The document discusses the LIBOR rate scandal involving Barclays bank. LIBOR is a key interest rate benchmark used in global financial markets. Between 2005-2008, Barclays employees inappropriately manipulated the LIBOR submission process to benefit the bank's trading positions. This affected trillions of dollars in financial transactions. The scandal damaged trust in the banking industry and London's reputation as a financial center. Barclays CEO Bob Diamond testified before the UK Parliament and admitted the bank's role in manipulating LIBOR.