Matt Taibbi the Rolling Stone reporter who coined the term "Vampire Squid" in reference to the infamous investment bank Goldman Sachs breaks down how LIBOR rates were illegally rigged by big banks, and what the consequences to the public are for this criminal behavior.
Matt Taibbi talks about The Libor Scandal saying that it is The Biggest Financial Scam In World History . Some of you by now have probably heard that the former CEO of Britain's Barclay's Bank resigned over the LIBOR scandal, and has accused the bank -along with others -- of "fixing" interest rates. LIBOR is simply an acronym for London Inter-Bank Offered Rate, the rate at which banks extend credit to each other, similar in effect to the Federal Reserve's rate. This is the Biggest Financial Scam In World History , the largest banking corruption scandal in history.Yet nobody is freaking about LIBOR in America, while JP Morgan caught doing an Enron on US energy markets and GlaxoSmithKline pays 10% of their ill-gotten gains for bribing doctors and scientists across America These large banks have stolen money from every single human on the planet They operate like thieves. They don't produce anything, they manipulate money and now they risk very little because the tax payer bails them out.... it's an awful system.
Matt Taibbi talks about The Libor Scandal saying that it is The Biggest Financial Scam In World History . Some of you by now have probably heard that the former CEO of Britain's Barclay's Bank resigned over the LIBOR scandal, and has accused the bank -along with others -- of "fixing" interest rates. LIBOR is simply an acronym for London Inter-Bank Offered Rate, the rate at which banks extend credit to each other, similar in effect to the Federal Reserve's rate. This is the Biggest Financial Scam In World History , the largest banking corruption scandal in history.Yet nobody is freaking about LIBOR in America, while JP Morgan caught doing an Enron on US energy markets and GlaxoSmithKline pays 10% of their ill-gotten gains for bribing doctors and scientists across America These large banks have stolen money from every single human on the planet They operate like thieves. They don't produce anything, they manipulate money and now they risk very little because the tax payer bails them out.... it's an awful system.
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