[lbo-talk] libor?

nathan tankus somekindofheterodox at gmail.com
Wed Jul 18 14:09:19 PDT 2012


In response to Chuck: LIBOR is the London Interbank Offered Rate. It is supposed to be the average interest rate at which banks borrow from each other. It has been abused incredibly because it's based on what the big banks report, not their actual transactions.

To those who don't think it's a big deal: you're wrong. The criminality is so obvious that even the DOJ is investigating. One doesn't need to claim that capitalism is a fixable system and if only we clamped down on wall street things would be good to acknowledge when overwhelming criminality in the financial sector happens is revealed once again. families with poor children who's pocket get picked by Wall Street don't care when you take such a "radical stance". They would still be better off without having their pocket picked.

re Doug's "obvious victims": there are plenty of obvious victims. credit card holders, homeowners, workers with pensions, anyone who deals with a company on the losing side of these transactions. the real news network recently had a good piece on how this is yet another way that municipalities were stolen from wholesale because of LIBOR manipulation. http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=8597

-- -Nathan Tankus -----------------------------------------------------------------------------------------------------------------------------------------------



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