In spite of attempts to get to the bottom of the causes of the crisis and propose appropriate remedies, many recommendations that have been proposed have been stalled by both political leaders who can't seem to agree on the appropriate level of regulation.
Some bank insiders were manipulating the index for their own gain, to make their banks look better off during the financial crisis, lower their borrowing costs, and raise their profits -- by cheating. Picking our pockets and lining theirs.
If Bob Diamond wants a new thing to worry about, he might start worrying about this. He doesn't seem too keen on politicians, but he might want to listen to one he would, in a select committee, call "Nick."
Forget Bernie Madoff and Enron's Ken Lay -- they were mere amateurs in financial crime. The current Libor interest rate scandal, involving hundreds of trillions in international derivatives trade, shows how the really big boys play.