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LIBOR SCANDAL: European and American Governments Encourage Bank Manipulation and Fraud to Cover Up Insolvency

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Governments On Both Sides of the Atlantic Try to Put Lipstick on a Pig
Update: The Fed appears to have known about the Libor manipulation as well.
We noted yesterday that the big banks have criminally conspired since 2005 to rig $800 trillion dollar Libor-based market. Barclay's chairman says that the Bank of England gave explicit approval for the manipulation. A former Barclay's executive -- who was close to the Libor-setting manipulation -- told the Daily Mail that Barclay's manipulated Libor to make the bank look healthier than it really was, and , and the cover-up led to a slow policy response which prolonged the financial crisis. This appears to be very similar to what happened in America. The Tarp Inspector General has said that [then-Secretary of the Treasury Hank] Paulson misrepresented the big banks' health in the run-up to passage of TARP.

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