LIBOR BANDITS: Yesterday in the USA, Sacramento County filed a major lawsuit against some of the world’s largest banks, accusing them of manipulating LIBOR (the London Interbank Offered Rate) in order to gain profits at the county’s expense. The lawsuit accuses the  Bank of America, Barclays, JPMorgan Chase and a several others of manipulating the interest rate. Sacramento County is the 15th US Government agency to file suit over LIBOR. Meanwhile, over here in the UK, because politicians and (dare one say it) lawyers don’t understand LIBOR and because we never prosecute anyone in financial services unless they are foreign, both the British Bankers Association which used to set LIBOR or the hurriedly dismantled Financial Services Authority will get away with it, while those formerly in charge move to the safe high-ground of other overpaid executive jobs and/or directorships…with the odd knighthood or gong thrown in.