Matt Taibbi: LIBOR Crime Defrauded Trillions from 99%

July 20, 2012 By 4 Comments

Rolling Stone’s Matt Taibbi lets loose on the Libor Rate-Fixing Scandal which he describes as the “Biggest Insider Trading You Could Ever Imagine” in this interview with DemocracyNow.
Taibbi states: “Ordinary people actually suffered when Libor was manipulated downward, mainly because local governments, municipal governments tended to lose money.  Even the tiniest manipulation downward, when you’re talking about a thing of this scale, would result in tens of trillions of dollars of losses. … The banks weren’t doing this just to make themselves look healthier, they were also doing this just to make money. They were trading against this information in what essentially was the biggest kind of insider trading you could possibly imagine.“

Full interview below:


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Comments

  1. Avatar of Justin Case Justin Case says:
    July 20, 2012 at 10:43 AM

    A group of banks being investigated in an interest-rate rigging scandal are looking to pursue a group settlement with regulators rather than face a Barclays-style backlash by going it alone, people familiar with the banks’ thinking said.

    Exit Plan

  2. Avatar of AGXIIK AGXIIK says:
    July 20, 2012 at 11:07 AM

    THE WORM LIBOROUS

    The LIBOR rate scandal is so embedded in the world financial system it makes me think of a parasite that is so extensive and deadly it’s like a cross between a tape worm and the Black Death.  It’s so pernicious that we have all become infected with this parasite.   Some are carriers (bankers).  Some with compromised immune systems will not survive the infection and others have been  weakened by the infestation.  Even those who have rid themselves of the pestilence by getting rid of debt are still affected by the systeminc infection.

    If you pay income  taxes, utility bills, property taxes, buy gas, precious metals or  even food;  even if you are in the  proximity of someone  in debt or  reside in  a city, county, state or country with debt on the books, you are still affected by this scourge.

      Like the book The Worm Ourborous, we live in a  fantasy world where nothing seems to be what it is;  where  constant wars and conflict pit good versus evil;  The Worm— the evil presence of FIAT currency and banker manipulation,consumes its tail and destroys everything around it.  IMO

  3. Avatar of PatFields PatFields says:
    July 20, 2012 at 12:45 PM

    Lot’s of folks can’t fathom this, but I’m of the long considered opinion that the bankers have no choice but to drive current-interest-rate into a negative state. That they’re ‘making money’ in the process is a weirdly false impression, because the whole process results in that ‘money’ ending up utterly worthless.

    The banknote scheme’s ONLY lever of ‘control’ is manipulation of current-interest-rate. This appeared to be a viable mechanism up to the 1960s, as long as silver money held back the size of interest burden, but since it was driven out of circulation and mere compounding morphed into complex compounding, the exponential co-generation of currency and debt began, which rendered the current-interest-rate tool useless. (They SHOULD have got the clue when they drove gold out of circulation in the 30s! And, these guys are ‘rocket engineers’?)

    The frenetic scurry to get currency into banks isn’t the ‘money-making’ it seems. It’s a life-or-death struggle to keep hyper-inflation from inundating prices of goods. Of course the banknote scheme just goes on gushing more and more currency at a greater and greater rate … incurring higher and higher interest burden all the while, so, now that the ‘pressure relief valve’ of ‘Euro-dollars’, ‘Petro-dollars’ and ‘Asia dollars’ is no longer acting as originally ‘designed’, the ‘boiler’ (that is their ‘money-machine’) is on the verge of blowing up.

    THAT’S why folks need to stash away silver and gold. All the other BS is … just that.

    • Avatar of Roadrancher Roadrancher says:
      November 5, 2012 at 10:00 PM

      Well, I guess I see the other currency as, death, violent disposession, and numbness.  So, it goes back to story=telling, which is to say, ever since we lost the ability to distinguish between experience and bullshit, we are counting on our ability to starve to bring ourselves back to our senses.  This is what playing online with some of the players in God Mode is like.  Do we all become gods?  Ban the cheaters?  Die?  Well, we died already, and here we are again.
      Dig your post, thanks. 

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