"When the LIBOR interest-rate fixing scandal broke wide open over the summer, I asked whether it was "The Crime of the Century." The answer to that question relied on whether banks were understating their LIBOR submissions in order to appear stable at the height of the financial crisis, or whether LIBOR manipulation was a more widespread phenomenon involving collusion across financial institutions in order to profit off of derivative trades."*
Some of the top banks in the world fixed interest rates to their benefit in the LIBOR scandal.
Banks are being fined, but is anyone getting arrested? Of course not.
Cenk Uygur breaks down what the scandal is about and who is paying for it.
