Find out what is LIBOR and how important it is for the global economy, the markets … and see why banks’ LIBOR manipulation is a cyclical business and whether it occurred in the past.
Bank of England Allegedly Secretly Instructed Barclays To Manipulate Libor Interest Rates
A phone conversation between deputy Bank of England governor Paul Tucker and a ‘senior’ manager at Barclays is said to have led to traders ‘mistakenly’ believing they were working under an instruction from the central bank to fix the Libor — the interest rate at which banks lend money to each other.
How Barclays manipulated the libor rates
Matt Taibbi explains that this is the “mega scandal of all mega scandals”, because Libor is the “sun at the center of the financial universe”, and manipulating Libor means that “the whole Earth is built on quicksand.”
There have been numerous big banking scandals recently.
Read: Libor Manipulation Is Only One of MANY Types of Fraud Committed by the Big Banks
The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis .
Source: The Independent
Inside Story – Rigged bank rates: Is there more to come?
Professor of economics and law Bill Black: It is the largest rigging of prices in the history of the world by many orders of magnitude.
The scandal effects an $800 trillion dollar market:
Big Banks Have Criminally Conspired Since 2005 to Rig $800 Trillion Dollar Market … But Receive Only a Light Slap on the Wrist
Homeowners, credit card holders, students, local governments, small businesses, small investors and virtually everyone else in the entire world has been impacted by the manipulation.
The Big Losers in the Libor Rate Manipulation
Local Governments Which Entered Into Interest Rate Swaps Got Scalped
… and virtually everyone else in the entire world has been impacted by the manipulation.
The big banks “bansksters” are killing the economy:
Lack of Trust – Caused by Institutional Corruption – Is Killing the Economy
“Every time people begin to gain a little confidence, something else comes up”
Why is Nobody Freaking Out About the LIBOR Banking Scandal?