I read a lot about it, but this really simplifies things. Do note how the value of the securities and loans affected by the LIBOR scandal dwarfs the entire world’s GDP at least ten times over.
“This is the world’s biggest banks stealing money that would otherwise have gone towards textbooks and medicine and housing for ordinary Americans, and turning the cash into sports cars and bonuses for the already rich. It’s the equivalent of robbing a charity or a church fund to pay for lap dances”
Matt Taibbi, Rolling Stone Magazine