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Comes now news from across the pond that executives at one of the world's most respected banks, Barclays, rigged Libor. Even the venerable Bank of England is apparently being investigated.
For sports fans, this is like fixing the Super Bowl or doping a horse in the Derby. But it is rather more serious. For the London Interbank Offered Rate is the benchmark interest rate for trillions in loans around the world.
Manipulate Libor a small fraction of a point, and lenders reap millions more in interest income on hundreds of billions in loans.
How many more such blows to their credibility...
Casino Capitalists Playing With Fire