|Local Governments Which Entered Into Interest Rate Swaps Got Scalped
We know that the big banks conspired to manipulate Libor rates, with the approval of government authorities.
We know that the Libor manipulation effected the world's largest market -- interest rate derivatives.
But who are the biggest victims?
Sometimes the big banks manipulated the Libor rates up, and sometimes down. Different groups of people got hurt depending which way the rates were gamed.