There have been plenty of banking scandals, but none quite like this: Investigators and political leaders believe that the manipulation of the Libor benchmark interest rate was the result of organized fraud. Institutions that participated could face billions in fines and penalties.
Of course there had to be organized fraud behind this! There is no way this scandal could have affected this many people or have be so deeply entrenched in all of the big banks without some sort of organization to it.
I predict that very few of the “top dogs” will actually be affected by this. It is starting to look like a RICO scandal, and there will be a few mid level employees gladly falling on their swords in a vain attempt at licking boot.
When will this corruption end, and what will be the final cost?