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Related: About this forumThom Hartmann: LIBOR - We Don't Call Them Banksters for Nothing
Bartlett "Bart" Naylor, Financial Policy Advocate-Public Citizen joins Thom Hartmann. The LIBOR rate fixing is growing. After heads rolled last week at Barclays Bank following admission that the bank rigged key interest rates that underlie millions of consumer loans from home mortgages to credit cards, there are new allegations that other banks may be involved, and that this massive rip-off has been going on for decades. As one financial insider admitted to The Economist, fifteen years ago, the word was that LIBOR was being rigged. The insider went on to say that he remembers rate fixing as far back as the 1980s. And Business Insider is reporting that the Federal Reserve was worried about LIBOR manipulation as far back as 14 years ago. Now, other banks are being investigated for their role in rate-rigging - including JP Morgan Chase, Bank of America, and UBS. However, its unlikely anyone will actually go to jail for this multi-billion dollar fraud since we have a two-tiered justice system - one for working people who can be thrown in prison for stealing a Slurpee. And one for the banksters who get to skate with a small fine when they steal billions of dollars. Curiously, even Wall Street knows criminal activity pays off for banksters. A recent survey of 500 Wall Street senior executives revealed that 24% of bankers believe they need to engage in unethical or illegal conduct to be successful. Tune in for more on this.
The Big Picture with Thom Hartmann on RT TV & FSTV "live" 9pm and 11pm check www.thomhartmann.com/tv for local listings
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Thom Hartmann: LIBOR - We Don't Call Them Banksters for Nothing (Original Post)
thomhartmann
Jul 2012
OP
msongs
(67,478 posts)1. talking about "LIBOR" is pretty much a waste of time since nobody knows what that means
except the teeny tiny bunch of people who actually know what it means
NoMoreWarNow
(1,259 posts)2. not true-- and it's a HUGE scandal that needs to be exposed
truth2power
(8,219 posts)3. Seems like they explained it pretty well. eom
HopeHoops
(47,675 posts)4. I'm thinking RICO here.