world-wide based

Q) When banks quote LIBOR rates, it is important that other banks around the world accept these quotes as representing the days equilibrium, world-wide based rates. Why should these other banks trust the LIBOR-setting banks? Could you mention a recent LIBOR scandal beifly

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