Everything is priced off Libor, directly or indirectly: it's one of the key rates in finance: the only others as important are the Fed's discount rate and the 'risk free rate' derived from US Treasuries.
The mainstream media are neither willing nor able to report what this means; it's just another market manipulation and gosh, we take a lot of advertising from their retail division.
But manipulating Libor... It's like an aviation fuel cartel manipulating the density of air.
The lawsuits will never end.
Which is just as well, because the UK authorities have fined Barclays less than a hundred Million. It's small change, for a crime that's saved them billions and distorted every transaction, everywhere, that defers a payment or a liability.
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branchandroot
no subject
Date: 2012-06-28 09:24 am (UTC)The mainstream media are neither willing nor able to report what this means; it's just another market manipulation and gosh, we take a lot of advertising from their retail division.
But manipulating Libor... It's like an aviation fuel cartel manipulating the density of air.
The lawsuits will never end.
Which is just as well, because the UK authorities have fined Barclays less than a hundred Million. It's small change, for a crime that's saved them billions and distorted every transaction, everywhere, that defers a payment or a liability.