Why the Libor scandal matters to everyone
The unfolding story about Libor interest rates and their manipulation speaks to big issues like the corruption of global markets and the persistent ethical failures of big institutions. It is difficult to figure out who may have been hurt and how badly. But the power of Libor -- and the cost of its corruption -- lie in the financial ubiquity of the benchmark rate. It affects everything and everyone. It’s in the clothes you wear and the food you eat. Its presence is felt everywhere.