Barclays Libor Scandal: Who Knew? Seven And A Half Things To Know

Thing One: The Fed’s True Libors: It’s a good thing no one on earth cares about this Libor scandal, because otherwise the Fed would be in so much trouble right now.

Thing Two: Euro Crisis Solved Yet Again: Remember that time, when the umpteenthousandth solution to the euro zone debt crisis seemed insufficient, and markets were punishing European sovereign debt? Yesterday, I mean? Well, pop some champagne, my friends, because that day is over. Because this is today. And today, euro-zone officials are giving Spain a whole extra year to get its budgetary act together and promising to pump more cash into its banks. And then very soon, maybe, they’ll get around to adding some details to that umpteenthousandth solution they hammered out a couple of weeks ago. That’s just barely good enough for European stocks, which are higher this morning.

Thing Three: Another Brokerage Firm Enters Bermuda Triangle: Mere months after the collapse of brokerage firm MF Global magically made more than $1 billion of client money disappear into thin air, another brokerage firm — with the eerily similar name of PFGBest — has also collapsed, making $200 million of client money vanish. Neat trick. Regulators, which had promised after MFGlobal to tighten up their brokerage-firm-watching skills, are once again perplexed, The New York Times writes.

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