Matt Taibbie on Libor

[BDBoop]

Author of Griftopia.

Rolling Stone’s Matt Taibbi joins us to discuss the pattern of systemic corruption by 16 banks accused of rigging a key global interest rate used in contracts worth trillions of dollars. The London Interbank Offered Rate, known as Libor, is the average interest rate at which banks can borrow from each other. Some analysts say it defines the cost of money. Barclays was recently fined $453 million for rigging Libor, and a number of other banks are under investigation. "Ordinary people actually suffered when Libor was manipulated downward, mainly because local governments, municipal governments tended to lose money," Taibbi says. "Even the tiniest manipulation downward, when you’re talking about a thing of this scale, would result in tens of trillions of dollars of losses. ... The banks weren’t doing this just to make themselves look healthier, they were also doing this just to make money. They were trading against this information in what essentially was the biggest kind of insider trading you could possibly imagine." Taibbi is author of the book "Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History."

It's an hour video, which I will make time for tonight.

Although my timer read 58:56, it was in reality only a 16 minute or so video. Don't quite know how that happened.


Matt Taibbi: Libor Rate-Fixing Scandal "Biggest Insider Trading You Could Ever Imagine"

 

[Truthmatters]

lots of cities are in trouble due to these actions.


how I wish we could set this mess straight

 

[California Girl]

I find it funny when people get all bent out of shape and remain completely fucking clueless of what they're bent out of shape about.

 

[iamwhatiseem]

This isn't even close to the biggest insider manipulation in history.
The biggest is yet to come. The nations top 4 banks have over $100 trillion exposure in the derivative markets that was made possible only through the actions of Greenspan/Larry Summers and other top congressional members that quietly removed the SEC's jurisdiction of this market sector - after which immediately ballooned.

 

[LogikAndReazon]

Much enlightenment can come from former heroin junkies...........

Especially on the financial markets

 

[iamwhatiseem]

Much enlightenment can come from former heroin junkies...........

Especially on the financial markets

Or from Democracy Now! and Rolling Stone magazine....course...there isn't much to learn about the financial markets from any other source is there? You know...all the usual sources didn't even know the 2007 collapse was going to happen.