The government, Banks, Bank f England and the FSA are all crooks and know perfectly well what is going on! The LIBOR fixings are everyday business day and these are controlled and run by the British bankers association (BBA). These are reported to the Bank of England and the FSA, who in turn report to the Chancellor and his cronies. So everyone knew what was happening! I know because i used to have to help fix the LIBOR in my trading days.
So if a LIBOR rate was higher than the interbank market, they ALL know. What I find incredible is that no one is investigating why banks are charging: 14% loans, 17-30% overdraft rates and that there are companies charging 2700% interest for loans. Why are these not mentioned?
LIBOR fixing is not run by laws so no one can be charged for fraud. Fraud is a means of hiding hidden costs, LIBOR rates are published everyday in the Financial Times and online.
It's all rubbish and no one is accountable