Instead of covering one of the largest banking scandals in history, American television news outlets have focused on the divorce of Tom Cruise and Katie Holmes, shark sightings, and a chimpanzee attack. Last week, we documented how television news outlets are practically ignoring an emerging controversy over whether major financial institutions have been manipulating the LIBOR, a key interest rate banks use to borrow money from each other that is "used as a benchmark to set payments on about $800 trillion worth of financial instruments." MIT professor of finance Andrew Lo told CNN Money that the ... (full story)