Let me ask you a risky question: Does the Libor scandal really matter?

Libor is one of those magical words with the potential to instantly confuse and bore — reactions I wouldn’t normally chance. It tempts you to turn the page or click onto a different story. Please hang in for a couple of minutes.

The fact is the unfolding story about Libor interest rates and their manipulation really does matter a great deal. It speaks to big issues like the corruption of global markets and the persistent ethical failure of big institutions. It affects everyone and everything — from big companies to governments to homeowners and students. It matters to you.

Libor is an interest rate — actually a series of rates — intended to measure how much it costs big global banks to borrow money from each other. Over time, it became a benchmark for trillions of dollars worth of variable rate loans, credit, and financial instruments around the world.

Most borrowers pay Libor, plus some added interest to reflect their risk. But all those rates move up and down in tandem with changes in Libor.

The daily Libor rate is determined by a poll of banks, which report their interest rates. The problem: At least some of the big banks contributing the information may have rigged the process. Barclays PLC has admitted to it, paid a big fine, and told regulators it wasn’t alone. Other banks are under investigation by regulators who have not accused anyone else yet.