"Spengler" has a rather contrary opinion on this subject, it's worth a read: ...rigging LIBOR transferred income away from the banks to their debtors. There is a case for a civil suit by shareholders for income lost to the banks' largesse, but hardly a criminal case...Central banks and finance ministries did the right thing: they lied, not just about the LIBOR rate but about the solvency of the banking system...Underreporting the cost of funds (in order to pre-empt possible panic about the condition of the banks) was the least interesting lie the regulators sanctioned. The biggest lie involved the solvency of the banks themselves...The real whopper was the pretense that tens of millions of homeowners could and would pay their mortgages. Banks delayed foreclosure and kept families in their homes for months and years past the usual cutoff date for seizure. That was also the right thing to do.
You know, its really hard to say who I would trust LESS in a financial deal. Would it be the Somali pirates, or these bankers??? I can't say for certain. I may have to throw a few dead bones on the ground and ask a witchdoctor.