Libor Manipulation: each coin has two sides

I am not condoning manipulative behaviour by any of the banks that contributed to setting London Interbank rates. But to all those confessing to be 'shocked' I would like to say that they should see things in perspective. For everyone who is charged too high an interest-rate as a consequence of manipulation there is another party who can enjoy a lower interest rate. Even among those banks contributing to the daily fixing there will be losers and winners on any given day. It is highly unlikely that they all would be positioned the same way. The way the rates are set (smoothed averages of the rates submitted by all 16 banks) also prevents that rates are too far out of line with the 'true' market rates. Inverted comma due to the fact that one can dispute what a market rate for Libor is as it moves up and down all the time and is not necessarily set in stone. Different customers get charged different rates, it is after all a free market rate.
In conclusion one may say yes, there was manipulation. But was there really a lot of damage done? and who lost/won, and by how much? The bloodhounds in politics, the media and self-declared experts will have a field day, as will have lawyers on both sides of the Atlantic. There will be wholesale condemnation of greedy bankers but very little forensic work. And above all this will be another triumph for the compensation culture. One group will escape without any punishment: the regulators who have once more found to be sleeping at the wheel!