STEVE INSKEEP, HOST: NPR's business news starts with the growing scandal over Libor.</s>STEVE INSKEEP, HOST: All right. More banks are getting caught up here. Libor, you will recall, is the London interbank offered rate - which is important because it establishes the rate that banks pay to borrow from one another.</s>STEVE INSKEEP, HOST: A man accused of rigging that rate went before a British court for the first time yesterday. U.K. officials say former UBS and Citigroup trader Tom Hayes conspired with workers from at least 10 companies. Those companies include JPMorgan Chase, HSBC, Royal Bank of Scotland and Germany's Deutsche Bank.</s>STEVE INSKEEP, HOST: Hayes already faces similar charges in the United States.
Libor is the London interbank offered rate. It's important because it establishes the rate that banks pay to borrow from one another.