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Bank of England and Federal Reserve Knew About – and Encouraged – Massive Interest Rate Manipulation by Big Banks

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Washington’s Blog
February 24, 2014

We noted in 2012 that bot the Bank of England and Federal Reserve knew about the Libor interest rate rigging scandal by the big banks.

Newly-released minutes of the meeting of the Fed’s Open Market Committee confirm that the Fed knew about the Libor interest rate manipulation.

And Bloomberg reported earlier this month:

Bank of England officials told currency traders it wasn’t improper to share impending customer orders with counterparts at other firms, a practice at the heart of a widening probe into alleged market manipulation, according to a person who has seen notes turned over to regulators.

***

Traders representing some of the world’s biggest banks told officials at the meeting that they shared information about aggregate orders before currency benchmarks were set, three people with knowledge of the discussion said. The officials said there wasn’t a policy on such communications and that banks should make their own rules, according to the people.

This isn’t some minor case of stretching the truth a little bit … The Libor interest rate scandal was thebiggest financial scandal in world history:

 

 

 

 

  • Even though RBS and a handful of other banks have been fined for interest rate manipulation, Libor is still being manipulated. No wonder … the fines are pocket change – the cost of doing business – for the big banks

 

Indeed, the Bank of England and Fed have desperately tried to put lipstick on a pig, and have gone to great lengths to prop up insolvent banks.

One of the main ways they have done so is to turn the other way and ignore the massive crimes and manipulations of the big banks.

This article was posted: Monday, February 24, 2014 at 5:49 am





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