LIBOR rating scandal...

[richardhutnik]

Kasz216 said:

kowenicki said:
this will prove to be a very large scam by many banks in many countries I feel....

been news in the UK for a week or so...

It's been in the news here too...

Thing is, the feds likely knew this was going on, and just let it go on, since it went hand and hand with most governments policy at the time.

The Feds themselves were trying to artificially lower the LIBOR.

Or actually to put it more specifically.  The regulators, the US Fed and UK government DID know, and the UK government refused to do anything about it despite the US fed pointing out the problems and suggesting fixes.

http://www.reuters.com/article/2012/07/10/us-markets-credit-barclays-idUSBRE86907120120710

Then it got let go for a while because well... like I said, it benefited the goverments goals of an artificially low LIBOR.

I was tempted to drag in some Max Keiser stuff, but the response on here is something along the lines of Beavis and Butthead type response of "Lyndon LaRouche, hehe hehe".    Can I at least bring in some Mike Taibbi?

http://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703

 

Pretty much the entire financial system is in debt hell, and can't afford rates to get higher, so there is a systemic turning of a blind eye towards everything, likely to the extent that inflation numbers are also falsified.