The Curtain Is Pulled Back on the Banking Cabal – Libor Scandal is “cartel-style corruption” [MUST SEE VIDEO]_Featured_, Banksters, Videos Thursday, July 5th, 2012
Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate-rigging scandal engulfing the banking industry with “Viewpoint” host Eliot Spitzer.
Matt Taibbi: Libor is the rate that banks charge each other to lend to each other. .. What they’ve been doing is lying about how much they’ve been charging…. Essentially, they’ve been faking their credit scores.
Eliot Spitzer: The import of this… every interest rate in the world comes back to Libor. You futz around with Libor, you’re affecting hundreds of trillions of dollars.
Dennis Kelleher: Nobody should be surprised that we have yet another corruption scandal being done by one of these global, too-big-to-fail banks. This is their business model. They have been based on, for a long time, making as much money as quickly as possible in any way that they cannot get caught… The entire business model is corrupt and rotten to its core…
Eliot Spitzer: You just gave a pretty serious and on the point indictment of our failure to impose any accountability. Virtually nobody has been chased out of the business despite the massive, unbelievably expansive corruption we’ve seen month after month…. 16 banks get together to create and set Libor. One stray outlier wouldn’t shift it… In order for them to affect Libor, a lot of them need to be involved.
Matt Taibbi: … In the end, it’s probably going to come out that it’s going to be all (16) of them that were involved in this. That’s what’s critical for people to understand. This is a cartel-style corruption.
Dennis Kelleher: This isn’t a scandal about Libor. This is a scandal about the business model of these banks, which is actually “LIE MORE.”
For additional info on the Libor scandal, see: Rate Scandal Set to Spread
Could this be the straw that finally breaks the back of the banking cabal?