- Prison Planet.com - http://www.prisonplanet.com -

The Biggest Financial Scam In World History

Posted By admin On July 5, 2012 @ 2:35 am In Money Watch,Tile | Comments Disabled

Washington’s Blog [1]
Thursday, July 5, 2012

There have been numerous big banking scandals [2] recently.

But the Libor scandal is the biggest financial scam in world history.  See this [3] and this [4].

The former CEO of Barclays said [5] 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 [6]:

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 [7].

Matt Taibbi explains [8] 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.”

Homeowners [9]credit card holders, students [10]local governments [11]small businesses [12]small investors [13] and virtually everyone else in the entire world has been impacted by the manipulation.

Indeed, the scandal is so big that it will further destroy trust in our financial system [14] and drive many people from investing in the capital markets altogether [15].


Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/the-biggest-financial-scam-in-world-history.html

URLs in this post:

[1] Washington’s Blog: http://www.washingtonsblog.com/2012/07/the-biggest-banking-scam-in-world-history.html

[2] numerous big banking scandals: http://www.washingtonsblog.com/2012/07/the-many-ways-banks-commit-criminal-fraud.html

[3] this: http://uk.finance.yahoo.com/news/biggest-banking-scam-ever-141604082.html

[4] this: http://www.reddit.com/r/videos/comments/w1w9i/the_biggest_financial_scam_in_the_history_of_the/

[5] said: http://www.independent.co.uk/news/uk/politics/bob-diamond-says-banks-across-the-world-were-fixing-interest-rates-in-the-runup-to-the-financial-crisis-7912148.html

[6] notes: http://www.youtube.com/watch?v=zbQq33iTsrw&feature=player_embedded#!

[7] 10 times the size of the real world economy: http://www.washingtonsblog.com/2012/07/big-banks-criminally-conspire-to-rig-800-trillion-dollar-market.html

[8] explains: http://www.youtube.com/watch?feature=player_embedded&v=0oV2mI0IYp8#!

[9] Homeowners: http://www.thisismoney.co.uk/money/mortgageshome/article-2165987/Homeowners-sue-Barclays-Libor-fiddle-despite-borrowers-struggling-prove-pushed-mortgage-costs.html?ITO=1490

[10] credit card holders, students: http://money.cnn.com/2012/07/03/investing/libor-interest-rate-faq/index.htm

[11] local governments: http://www.washingtonsblog.com/2012/07/the-big-losers-in-the-libor-rate-manipulation.html

[12] small businesses: http://www.bbc.co.uk/news/business-18640346

[13] small investors: http://dealbook.nytimes.com/2011/08/25/charles-schwab-sues-banks-over-rate-manipulation/

[14] destroy trust in our financial system: http://www.washingtonsblog.com/2012/05/trust.html

[15] drive many people from investing in the capital markets altogether: http://www.huffingtonpost.com/2012/07/03/barclays-scandal-investor-confidence_n_1647715.html

[16] The Biggest Financial Scandal In History?: http://www.prisonplanet.com/the-biggest-financial-scandal-in-history.html

[17] Carbon Tax Scam: Biggest Transfer of Wealth in History: http://www.prisonplanet.com/carbon-tax-scam-biggest-transfer-of-wealth-in-history.html

[18] “This Is The Greatest Financial Crime In The History Of The World And No One Senior, At Any Of The Major Places That Drove The Crisis, Has Gone To Jail”: http://www.prisonplanet.com/%e2%80%9cthis-is-the-greatest-financial-crime-in-the-history-of-the-world-and-no-one-senior-at-any-of-the-major-places-that-drove-the-crisis-has-gone-to-jail%e2%80%9d.html

[19] Libor: ‘We will never know the amounts of money involved, but it has to be the biggest financial fraud of all time’: http://www.prisonplanet.com/libor-%e2%80%98we-will-never-know-the-amounts-of-money-involved-but-it-has-to-be-the-biggest-financial-fraud-of-all-time%e2%80%99.html

[20] Everything Is Rigged: The Biggest Price-Fixing Scandal Ever: http://www.prisonplanet.com/everything-is-rigged-the-biggest-price-fixing-scandal-ever.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.