The LIBOR scandal: The rotten heart of finance | The Economist
The Economist considers that that LIBOR scandal is a very serious matter, with international implications.
A libertarian inclined free market economist from Melbourne, who repeatedly at his blog notes that he doesn't watch the ABC and spends all of his time lately promoting political stuff (and cherry picked graphs with inadequate explanation) of benefit to the Coalition, taking his cue from one bit of Wall Street Journal commentary says (my paraphrase) "oh pooh, this is all boring and about nothing important." I wonder if he has read another piece from the WSJ which seems to me to argue "of course the banks may have been manipulating this for profit, and we need to fix the system and move on because we just can't afford massive litigation about this."
Who to believe...?