As the inside deals slowly continue to reveal themselves and we see what a house of cards our banking system is, stay cool. Panicking during a transformation is never good. Here’s some recent and no so recent links relating the one aspect of the criminality in our banking system …
Recent REAL NEWS Interview with Costas Lapavitsas, professor in economics at the University of London School of Oriental and African Studies. He teaches the political economy of finance, and he’s a regular columnist for The Guardian.
Notes from Interview with Mr. Costas:
The LIBOR is a benchmark interest rate set by the banks in secret — by a committee of banks. On the basis of this a host of interest rates are set around the world.
RBS has been callusing with bankers and others to manipulate the LIBOR rate.
This matters because it influences the receipts they make and other transactions they make. It is a key mechanism to make money.
It is a criminal act.
It is just not criminality, it looks like the entire game is rigged from beginning to end. The banks have got an incentive to present falling low rates as they appear to be stronger than they are and they can manipulate the rates to make moor money on their derivatives they have.
One of the biggest scams ever!
See the video report and read the transcript here: http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=9689#.UR_8E47DiY8
A quick down and dirty explanation of LIBOR SCANDAL from Lee Camp: http://youtu.be/TN5psbXeHu8
More about LIBOR BANKING SCANDAL
Tom Hayes (at the center of the LIBOR probe) says it goes much higher than him: http://www.telegraph.co.uk/finance/libor-scandal/9857118/Libor-scandal-This-goes-much-much-higher-than-me-says-trader-Tom-Hayes-at-centre-of-probe.html
Timeline (BBC) http://www.bbc.co.uk/news/business-18671255