by: Tyler Durden
July 19, 2012
Sometimes you just have to laugh, and with the ongoing debacle of Liebor – it’s even more true as now the Swiss hedge fund community is dragged into the miasma – or else you’ll cry. As the conspiracy theories morph into conspiracy fact, who better to explain that LIBOR is not the “mythical half wild-bore, half lion that was rumored to have killed Achilles’ brother Jimmy” but is the “benchmark for all money-lending on errr, let’s say Earth”, than The Daily Show’s Jon Stewart. From the concrete evidence that banks deliberately manipulated the world’s most important interest rate – for the good of themselves. As Jon says, “never trust anything that rhymes with wankers”. How did they do it? and what will the fallout be?