One bank caught trying to rig an interest rate may be tip of an iceberg. With an estimated $300 trillion in loans or derivative contracts around the world pegged to the interest rate, the scandal is again shaking faith in major international banking centers like Wall Street and London City.
The story of how Barclays tried to rig an interest rate benchmark called LIBOR, which cost CEO Robert Diamond his job today, may seem obscure. But it's the latest evidence of bankers taking every inch regulators leave to them.
French President Sarkozy tagged London a big loser after the EU appointed a French finance chief. London fears greater 'meddling' in its financial services industry.