Via Healthcare Administration [4],
Since (at least) 2005, Barclays has been manipulating LIBOR, and their traders have been allegedly pocketing $40MM a day [5] betting on interest rate derivatives. If the LIBOR, one of the most fundamental metrics of our banking system can be rigged, can you imagine what other elements of our financial system are a fraud? This morning's comments from European regulators appears to confirm that this story has a long way to go as ECB's Almunia states: "The evidence we have collected is quite telling so I am pretty sure this investigation will not be closed without results."
[6]