Date:March 11, 2012; June 29, 2012; July 18, 2012; October 15, 2012; December 11, 2012; July 18, 2012
The Financial Times was quick to realize the broad implications of a worldwide investigation by regulators into Libor - the London interbank offered rate - and throughout 2012, pursued the probe into the possible manipulation of benchmark interest rates as a pivotal and challenging reporting opportunity. The FT realized that Libor was a pivotal underpinning to the global financial system. Allegations of corruption by banks or individuals in rigging Libor could expose grave flaws in the banking and raise questions about the need for structural and cultural reform. The FT, a global news organization, focused a sizable staff in its bureaus in New York, London, Washington, Tokyo, Brussels and Zurich on tracking revelations in the case, finding traders linked to the probe and sourcing regulators in more than ten agencies across the globe who were involved in the inquiry. Beat reporters Kara Scannell and Brooke Masters, in New York and London respectively, had spent months in 2010 and 2011 digging into Libor allegations; by September 2011, the FT published the first story about a possible criminal probe. By early 2012, the Financial Times was poised to own the story and did throughout the year - breaking news, illuminating how banks and traders could make money in small changes in the rate and creating innovative online resources, databases, videos and podcasts on a daily and weekly basis to keep the story fresh and original. Its coverage was relentless, ahead-of-the-curve and visionary. Its digital story telling - and its interactive graphic “Understanding Libor” - was superior in helping readers understand this complex story.