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'The mob learned from Wall Street': Eliot Spitzer on the 'cartel-style corruption' behind Libor scam

http://youtu.be/1UG8RowZcks

Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate-rigging scandal engulfing the banking industry with "Viewpoint" host Eliot Spitzer.




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Matt Taibbi's Other Stories

Most people don't understand how rates in Great Britain effect rates all around the world. The magnitude of this story just cannot be grasp fully. I really believe a full audit of the Fed will reveal many hidden games U.S. banks have played that are just as devastating to the economy.

If you go to Matt's webpage at Rolling Stone, be sure to read the articles about the corruption with the big banks here and the rip offs of small towns across the U.S. that is costing small towns billions.

Mainstream media is not getting the stories out. We all need to set up free blogger accounts, write stories with links to these stories so that searches start driving the volume of information the forefront. Don't just read the stories here on DP. If you go to a specific story, give it a thumbs up at the original website it will drive traffic. Always link those stories you can to your Facebook page or twitter it to people. Internet traffic drives internet traffic and get attention of the masses.

(I noted today some company with an article which was a thinly veiled advertisement, used Ron Paul's name in the headline to drive traffic to it.)

The "deregulation" comment could have some serious implications.

I'm glad the problem is getting pointed out more and more. But this sounds like a perfect set up for further "Nationalization/Federalization" of our banking system.

The main reason that "free market" banking in this country has failed is due to the fact that the Government is altogether too happy to swoop in and bail the banks out when they become insolvent. This effectively deprives the free market of one of its inherent checks and balances, which is bank default. Now the "too big to fail" banks have full license to make irresponsible, and often times fraudulent, financial decisions, without worry of default, since they have a blank check from our government to do so. In other words, the banks get less regulations on what they can and can not do (which is a free market approach) but any consequences to their screw ups are forgiven by our government in the form of a bail out. Oh, and the banks lobby congress like no body's business. Can you say "Crony Capitalism?"

From what I have been able to dig up, the pervasive corruption in our banks today, is not a product of the free market, but rather crony capitalism under the guise of the free market. I agree with the commentators, that there is a MAJOR problem. I'm highly suspect though of their solutions to that problem, after hearing their brief analysis on where the problem came from.

Good quick read on free banking: http://www.thefreemanonline.org/columns/banking-without-regu...

What?????!!!! Since When Were Banks Deregulated?

This is where you know the pundits are idiots: anyone who thinks banks were deregulated should go out and try to open one.

Try to open one that is not federally insured. As a consumer, I'd love to find a bank like that; a bank that puts the customer first would be wonderful, especially if they have gold reserves.

What do you think? http://consequeries.com/

bumping--

good to see that it is being discussed, but this is not a surprise--

it's hard to be awake; it's easier to dream--

I don't think you can approach "getting rid of this generation

of banksters" from a legal standpoint because the govt-the Treasury, Fed Chairman, Banking legislators, SEC-yeah, they're right in the middle, in the thick of it. Taking away their incentives would work if we could get enough congressmen with a backbone to pull it off.

England may have its Opposition Party, but we have Ron Paul, whose approach is to stop the printing press, audit the Fed, deregulate the risk side of banking, zero subsidies, zero bailouts, no FDIC, and watch these TBTF banks fold like a house of cards. THEN let the lawsuits begin. China and Japan won't like it, but who will?

Otherwise, letting it all unravel forever on it's own just makes it all 100 times worse.

But at the very least, STOP SAYING IT'S COMPLICATED, [Taibbi, et al, LOL]! That's precisely what these crooks want you to say! And perhaps that's what causes people to prefer celebrity divorces.

"If you want something you've never had before, you have to do something you've never done before." Debra Medina

Fraud

Huge? This is fraud on a global scale. With the implication of political complicity. Where is the MSM on this! simply can't be ignored..

"Hell is empty, and all the devils are here" (Shakespeare)
RP 2012~ Intellectual Revolution.

Fraud is the backbone of how

Fraud is the backbone of how they've been trying to create the NWO.

They're not getting funding through elected representatives and taxes.

And for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our lives, our fortunes and our sacred honor.

They own the MSM

That's why we're seeing this on current.

Nicely Put

The banks and the big corporations learned from the mob. A recent recruitment visit taught me that NYC is still run by the mafia, it's just bigger than anyone has ever heard about. It's wild but organized.

Key W

In the words of Marty McFly,

lol

"Like figure skating judges in Olympics."

Reply that was in there.

donvino

This is no longer a conspiricy...

Prominent Jews within the banking industry now control the Western banking system and complete power over the Governments. It's the new Mob

Preparation through education is less costly than learning through tragedy

One word,

Wow.

Apparently, the rules are, there are no rules.

I love elliot spitzer.

I love elliot spitzer. People always downvote me when I say this. If you put a gun to my head and tell me I gotta vote democrat, I'm taking either him or Kucinich, and Im probably taking spitzer first. Sure, his broader political views are incompatible with liberty, but as attorney general of New York, most of that doesnt matter. He actually prosecuted people! You cant, say, concoct a massive health care bill from the attorney general's office even if he wanted to, which as a dem Im sure he does, but you know whatever.

23

I agree - Spitzer is good and an ally.

though i'm not sure he could have done such a segment on cnn.

Spitzer is definately a good, concerned, well-informed citizen and against the fed and bank cartels. It is good to see that and he is articulate. Libertarians such like Jim Rogers and Peter Schiff, while great, could learn from the communications from Spitzer and vice versa.

jj

Eliot Spitzer is a pompous, corrupt blowhard...

whose ego exceeds that of even Rudy Giuliani. He fools a lot of people. As a New Yorker, I never voted for him for anything and was glad he self-destructed. Look behind the curtain.

http://www.economicpolicyjournal.com/2011/07/eliot-spitzers-...

http://www.lewrockwell.com/anderson/anderson208.html

http://www.lewrockwell.com/maloney/maloney14.1.html