Baltimore and the Libor scandal: 'We can't leave any money on the table' | Business | guardian.co.uk
"Baltimore is lead plaintiff in a class action lawsuit that alleges that banks including Barclays, Bank of America, HSBC, JP Morgan and UBS conspired to fix a set of key interest rates – the London Interbank Offered Rate, or Libor – costing the city millions in the process. So far, the Libor scandal has played out mostly under the radar in the US. But now it is gaining traction in Washington, and Baltimore's suit is putting a human face on a scandal legal experts predict could end up being the most costly of the credit crisis.
Firefighters, services for the elderly, school programmes – all these and more are being cut as a direct result of the actions of colluding bankers, Rawlings-Blake claims."
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Good thing we have the British press to tell us about the biggest banking scandal in the history of money. You have to hunt through the business section to find a word about it in US papers. No wonder people have stopped reading them. But at least we know all about Tom Cruise's divorce.
If you want to read more, check out Matt Taibbi on this, via Max Keiser.
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