Of all the bank malfeasance that surfaced in the last decade, the LIBOR scandal developing in the UK right now dwarfs them all. In essence, a number of banks conspired to manipulate interest rates in order to make certain financial positions pay off. I worry that the level of abstraction involved here is so great that the scandal will not capture the popular imagination. Nonetheless, there is no way to exaggerate just how massive this scandal is. And it’s only just begun unfolding.

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