Well that little quoted bit is an outlandish conspiracy theory. But the Libor is one benchmark for the average short-term interbank lending rate, compiled by the British Bankers’ Association. However, it is collated from self-reported data, and it was recently discovered that some banks falsely reported inaccurate rates.
The LIBOR scandal is a real thing. Banks were conspiring to fix a certain measure of lending costs to advantage their traders. Fines have been leveled and serveral people are up on criminal charges.
The rest is silliness from the needs of the Ron Paul message board denizens to come up with conspiracy theories linking any event in the news to dark banking conspiracies. There are no Senate committee hearings on LIBOR and neither father would have been likely to testify at said non-existent hearings.
Well LIBOR is the number on which global short term interest rates are based. Consequently any kind of financial manipulation by anyone is going to be based on it. That’s why it’s such a nasty little scandal, it screwed everyone over.
