What do you know so far about the LIBOR scandal?

LIBOR is the rate set daily by banks themselves to lend money to each other. This rate affects the entire lending market from enormous changes of money between banks and for small consumer loans and mortgages.

This article in the Economist does an excellent job of outlining the fraud that took place and the levels it reached.

A good quote from the article reads:

“This is the banking industry’s tobacco moment,” says the chief executive of a multinational bank, referring to the lawsuits and settlements that cost America’s tobacco industry more than $200 billion in 1998. “It’s that big,” he says.

Are you keeping abreast of the LIBOR scandal news?

How may it have affected your life personally?

For me, it has more than likely affected my credit card interest rates, but since lending affects the prices of all goods and services, it has probably even reached into my wallet at the grocery store and gas station.