Only Hideo Kojima's "Metal Gear Solid 4" saw it coming - the moment when the sheer scale of neoliberalism's fraud, crime, greed and lunacy overwhelmed the total system which spawned it.
Short version of the story: LiBOR sets world interest rates for trillions of
financial assets, and practically every large US-EU bank in the world
was skimming micro-pennies on those rates, like the rotten criminal gangster mafia they indeed are.
Matt Taibbi has this stinging takedown here of the LieBOR cartel.
Max Keiser, Stacy Herbert and Reggie Middleton have more juicy details here.
Yves Smith covers the derivatives angle with this smashing post.
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