LIBOR shenanigans change nothing

i'm going to go out on a limb here and predict that no serious consequences will result from the LIBOR scandal. by that i mean none of the banks involved will suffer any serious long-term consequences aside from having to pay a relatively small (in comparison to the amount they bilked people) settlement. none of the high-level people working for those banks will lose their job over this, and there will be no criminal prosecutions.

and no, banks' credibility will not be "destroyed" by this scandal. the big banks already have no credibility with the people who pay attention to these things. and for the people who haven't been paying much attention so far, why would they start now? the LIBOR scandal centers on an esoteric number that few people have heard of (even if they have personally financially suffered because of the banks' collusion, the public remains largely oblivious). i don't see any signs that the average person is paying any attention to this. in other words, i don't see any reason that this scandal is any different from all of the other banking/financial sector scandals we have had in the past few years.

which means the banks will get away with it (again). which means they will have every incentive to rip of the public in the future.