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.
Oakland’s leaders are currently investigating how the conspiracy of a few global financial companies to rig the London Inter-Bank Offered Rate affected the city’s finances. Sources in City Hall say that the theft may amount to more than $300,000. Oakland’s losses are due most likely to interest rate swaps the city agreed to with several […]
The importance of uncovering the complete truth about the LIBOR rigging conspiracy cannot be overstated for local communities across the United States, especially here in California. It’s been five years since a few academics and journalists began to dig up evidence that something was wrong with the London Inter-Bank Offered Rate, or LIBOR (pronounced appropriately […]
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