The $800 Trillion Scandal: How Banks' LIBOR Lies Affected You

If you own stock, the companies in your portfolio may have been cheated out of revenue from interest rate hedges. Interest on corporate debt is often tied to LIBOR as well. As Motley Fool analyst Matt Koppenheffer pointed out, Coca-Cola Enterprises (CCE) alone carries some $1 billion in debt that's tied to the LIBOR.

Pension funds, furthermore, routinely hold income-generating securities in which payments are based upon LIBOR. Municipalities likewise hedge interest rate exposures through derivatives, so your local town may have also paid the price for this horrendous behavior by the too-big-to-fail banks.

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If a dozen or more banks can collectively manipulate something as central to the everyday functioning of our economic system as LIBOR, and in the process play games with an $800 trillion mountain of leveraged securities, is there any corner of our financial markets that can be deemed safe from such reckless and deceptive behavior?