Recent revelations of bank manipulation of the all-important LIBOR (London Interbank Offered Rate) form the basis for this most recent commentary, Here They Go Again, by Fr. Seamus Finn OMI on Huffington Post.
LIBOR is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. It is recognized as the primary benchmark for along with the Euribor (Euro Interbank Offered Rate), for short-term interest rates around the world
Commonly, financial institutions, mortgage lenders and credit card agencies set their own rates relative to it, hence its importance. At least $350 trillion in derivatives and other financial products are reportedly tied to the Libor