European banks have been tampering with credit markets all the way along: they fixed the most important global interest rate indexes (London's LIBOR and Eurozone's EURIBOR) and they did it almost openly. The implications are still a bit undefined but are clearly enormous, specially since Europe and the World have been deep to the eyebrows in the worst economic crisis in many decades precisely since 2008, when the tampering began.
According to The Telegraph:
... the bank could not be seen to be borrowing at high rates, so we were putting in low Libor submissions, the same as everyone. How could we do that? Easy. The British Bankers' Association, which compiled Libor, asked for a rate submission but there were no checks. The trader said there was a general acceptance that you lowered the price a few basis points each day.
According to the trader, "everyone knew" and "everyone was doing it". There was no implication of illegality. After all, there were 20 to 30 people in the room – from management to economists, structuring teams to salespeople – and more on the teleconference dial-in from across the country.
The discussion was so open the behaviour seemed above board. In no sense was this a clandestine gathering.
The implications are boundless: British, German and French banks are already plummeting in the stock markets while many British ministers are being splashed by the scandal. And this is surely only the tip of the iceberg because, you know, "everybody knew"...
Everybody who matters, as the oligarchs like to say, not you and me of course but the vampire conspiracy on top of our society.
The big problem is that, no matter how scandalous this may be, if criminal banksters are not put in jail for good, as the terrorists they are (they toy with people's lives, often ruining them) and, instead are allowed to get away with just fines (no matter how big, banks like these will always consider worth it to pay them), the problem will persist.
It's just as with Bankia: Rodrigo Rato and his team are still at large... the loses are being paid by Spanish and generally European citizens, who nevertheless see their homes reposessed by Bankia itself every day. There's no bail out for us commoners.
All this only underlines how much necessary and urgent is a communist revolution in Europe. Without guillotine for the Marie Antoniettes of today... there will be no justice, no stable society and no future for our little continent.