The LIBOR Scandal: Why is it Scandalous?

Immanuel Wallerstein @ Common Dreams - Since July 4, we have been reading in major world newspapers and in statements by legislators, central banks, and judicial authorities, that there is a “scandal” about something called LIBOR. Before that time, few persons outside the group concerned with banking had even heard of LIBOR. Suddenly, we were being told that major banks in Great Britain, the United States, Switzerland, Germany, France, and probably a number of other countries had engaged in actions that were allegedly “fraudulent.”  Read more.