LIBOR’s administrator proposes an alternative to the doomed rate

Will the idea catch on?

In the financial world, libor is a staggeringly important number. The London Interbank Offered Rate—supposedly the rate at which banks can borrow unsecured from one another—is the benchmark for interest rates on around $260trn-worth of derivatives, loans and more. Over $200trn-worth is in dollars. But the number’s number is up. An ever-thinner underlying market and a rate-fixing scandal have prompted regulators to seek replacements. Britain’s Financial Conduct Authority has told banks that they need no longer supply estimates of their borrowing costs, on which libor is based, after the end of 2021. Regulators everywhere would like markets to switch to overnight interest rates. read more »

'Nightline' documentary, podcast: 'The Dropout,' the story of Elizabeth Holmes, Theranos

Money. Romance. Tragedy. Deception. The story of Elizabeth Holmes and her technology company Theranos is an unbelievable tale of ambition and fame gone terribly wrong.

How did the world’s youngest self-made female billionaire lose it all in the blink of an eye? How did the woman once heralded as “the next Steve Jobs” find herself facing criminal charges -- to which she pleaded not guilty -- and up to 20 years in jail? How did her technology, meant to revolutionize healthcare, potentially put millions of patients at risk? And how did so many smart people get it so wrong along the way? read more »

Deutsche Bank Questioned by GOP Lawmaker About Money Laundering

House’s McHenry sends letter to Sewing in wake of Danske news

Republican lawmaker asks what bank is doing to fix problems

Deutsche Bank AG’s chief executive officer is being questioned by a key Republican lawmaker over what the company is doing to boost money-laundering safeguards amid reports that its U.S. unit may have been a key conduit for billions of dollars of dirty money. read more »