Quote Originally Posted by TomAz View Post
The most amazing thing in all this to me is the realization that the underpinnings of global finance are tied to a benchmark that is based on estimates, not hard data. Estimates are much more easily manipulated and so the banks manipulated them because they could.

The Economist calls it "the biggest securities fraud in history": http://www.economist.com/node/21558281

High-frequency trading will turn out to be the biggest fraud ever.