The Biggest Financial Scam In World History
2012-07-09 0:00

By "George Washington" | ZeroHedge.com



There have been numerous big banking scandals recently.


But the Libor scandal is the biggest financial scam in world history.  See this and this.


The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis .


Professor of economics and law Bill Black notes:


It is the largest rigging of prices in the history of the world by many orders of magnitude.



Indeed, the scandal effects an $800 trillion dollar market - 10 times the size of the real world economy.


Matt Taibbi explains that this is the "mega scandal of all mega scandals", because Libor is the "sun at the center of the financial universe", and manipulating Libor means that "the whole Earth is built on quicksand."


Local governmentscredit card holders, students, small businesses, small investors, homeowners and virtually everyone else in the entire world has been impacted by the manipulation.


Credit card debt - almost a trillion dollar market - is pegged to Libor. So are student loans - a trillion dollar market.


Mortgages are a bigger market: around $10 trillion dollars in the U.S.  The Washington Post notes today:


60 percent of prime adjustable rate mortgages, and nearly 100 percent of subprime ones, were indexed to LIBOR.




[...]



Read the full article at: zerohedge.com




Related Articles
WikiLeaks launches crusade over financial blockade
Financial Collapse At Hand: When is "Sooner or Later"?
Financial Illiteracy of Those Who Mock Conspiracy Theorists
Soros Warns of Violent Riots In America, Financial Collapse, Government Clampdown
Was September 11th a Cover-up of a Financial Fraud?


Latest News from our Front Page

Gunman Storms Dutch TV Station Demanding Airtime
2015-01-30 23:32
Dutch authorities have released few details about the bizarre case of 19-year-old Tarik Zahzah’s attack on the main news studio of television station NOS on Thursday. To get the obvious question out of the way first, the police say there is no evidence that Zahzah, who is half-Egyptian, acted on behalf of organized terrorism. The authorities always say that on the ...
How Alan Dershowitz bullied rape victims to protect a serial child molester
2015-01-30 23:40
Harvard law professor Alan Dershowitz always felt children were fair game for Israeli missiles. Now the question is whether he thinks they are fair game for the sexual exploits of his powerful associates and himself. Dershowitz and the UK’s Prince Andrew were accused in a recent court filing of raping a teenage girl who was forced into sexual slavery by ...
Alchemical Banksters
2015-01-30 22:39
This past week, the world's preeminent vultures, the economic power elite, met in Davos to discuss the maintenance of their global fiat hegemony. Highlights included furthering austerity, noting that the serf class can't have air conditioning and cars, as well as cheering on the death of privacy through the rise of technocracy. The degenerate elite, completely out of touch with ...
Men must prove a woman said ’Yes’ under tough new rape rules
2015-01-30 4:54
New guidance will be issued to all police forces and prosecutors as part of a ’toolkit’ to move rape investigations into the 21st century Men accused of date rape will need to convince police that a woman consented to sex as part of a major change in the way sex offences are investigated. The Director of Public Prosecutions said it was ...
4 beheaded in Saudi Arabia less than a week into King Salman's rule
2015-01-30 3:13
Comment: So when will the the "Human rights" promoting liberal west elite decide invade Saudi Arabia like they did Libya? Members of Magic Movement stage a mock execution scene in protest of Saudi Arabia beheading of eight Bangladeshi workers in October 2011. Four people have been executed in Saudi Arabia less than a week after 79-year-old King Salman assumed power following the ...
More News »