Barclays Libor Scandal: Wake Up, America!!
Posted by Larry Doyle on July 20, 2012 10:24 AM |
We are losing our nation and our future literally right before our eyes. WAKE UP, America!!
Who is involved in the greatest theft ever undertaken on American soil? All those involved in the scheme and scandal collectively defined as financial regulatory capture. Who are the parties to this scandal?
1. Politicians more concerned with re-election and collecting the needed campaign funding than actually pursuing the truth and principles needed to protect investors and the public at large.
2. Wall Street firms providing the funds to pay off the pols.
3. Regulators allowing themselves to ‘play the game’ or ‘play the fool’ if you’d like and get ‘captured.’
But there is one more factor in the mix and it is VERY important to achieve the capture and cripple the nation in the process? What is it?
4. A fully compliant media. You do not think so? For ample evidence of this factor in ‘the capture’, we need look no further than the coverage of the single greatest financial scandal in the history of our nation. Media Matters highlights,
Instead of covering one of the largest banking scandals in history, American television news outlets have focused on the divorce of Tom Cruise and Katie Holmes, shark sightings, and a chimpanzee attack.
Last week, we documented how television news outlets are practically ignoring an emerging controversy over whether major financial institutions have been manipulating the LIBOR, a key interest rate banks use to borrow money from each other that is “used as a benchmark to set payments on about $800 trillion worth of financial instruments.” MIT professor of finance Andrew Lo told CNN Money that the LIBOR-manipulation story “dwarfs by orders of magnitude any financial scams in the history of markets.”
In the fifteen days after news broke that U.S. and U.K. regulators had fined British multinational bank Barclays $450 million for its role in trying to rig the LIBOR, ABC, CBS, NBC, CNN, Fox News, and MSNBC spent only 12 minutes combined reporting on the story during their evening newscasts and opinion programming.
I thank the regular reader who provided this story.
WAKE UP America.
Perhaps readers may care to share this story with media outlets and let them know they are missing out on the biggest financial story . . . . EVER.
For those interested in reading more of this single greatest financial scandal in the history of our nation and in defense of our nation, I submit. . .
Related Sense on Cents Commentary
Barclays Libor Scandal: The Complicit Regulators
Barclays Libor Scandal: The Precedent
Barclays Libor Scandal: Holding Regulators to Account
Barclays Libor Scandal: “Diamond Lied”
Barclays Libor Scandal: Who’s Really to Blame?
Barclays Libor Scandal: When Did Manipulation Start?
Barclays Libor Scandal: How Big Will This Get?
Barclays Libor Scandal: Reports Regulators Knew; Time for Independent Investigation and Eliot Spitzer
Barclays Libor “Price Fixing”: Collusion Is Illegal. . .
Barclays Libor Scandal: Prison Will Remedy
I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.