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LIBOR scandal

LIBOR scandal

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How serious is the LIBOR banking scandal? Some say it is a vast conspiracy to fix rates and should be the #1 news story. Is the news media giving proper coverage of this scandal?

http://www.fool.com/retirement/general/2012/07/05/the-libor-scandal-is-bigger-than-you-think.aspx#.T_mORaa8hJF

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Yeah, a vast conspiracy, certainly. I think the jews, the UN and freemasons were involved as well.

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Originally posted by Metal Brain
How serious is the LIBOR banking scandal? Some say it is a vast conspiracy to fix rates and should be the #1 news story. Is the news media giving proper coverage of this scandal?

http://www.fool.com/retirement/general/2012/07/05/the-libor-scandal-is-bigger-than-you-think.aspx#.T_mORaa8hJF
When do we bail them out?

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So much for the Free Market, load of capitalistic tosh.

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Originally posted by Metal Brain
How serious is the LIBOR banking scandal? Some say it is a vast conspiracy to fix rates and should be the #1 news story. Is the news media giving proper coverage of this scandal?

http://www.fool.com/retirement/general/2012/07/05/the-libor-scandal-is-bigger-than-you-think.aspx#.T_mORaa8hJF
Err.....in the UK it was the top news story!

As to seriousness, it relates to a fraud that probably affects, directly or indirectly, everyone posting on this forum, possibly everyone in the world. By institutions that nearly brought the world economy down, the consequences of which is threatening democracy in some European states, who have been granted trillions of $ of taxpayer support, and are run by individuals who still believe that they are worth millions in terms of pay and bonuses.

So, pretty important, yeh.

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Originally posted by Rank outsider
Err.....in the UK it was the top news story!

As to seriousness, it relates to a fraud that probably affects, directly or indirectly, everyone posting on this forum, possibly everyone in the world. By institutions that nearly brought the world economy down, the consequences of which is threatening democracy in some European states, who have been gra ...[text shortened]... believe that they are worth millions in terms of pay and bonuses.

So, pretty important, yeh.
LIBOR got more attention in the UK than here even though Barclays does business in the USA. It looks like the NY Fed Reserve Bank under Geithner knew about the questionable rates as early as 2007.

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

Other banks had to have been involved to fix interest rates in LIBOR.

http://theinternationalforecaster.com/International_Forecaster_Weekly/The_Unravelling_of_the_LIBOR_Lie