LIBOR: the ‘mega-scandal of all mega-scandals’ is upon us


LIBOR: the ‘mega-scandal of all mega-scandals’ is upon us

Madison Ruppert, Contributor

Activist Post

July 6, 2012

The London Interbank Offered Rate, or LIBOR, scandal is growing by the minute and is shaping up to be one of the largest, if not the single largest, financial scandals of all time. This has the potential to make the massive conflicts of interest at the Federal Reserve and the $16 trillion in “emergency loans” given out by the Federal Reserve look reasonable.

For the uninitiated, as it were, the scandal centers on British financial institution Barclays, the former CEO of which testified yesterday before the British Parliament.

Bob Diamond’s testimony on July 4, 2012 was almost painful. Diamond fell back on the incredibly tired excuses used by the criminals in the financial sector which were accurately summed up as “a long version of ‘It was awful, but don’t blame me.’”

LIBOR is, to put it in a crudely simple fashion, is the fluctuating rate at which banks can borrow from each other. However, this isn’t just a rate which affects UK banks.

Click Here to Read More

Advertisements

About partisanrangershow

Freedom fighter
This entry was posted in Hot Topics. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s