Matt Taibbi video: LIBOR crime defrauded trillions from 99%Submitted by cooper11 on Thu, 07/19/2012 - 21:19
Interview and video from Democracy Now!
London Interbank Offered Rate (LIBOR) is the average interest rate banks charge to borrow from each other. Quotes from Matt in the interview:
“Ordinary people actually suffered when Libor was manipulated downward, mainly because local governments, municipal governments tended to lose money. 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.”
As I’ve argued, these are crimes that cause trillions in damages to the 99%, committed as “business” by a 1%, and covered-up by corporate media.