You absolutely have to watch Matt Taibbi explains how the ongoing LIBOR rate-fixing scandal is tantamount to the biggest insider trading scheme we could ever imagine.
As Taibbi noted, average folks like you and I are affected by the LIBOR rate-fixing scandal because local governments tend to lose money when LIBOR rates are down, affecting those governments’ ability to balance their budgets and provide services.
Turns out it’s not just a few but 16 of the largest banks in the world involved in this price fixing scheme. No wonder politicians think there’s no control and prosecution is pointless.