Libor scandal
The Libor is an average interest rate. It is calculated when major banks in London submit their interest rates. It was discovered that banks falsely changed the interest rates before submitting them, so that they could profit from the trades. Sometimes, this also made them look more creditworthy than they really were. There is a market of about 350 trillion dollars in derivatives, which is connected to Libor.  British Bankers' Association (BBA) manages the Libor.