No doubt at some point a full calculation will be forthcoming. It is important to remember that many banks are involved in the scandal, and that for every long derivative there’s a short, so there were winners and losers and the sums are all mixed up. It may well be that just as Bank X’s trader was pleading with Barclays for a low fixing, Bank Y was pleading with Bank Z for a high one because they had an opposite position. If each bank shaded by the same amount in the opposite direction, their efforts at manipulation came to naught. Now, remember that Barclays was sometimes manipulating Libor for someone else — ... (full story)