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

Sweden may be at war "in a few years" - top brass in leaked document
2016-02-13 5:24
In a few years Sweden may be engaged in a war with a “qualified opponent” after two centuries of peace, a senior Swedish commander has told soldiers in an internal brochure. The alarming message was reportedly sent by Major General Anders Brännström, the Army chief, in a brochure distributed among the participants of a major annual event that is to open ...
Danish imam urges govt to accept child marriages among refugees
2016-02-13 4:57
A high-profile imam has urged the Danish government to accept child brides, as the practice is part of the culture of many refugees arriving in the country. It follows an announcement by Denmark that such couples will be separated under Danish law. Imam Oussama El-Saadi, of the Aarhus mosque in Denmark, said that child brides should be looked at from a ...
White Parents in Virginia Shutdown White Guilt Video!
2016-02-13 4:56
You see folks? This is what happens when you stop blaming the Joo, and you get the fuck off your favorite bitch corner and start taking action! This is what happens when parents start parenting again! What? You’re gonna brainwash our kids with your filth and lies? We don’t think so. How would you like an empty school with no ...
Hungarian Top Economist: Civil War is Coming to Europe
2016-02-13 2:36
Zsolt Bayer, Hungarian journalist, publicist, and co-founder of Hungary's currently ruling political party, and Dr. László Bogár, former politician and leading economist, discuss the Cologne sexual assualts committed by migrants on New Year's Eve, 2016. This short part of the 60-minute long television program that aired on Echo TV on January 8, 2016, is of a rant by Mr. Bogár warning ...
British scientists granted permission to genetically modify human embryos
2016-02-12 23:48
The Francis Crick institute will genetically edit the leftover embryos from from IVF clinics British scientists have been granted permission to genetically modify human embryos by the fertility regulator. The scientists want to deactivate genes in leftover embryos from IVF clinics to see if it hinders development. It will only be the second time in the world that such a procedure has ...
More News »