The Libor rate fixing scandal is incontrovertible proof that our entire financial system is corrupt and rotten at the core. Yes, it’s that bad. In fact, calling it a scandal dramatically understates the problem, which is that a central interest rate, a rate which determines many other rates, has been gamed and manipulated by a cabal of banks.
We need to put thousands of bankers in prison then smash their vile criminal enterprises into pieces. Nothing less will do. It’s them or us folks. The banksters don’t care who or what they destroy and corrupt as they siphon money to themselves from the rest of us. And that’s precisely what this rate-fixing allowed them to do.
Libor is the sun at the center of the financial universe… This is like finding out the whole world is built on quicksand — Matt Taibbi
It is the largest rigging of prices in the history of the world by many orders of magnitude. — Professor of Economics and former bank regulator Bill Black
I’m still waiting for expressions of outrage from the Obama Administration about how a central pillar of the financial world has been shown to be a criminal enterprise.I expect they’ll mumble something about working with business to fix this vexing problem then ignore it as much as possible. The only way the banksters will be put in prison is if we force the Administration to do so because they will not do it willingly.
The always on target George Washington at Zero Hedge has more.