The Billion-Dollar Bank Scandal Nobody Talks About: How Financial Giants Rigged the System and Got

The provided text discusses a major financial scandal from the 2000s and early 2010s where several of the world's largest banks colluded to manipulate the London Interbank Offered Rate (LIBOR). This rate was crucial for determining interest on various financial products globally, impacting individuals through higher costs for loans and mortgages. The scandal involved bankers fixing rates for profit and financial advantage, resulting in hundreds of billions in losses for the public. While banks faced large fines, the article highlights that few individuals were held accountable, suggesting that the institutions viewed the penalties as a cost of doing business and that the system is vulnerable to corruption without strict oversight.