'The mob learned from Wall Street': Eliot Spitzer on the 'cartel-style corruption' behind Libor scam

I had never heard of the LIBOR rate before today.  Mattt Taibbi calls this the scandal of scandals.  Basically, sixteen banks get together every morning to decide the LIBOR rate, that is, the rate at which they loan to each other. Every interest rate is determined by LIBOR.  The banks are lying about the rate at which they loan to each other, and it appears that probably most if not all of the banks are colluding in this.  This is an example of cartel corruption, and the biggest banking corruption scam yet.   We really need to break up the big banks institute strict regulations, and to support public banking.  Check it out:


Leave a Reply