I think following story is big. It will send chill down the spine of money market traders in banks. Money market traders last time quoted libor rates that were not reflecting reality. Consequences means next time a crisis hit, the true stress in the money markets will be known much clearly, and this will for sure aggravate financial crisis and increase volatility. Good for us traders, bad for buy and hold types. ____________________________________________________ Markets Alert from The Wall Street Journal Three British men have been arrested as part of an investigation into the rigging of Libor interest rates, the U.K. Serious Fraud Office said. The SFO said the men, aged 33, 41 and 47, are being questioned at a London police station, and that it and the City of London Police executed search warrants on three homes in the southeast of England. The arrests are the first by authorities amid a global probe into alleged rigging by bank personnel of the London interbank offered rate over several years.