I don't understand the LIBOR scandal. Haven't banks always set their own interest rates?

The Super banks often need massive amounts of money from each other in a BIG hurry, meaning no time to negotiate rates and terms before the transfer, hence a preagreed rate- the LIBOR -that they can count on each other for. A altogether different situation from dealing with ordinary customers.

I bought several farms in OK and AR
two decades ago and I remember the
banks based their base interest rate
on LIBOR.

consult holmes and lanza