Interesting article on the Libor (London interbank offered rate) today in the Times and the possible consequences of its manipulation by those banks that are 'too big to fail.' Aside from the huge fine that Barclays had to pay for falsifying the rate, it would appear that large numbers of municipalities may have viable suits against the banks that participated in setting the Libor (Citibank, Morgan, and many more) if they can prove that on certain days their investments lost money because of the falsely set rate.
When I first started reading about Libor it went off my radar screen but it's getting closer with the likelihood that hundreds, if not thousands, of lawsuits will be filed against the banks. The financial industry has to, and must, change if we're to avoid being spun into another world depression to feed banking greed. I'm looking forward to a bankfest, with the good guys feeding on the bad, in the near future.
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