So far, as a result of the LIBOR scandal -- in which Barclays manipulated the all-important London Inter-bank Offered Rate, which governs hundreds of trillions of dollars of loans, securities and derivatives -- the bank has been fined over $450 million by regulators and its CEO and COO have resigned. A broader investigation is underway. The implications of the episode to the new financial regulatory regime currently being implemented are wide-ranging and only slowly emerging.