The LIBOR Scandal for Dummies
By Stacy Johnson
| about 8 hours ago
July 23, 2012
The unfolding LIBOR scandal may make Bernie Madoff look like a Girl Scout. If you haven't taken the time to understand it, you should. Madoff catered to a handful of wealthy investors, but this outrage may have affected millions worldwide – including you.
When you see criminals like Bernie Madoff doing a televised perp-walk, two thoughts probably come to mind. The first is “What was he thinking?” The next, “I’m sure glad that didn’t happen to me.”
In recent weeks, a scandal has been unfolding that could potentially make the Wall Street Bernie look like Sesame Street Bernie. And yet, despite the trillions of dollars involved, the sheer audacity of the fraud, and the irony of so many leaders clamoring for less bank regulation – Mitt Romney, along with many in Congress, have called for repeal of the Dodd–Frank Wall Street Reform and Consumer Protection Act – there hasn’t been much in the mainstream media about LIBOR.
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