LIBOR and EURIBOR fraudulent fixing

LIBOR and EURIBOR were meant to provide a fair and equitable way of determining inter-bank lending rates that determined other interest rates.

But we now know that they were manipulated to provide an unfair and inequitable advantage to the manipulating banks.

Funny how in the 21st century, with computers everywhere, doing everything, the Libor rate was set by fallible and corruptible humans rather than automatically calculated from actual transactions!

See also:

• http://www.blogger.com/blogger.g?blogID=2221107729551960243#editor/target=post;postID=6150666644106968603
• http://www.ibtimes.co.uk/articles/368304/20120730/libor-euribor-fixing-barclays-deutsche-bank-hsbc.htm: 
• http://www.bbc.co.uk/news/business-18882294