Interview and video from Democracy Now!
London Interbank Offered Rate (LIBOR) is the average interest rate banks charge to borrow from each other. Quotes from Matt in the interview:
“Ordinary people actually suffered when Libor was manipulated downward, mainly because local governments, municipal governments tended to lose money. Even the tiniest manipulation downward, when you’re talking about a thing of this scale, would result in tens of trillions of dollars of losses. … The banks weren’t doing this just to make themselves look healthier, they were also doing this just to make money. They were trading against this information in what essentially was the biggest kind of insider trading you could possibly imagine.”
As I’ve argued, these are crimes that cause trillions in damages to the 99%, committed as “business” by a 1%, and covered-up by corporate media.
These crimes center in money and war.
These crimes annually kill millions, harm billions, and loot trillions of our dollars.
The solution I see is for the 99% to recognize these acts as “emperor has no clothes” obvious criminal, and demand arrests. With arrests and removal of corporate media’s propaganda, we’ll have opportunity to engage in solutions in money, credit, and optimal benefits of public monies (CAFR disclosed trillions).
The arrests will happen as a function of public demand. The 1% buy the top of law enforcement, but the bulk of this force has allegiance to the 99%’s interests. One percent cannot force us to support criminal government.