Way to go, traders!
Retirees aside, the primary casualty of this scandal is what remained of the credibility of the banking system itself. Libor was thought to be like pi — inviolable, sacred, pure. Set, in theory at least, by market forces alone, it was the bedrock on which the whole elaborate complex of financial services rested. But that bedrock turns out to have a whole lot more give than anyone imagined. Once again, the supposedly cut-and-dried world of investment banking has shown itself for what it is: a swamp kept nice and mushy by the slime secreted by its greediest inhabitants.
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, Barclays
