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
- ‘We started something practical and convenient,’ says Greek who ‘invented’ Libor (ekathimerini.com)
- A Greek Banker Spills On The Early Days Of The Libor And His First Deal With The Shah Of Iran (businessinsider.com)
- INSIGHT-A Greek banker, the Shah and the birth of Libor (uk.reuters.com)
- Central bankers eyeing whether Libor needs scrapping (theneteconomy.wordpress.com)
- Dennis Kelleher, Libor, and high-frequency trading, Felix Salmon, Reuters
- The Dark Heart of the Libor Scandal, Mark Vorpahl, CounterPunch
- Libor system has ceased to work -BoE’s King, Reuters