Critically discuss the LIBOR Scandal related to interest rates in banking a) Define LIBOR and describe the process of how is calculated and published. 10 marks b) Describe various financial instruments using LIBOR rates and describe how they impact financial calculations in general. 10 marks c) Discuss what was the LIBOR scandal about and what were the major implications for banks, corporations and consumers. 20 marks d) What measures are taken to replace LIBOR and what lessons are to be learned regarding corporate governance. 5 marks Critically discuss the LIBOR Scandal related to interest rates in banking a) Define LIBOR and describe the process of how is calculated and published. 10 marks b) Describe various financial instruments using LIBOR rates and describe how they impact financial calculations in general. 10 marks c) Discuss what was the LIBOR scandal about and what were the major implications for banks, corporations and consumers. 20 marks d) What measures are taken to replace LIBOR and what lessons are to be learned regarding corporate governance. 5 marks