Let's review the bidding. The U.S. government, through the FDIC, has found after a lengthy investigation that the leaders of 16 of the world's largest banks conspired together to form a cartel to manipulate the LIBOR "numbers" and to defraud the public about the scam. This should have led the criminal justice authorities to prosecute large numbers of senior officers of these banks -- but none of them have been prosecuted. It obviously poses a grave threat to the "safety and soundness" of the entire financial system. The endemic frauds led by elite CEOs demonstrate such a pervasive failure of integrity and ethics by the leaders of the finance industry that there is a moral crisis of tragic proportions. So here are some questions (along with the usual who, when, where details) I request that the media formally ask the administration:
- Did the FDIC brief the administration before it brought its LIBOR suit?
- Why didn't Attorney General Holder and the FDIC leadership conduct a news conference announcing the suit and emphasizing its implications?
- Why didn't the FDIC's "home page" or press release site even note the suit?
- Did the suit cause the administration to transform its finance industry policies?
- When will the President address the Nation about fixing the twin emergencies?
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