When the Libor scandal broke last year I thought it might be the last straw in a series of banking scandals going back before even the apex of the credit crisis in 2008.
The idea that numerous investment banks would manipulate Libor (London Interbank Offered Rate), the very rate that is the basis for how interest rates are set throughout the globe, was so huge as it was mind boggling. I recall waiting on the outrage that never really came. Much of the media is financially illiterate and unfortunately more interested in the sexual peccadillos of some minor politician than a scandal that, though it involves some lofty institutions using unknown terms, really touches everyone.
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