Shocking new evidence is coming to light that reveals a criminally organized cartel of bankers have been systematically and methodically cheating the Libor scores on a global scale, affecting almost every financial market in the entire world.
Libor is the rate at which banks charge each other for lending and borrowing. Each and every morning these rates are exchanged between global banks, and shocking new evidence is revealing that banks have been faking these credit scores in order to cheat the system. This is corruption to the deepest core of the global banking system.
Despite these ongoing expansive revelations of massive fraud and corruption, no banks in North America have been forced to face repercussions. In England, however the scandal has hit hard, with Barclays Banks last week beginning the fall of the mighty "too big to fail" banks that could be the first of many more dominoes to fall in rapid succession from one corner of the globe to another.
The question remains - when will the people of North America get interested enough or angry enough to hold these bankers accountable?
...Or is the Tom Cruise/Katie Holmes divorce more important to the average American?
Matt Taibbi, contributing editor of The Rolling Stone magazine, spoke on Wednesday to Elliot Spitzer on "Viewpoint."
"Matt, you have said we should be outraged, screaming, going nuts over this...this is the mega scandal of mega scandals!"
"Libor is like the sun of the financial universe... this is like finding out the entire world is built on quicksand, because if they are monkeying around with Libor...well Libor is in everything.. mortgages, credit cards all kinds of investments - it affects literally everything in the world...this goes far beyond any corruption scandal we've ever had before."
Despite the evidence that 16 banks having been involved in this corruption of the Libor scores, there has been virtually no fall out on this side of the Atlantic.
Dennis Keheller, President and CEO of the Better Markets, Inc., states the business model of these banks is the issue:
"...they are a criminal cartel and they think they are immune from being held accountable...Wall street is a high crime area and we need to send the cops in and nobody wants to do that...the corruption has leaked into our politics and nobody will do anything to stop it...the same people who crashed the markets in 2008 are still running the show...the entire banking system is corrupt to the core."
In the UK today calls for an investigation into the Labour Party's involvement in this scandal are going to the vote:
"MPs are to vote to decide whether Parliament or a judge should stage an investigation into the banking scandal as George Osborne accused Labour of being "clearly involved" in it.
The Chancellor claims members of former prime minister Gordon Brown's administration have questions to answer about "who knew what and when" on lending rate rigging."
Will the banks face investigation in America and Canada also? Or is the rotten core of the banks just the tip of the iceberg?