By Jim Ribble, CNN
(CNN) – Maybe you've heard about the Libor scandal involving Barclays bank and thought, "Well, that's a British problem." But, it could influence all of us around the world. Libor is an interest rate that can affect everything from the interest you pay on your credit cards to the rate on your home mortgage. And if a bank falsifies the numbers it can make people nervous about the integrity of the entire banking system.
"We no longer trust Libor," says bank analyst Dick Bove of Rochdale Securities. "You just don't like what you're hearing, and you just keep hearing it over and over and over again. And after a while, you just cannot develop faith and confidence that the system is being run properly. [3:07]
"I think this is a catalyst, and it is one of those key signposts," says investment manager Justin Urquhart Stewart of Seven Investment Management. "We'll look back and actually say maybe it was that moment when banks realized that they had to look at their mission statement and start including two words, 'client' and 'service,' and make sure that's actually primary in what they're doing, and not 'profit' and 'shareholder.' " [3:54]