London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:
Media zeroed in on Occupy Oakland protesters and their clash with police. Such confrontations could bolster the Occupy movement, some say. But they may also be a sign the protests are winding down.
San Francisco earthquake: Thursday night's quake came nearly six hours after a magnitude 4.0 earthquake hit in the same area.
Cities see costs mount as they supply security and other services at Occupy Wall Street demonstrations. What are cities' First Amendment obligations to the protesters?