Manipulating The LIBOR - Is This Slipping Under The Radar?

The Justice Departments for the U.S., U.K., Japan, and Canada are currently investigating whether the world's largest banks conspired to manipulate the LIBOR index.  The LIBOR (London Interbank Offered Rate) is the index used by many lenders to determine the interest rate of their adjustable rate mortgages.  Maybe this isn't big news yet because it's just in an inquiry stage, but this has the potential to be a powder keg.  Controlling the LIBOR rate would be the ultimate in insider trading.  Banks and traders could potential make millions (billions?) by knowing the direction of the LIBOR in advance.  Stay tuned, this could get ugly.