In response to:

TARP Banks Caught Falsifying Interest Rates in LIBOR Rate-Setting Scandal

Anne384 Wrote: Jul 19, 2012 2:59 PM
Most people have no idea how this affects every day life. Any one I have talked to has the attitude "this does not affect me so who cares"? This comment was made by someone whose own mortgage was based on LIBOR. She never undestood it and still does not. No telling how much she has lost from this but she still does not think it applies to her.

One of the few issues which both the political left and the right agree upon is rooting out financial corruption by the banking industry. The latest banking scandal involves big banks submitting falsified data in order to keep their borrowing rates low. As many as 16 banks worldwide have been submitting false information to LIBOR, the London interbank offer rate. LIBOR is considered one of the most crucial interest rates in finance. It is the average interest rate the world's largest banks pay when they borrow money from each other, and affects the rate of interest borrowers pay on...