Robert Shapiro explains The LIBOR Mess in the Globalist today, noting that:

LIBOR rates are a very big deal, because they are benchmarks for countless other interest rates. The majority of U.S. adjustable-rate mortgages, for example, are set at a LIBOR rate plus two or three percentage points. So are millions of student loans, auto loans and credit card finance charges.

He argues for additional government regulation and enforcement contending that "This could well turn into the largest consumer fraud ever seen."