Why aren’t more people furious about the LIBOR scandal?
That’s a question mostly being asked on the political left these days, and they’re right to ask it.
Here are the basics: Barclays is the second-largest bank in Britain and one of the largest in the world. It has admitted to U.S. and British regulators that it manipulated the London interbank offered rate, or LIBOR, which basically measures how much it costs banks to borrow money from one another for various periods of time. If you ever read the fine print on a home mortgage, credit card agreement or car loan, you’ve seen reference to LIBOR.
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