[intended]

A really important point to add is that at this juncture, LIBOR was also no longer the rate at which Barclays wa being loaned money.

Banks would be giving them cash at rates higher than libor.

Search for "LIBOR has become dislocated from itself " a beautifully finance speak way of saying "it's bullshit/it's being manipulated and it doesn't matter"

Edit: found it! http://www.telegraph.co.uk/finance/newsbysector/banksandfina...

Every time I read one of these I think that the reporting/commenting/story is over the top, and then something else blows by in a few months which makes it look like child's play.