Crime of the Century


I found the article Crime of the Century by Robert Scheer on the Truth Out web site.

How to explain a $450 million settlement for one bank whose defense, in a plea bargain worked out with regulators in London and Washington, is that every institution in their elite financial circle was doing it? Not just Barclays but JPMorgan Chase, Citigroup and others are now being investigated on suspicion of manipulating the Libor rate, so critical to a $700 trillion derivatives market.

Remember how upset the Republicans are about this country’s $14 trillion debt?  That number doesn’t look so big when compared to the “$700 trillion derivatives market”, does it?

Both Citigroup and JPMorgan Chase were reported by The Wall Street Journal years ago to be suspected of rigging the Libor interest rate. The leaders of those banks, despite such media exposure, clearly remained confident enough to continue on their merry way.

The sad reality is that they will probably get away with it. The world of high finance is by design as obscure and opaque as the bankers and their political surrogates can make it, and even this most recent crack in their defense of deception will soon be made to go away.

My blog posts castigating the world of high finance may start to sound repetitive.  It is because these articles are so easy to find.  May be the repetition will finally start sinking into the minds of the voters.

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