I know what LIBOR is but I am trying to get a handle on what Barclay's and other banks supposedly did to "manipulate" the rates. Does anybody with a better understanding know what this is about ? How did they manipulate the rates ? What reporting did they do improperly ? Were the rates too low as a result ? Too high ?
I've read Gasparino's recent columns raking Geithner over the coals for not doing anything about this as far back as 2007. What else is new ? Geithner has been a Wall St. toady ever since his first stint at Treasury under Bob Rubin and then Larry Summers. But supposedly London agreed with his inaction or non-action .
What are the real ramifications of this, if any ?
I'd appreciate a little help. Many thanks in advance.



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