Call it one more improvisation in 'too big to fail' crisis management.

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wsj.com:

• July 6, 2012, 7:16 p.m. ET
  

Jenkins: Lies, Damn Lies and Libor

 

Call it one more improvisation in 'too big to fail' crisis management.

 

 

BY HOLMAN W. JENKINS, JR.

 

Ignore the man behind the curtain, said the Wizard of Oz. That advice doesn't pay in the latest scandal of the century, over manipulation of Libor, or the London Interbank Offered Rate. The mess is one more proof of the failing wizardry of the First World's monetary-cum-banking arrangements.

Libor is a reference point for interest rates on everything from auto loans and mortgages to commercial credit and complex derivatives. Major world banks are accused of artificially suppressing their claimed Libor rates during the 2007-08 financial crisis to hide an erosion of trust in each other.

Did the Bank of England ... Snip Read More http://online.wsj.com/article/SB10001424052702304141204577508503320285454.html?mod=WSJ_Opinion_LEADTop