From HuffPo: The news on Wednesday that cities and states
are suing some of the world's largest banks over Libor manipulation shows how
this scandal could blow up into one of history's biggest bank frauds.
That's because interest-rate manipulation might well have
kept your town or state from hiring firefighters or teachers, from paving roads
or paying for indigent care or after-school programs for your kids -- adding to
the human suffering of the economic collapse these same banks caused in the
first place.
If it's any consolation, the lawsuits and fines over this
manipulation could potentially cost the banks -- which include not only
Barclays but Bank of America, JPMorgan Chase, Citigroup, and many more --
billions of dollars.
"This could get very ugly in a hurry for some
banks," Peter Tchir of TF Market Advisors wrote in a note….
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