If you haven't wrapped your mind around the LIBOR scandal yet, who could blame you? Just saying London Interbank Offered Rate is enough to make your eyes glaze over. But this thing is huge. It can make Bernie Madoff look like a shoplifter. More important, it could be affecting you.

Because if banks setting the LIBOR rate cooked the numbers, rates on trillions of dollars of loans and investments may have been artificially low or high. Millions of people worldwide - including you - may have been affected.

Bottom line? It seems like a complicated story, but it's really simple. At least one international bank, and maybe more, manipulated interest rates. They lied. And it may have affected rates on everything from student loans to car loans to credit cards.

This scandal is still unfolding, but you need to follow it - it could end up making Bernie Madoff's ponzi scheme look like chickenfeed. To learn more, go to MoneyTalksNews.com and search for "LIBOR."  

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