In today's installment of pass the peyote, Ole Uncle Fred sued the LIBOR panel banks in the 1st ever government sponsored private action. Where's Aunt Fannie, we don't know but given the duration mismatch sleight of hand that golden parachuted Franklin Raines, the irony is mind blowing.
The short version is all the scum that was rigging the mortgage and floating rate paper that fueled the credit super cycle is now feeding on itself. The long - and completely avoided by mainstream media- version is: The biggest, most devastating financial scam of all time is heading to the prosecution phase. But ya, tell me to worry about little ole Cyprus.