LIBOR is the London Interbank Offered Rate. It’s a series of interest rate benchmarks used in trillions of dollars of bank transactions, commercial contracts and numerous other banking instruments. The rates are set by a panel of banks excluding both the highest/lowers numbers to arrive at a mean. This makes it difficult but not impossible for any one to directly influence the rate. Fredrick Hayek called this an ‘extended order.’
By all means punish those that seek to influence this rate.
However, criminalizing entire industries is wrong. Don’t look to the political authorities for any sanity.
Regulators come down hard on UBS and numerous other industries, remember the political passion of Spitzer? It’s called extortion.
How else to say it: Congress and Regulators give themselves a pass.
Politics: the last refuge for the scoundrel.