Iamon lyme: Yes... really. Millions of transactions each day are affected by the Libor rate GLOBALLY. It affects loan rates, some mortgage rates, the rates banks lend to each other.

IE Trillions of pounds (even more in dollars) every single day.

....well this "butterfly" is big.... big enough to cause a several class action legal cases. The investigation JPMorgan Chase, Citigroup, Bank of America, and UBS.

With more banks to follow more than likely.... Unless they do a Murdoch and burn all the evidence!!