Let Li-bor Lie [article]

Banking, we were taught while at school, is a matter of trust. We could trust that the money we left in the care of those good bankers was safe. But if you have cared to notice in the last few years, banking is more like a pit of vipers. Case in point: the ‘respected’ LIBOR: the London Inter Bank Overnight Rate, or the interest rate that banks pay to one another for short term borrowings – & in essence the rate that determines the cost of money for the rest of the world – has been shown to be rigged by the very players who are ‘trusted’ & have no regulatory oversight. None. Libor Lies Revealed in Rigging of $300 Trillion Benchmark