In that case, a federal judge accepted the banker-defendants' incredible argument: If cities and towns and other investors lost money because of Libor manipulation, that was their own fault for ever thinking the banks were competing in the first place.

I take this as strong evidence that:
1. government regulation is failing to protect the public, instead government is aiding big business.
2. Many-smaller companies makes for a more stable and trustworthy system (a key feature AnCap in my mind).