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In reply to the discussion: LIBOR scandal: 'This goes much, much higher than me,' says trader at center of probe... [View all]Octafish
(55,745 posts)28. The Libor Scandal and Capitalism's Moral Decay
It would be nice if all the Banksters were rounded up and imprisoned. Until then, let's name as many as we can to make the job easier for the Department of Justice whenever they find the time to go after the people who pretty much destroyed the middle class.
The Libor Scandal and Capitalism's Moral Decay
The scandal engulfing the financial industry is yet another sign that our business leaders no longer respect the rule of law.
David Rohde
The Atlantic 18 JUL 13 2012, 2:45 PM ET 211
Maybe the acronym at the heart of the scandal is too confusing. Or Americans are simply tired of hearing about greedy bankers. By any measure, though, the Libor bank scandal is an extraordinary example of the 1 percent stealing from the 99 percent - and our crumbling ethics.
If an organized crime group was accused of breaking into the Nassau County Treasurer's Office on New York's Long Island and stealing $13 million, outrage would be widespread. And if the same group was accused of stealing millions from the City of Baltimore and other struggling municipalities, they would emerge as an issue in the presidential campaign.
Instead, the Libor scandal is emerging in dribs and drabs and drawing little public attention. The middle class is being victimized, and there is little protest.
Last month, the British bank Barclays agreed to pay $453 million to American and British authorities to settle allegations that it manipulated key interest rates for profit between 2005 and 2009, specifically the London Interbank Offered Rate, or Libor. American and British investigators are now examining whether traders at a dozen other banks -- including the "too-big-to-fail" U.S. banks JPMorgan, Citibank and Bank of America -- also manipulated rates.
It is hard to overstate the impact of the Libor benchmark, which is used to value some $360 trillion in loans and financial contracts worldwide. It affects lending to governments, businesses and consumers, and even student loan and credit card rates.
CONTINUED...
Gee. So that's what happened to future!
Hope this didn't bore you.
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LIBOR scandal: 'This goes much, much higher than me,' says trader at center of probe... [View all]
Octafish
Feb 2013
OP
If this were Iceland yes. In America there won't be any deafening heights because sports and
DogPawsBiscuitsNGrav
Feb 2013
#2
Except that this has been going on since long before the collapse. This is an industry of thieves
Egalitarian Thug
Feb 2013
#19
I Agree Prosecution In Europe Is Far More Likely That Prosecution Here, Sir
The Magistrate
Feb 2013
#18
The interest rates should be rigged by official quasi-governmental action, like in the United States
FarCenter
Feb 2013
#4
Those of us trying to move UPWARD have difficulty in seeing/accepting the tentacles of those
WinkyDink
Feb 2013
#12
every bank or insurance co in existence during slavery times profited from it. and if you dig
HiPointDem
Feb 2013
#22