An analyst says, LIBOR rate rigging by a cartel of banks is the biggest bankster scam in history and it all came about because governments removed their regulation. In the background of this since 2011 regulators have focused on certain banks suspected of manipulating the LIBOR rate (London Interbank Offered Rate) across America and Europe. LIBOR index is the most important set of numbers in the global financial system. The interest rate rigging scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Barclays in 2012 became the first bank to be fined for LIBOR rate abuse. Criminal investigations are underway against many banks as the scope of the sham is widespread. It is believed the actions of these banks to act in their own self-interests due to no regulation of banks has assisted the historical transfer of wealth from the middle class to the wealthiest class. The Federal Reserve admitted that they knew about such manipulations and chose not to do anything about it back in 2007.