The LIBOR scandal involved the manipulation of interest rates by more than a dozen major banks across the world to raise or lower the reported London Interbank Offered Rate and increase their traders' profits in the derivatives market. The scandal came to light in 2012, but the practices went back to at least 2003. In the years since the scandal was exposed, the banks have been fined billions of dollars, and a number of the people involved have been sentenced to prison.