From Business Insider: The LIBOR scandal is being called the “Wall Street scandal of all scandals” and the “rotten heart of finance,” but the massive fraud can be hard to fathom for anyone who doesn’t follow the markets. The London Interbank Offered Rate (LIBOR) is a benchmark interest rate used broadly all over the world and […]
How Does This Impact Me? In addition to having municipalities receive lower returns on their loans around the time of the financial crisis, it appears that US home buyers may have been scammed out of nearly a half-trillion Dollars on overpriced mortgage payments:
By Kris Hamel, Workers World, October 18, 2013 Oct. 18 — The ongoing struggle against the racist, undemocratic emergency manager regime in Detroit and its filing of Chapter 9 municipal bankruptcy is intensifying. City employees, retirees, residents and activists are coming together to say “No” to the looting of their city by the big banks […]
By Simone Foxman, Business Insider, July 10, 2012 The scandal over manipulation of the LIBOR and EURIBOR rates—benchmark lending rates for global banks—is complex, as it involves derivatives that most people have never even heard of. On June 27, the U.K.’s Financial Services Authority published detailing some of Barclays’ infractions in manipulating LIBOR.
By Dr. Julianne Malveaux On 14 Oct, 2013 You don’t have to be from Detroit to be angry at what is happening there. And you don’t have to be from Detroit to lend your voice to an injustice that not only affects Detroit, but also the rest of the nation. If you agree with the […]
UPDATE: Racist CFO Bonsall resigns. Details at ‘Can I shoot someone in a hoodie?’ Michigan Citizen, Oct. 10, 2013 DETROIT – Detroiters are outraged at comments made by City of Detroit Chief Financial Officer Jim Bonsall. According to a Detroit Free Press report, Bonsall has demeaned Black city workers and asked in jest if he could “shoot […]