- manipulation of Libor - wow, people got fired and lost unpaid bonuses. What about paid bonuses?
- manipulation of foreign exchange rates
The BBC website is excellent since they actually explain things
Here is an explanation of LIBOR
1. banks submit estimates how much they would pay to borrow from other banks. The estimates submitted were sometimes false, to promote the interest of the submitters.
Oh, I understand now. So the market was organized on the interesting idea that bankers will provide truthful information.
Oh, not another smiling monkey.
OK
2. And how much depends on LIBOR?
Contracts worth $300 000 000 000 000
Here is an explanation of the forex scandal
By the way, according to the article the forex market is now over $5 trillion a day.
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