This is fraud on a HUGE scale. LIBOR manipulation is a crime and all the perpetrators should be punished.
While much of the scrutiny surrounding interest rate manipulation has centered on Barclays, regulators have said that traders at the big British bank colluded with rivals to influence a key benchmark.
- Rate Inquiry Focus Turns to Possible Collusion (dealbook.nytimes.com)
- S Korea banks in rate-rig probe (bbc.co.uk)
- Libor Collusion Can’t Be Excused by Bank Crisis: Almunia – Bloomberg (bloomberg.com)
- Whalen: Libor Is A Collusive Price Set By Collusive Banks (ritholtz.com)
- Marcus Agius, Chairman of Barclays, Resigns – NYTimes.com (nadernazemi.com)