What is the Libor scandal?

growing evidence that Libor numbers have been deliberately manipulated by banks for years means that millions of people have been paying the wrong interest rate on all manner of financial products. Vast sums of money have been wrongly snatched from innocent people and created equally vast undeserved windfalls for others. The basic structure of the world’s financial system has once again been exposed as fundamentally broken.

And once again, the right says nothing about it, or claims it isn’t a problem because there is no way to fix the problem via tax cuts and deregulation. And if there is no way to fix it via tax cuts and deregulation, it can’t possibly be a real problem.