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Libor Scandal Reflects a Cesspool of Financial Fraud

By       Message Stephen Lendman     Permalink
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Central bankers and complicit politicians bear full responsibility for what's happening. They're heading economies for a worse disaster than the Great Depression.

As stated above, Western banking is rife with fraud. One scandal follows another. The latest involves Libor rigging. It's not new.

Last February, the Wall Street Journal headlined "Traders Manipulated Key Rate, Bank say," saying:

According to an Ottawa court filing, "Canada's Competition Bureau said a bank it didn't identify has told the agency's investigators that people involved in the alleged scheme 'were able to move' interest rates."

"People familiar with the (scheme) said the 'cooperating party' is (Switzerland-based) UBS AG."

An investigation affected banks and traders in North America, Europe and Asia. No one was charged with wrongdoing.

At issue was Libor rigging. 

Documents said regulators were also examining "alleged attempts to fix the prices of certain derivative financial products linked to Libor." 

Parties involved "entered into agreements to submit artificially high or artificially low" quotes.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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