This is the single best discussion and explanation of the LIBOR scandal you’re likely to get.
Simply put, LIBOR — the London Interbank Offered Rate — is the rate that banks lend money to each other and it directly impacts virtually everyone in the world.
The 16 banks that set the LIBOR have been gaming a system worth literally hundreds of trillions of dollars and their fraud and criminality has cost people with home loans, business loans, student loans, credit cards . . . you name it, quite literally trillions of dollars in losses.
I’ve said it before and I’ll say it again — this shit isn’t going to stop until some of these motherfuckers are hanging from a gibbet in the middle of the town square.