MoneyTalksNews.com
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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Comments
Even when the MSM mention it,
Even when the MSM mention it, they brush over it like it like it is nothing. This LIBOR rate has affected everyone in multiple ways, it has affected not only the profits the bank could make, it made the economy look better than it was, it affected the gold prices, it affected the oil prices, it affected the interest rates on eveyones savings, retirement, IRA's, mortages, and other loans. There is not a person on this planet that hasn't been affected by this scandal, no one from the richest to the poorest. Yet it transfered even more wealth again to the ones who don't need it. I can't even imagine how much more far reaching it is than is known, because all we know at this time, is what there willing to talk about, or just what has been un-covered so far. I'm sure it's just the tip of the iceburg, and doubt we'll ever know all the details in their entirety. Still even yet, it isn't enough, they want even less regulation, honestly it's the one industry that should have the most. Yet they seem to find time to regulate florist, plumbers, interior designers etc. what a crock!!!!
If they can't fix the economy which they can't, then at a minimum we should expect from them is to stop the bleeding enough is enough.
Still there is divinity in it somewhere.