A Greek banker, the Shah and the birth of Libor


London Wheel - London

London Wheel – London (Photo credit: @Doug88888)

By Kirstin Ridley and Huw Jones – Minos Zombanakis, born 86 years ago on a Greek island, remembers the birth of the interest rate benchmark now at the heart of a global rigging scandal well.

“I was, more or less, if you excuse the lack of modesty, the one who started the whole thing,” he laughs, speaking by telephone from his village among citrus orchards in Crete.

Zombanakis was running the newly-opened London branch of Manufacturer’s Hanover, now part of JPMorgan, when the bank organized one of the first syndicated loans pegged to what he dubbed a London interbank offered rate (Libor) in 1969. more> http://tinyurl.com/czrv6kv

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