The LIBOR Scandal for Dummies [1]

MoneyTalksNews.com
By Stacy Johnson [2]
| 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 [3] 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 [4]. 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 [5] – there hasn’t been much in the mainstream media about LIBOR.

To read the rest of this story and see the video, visit Money Talks News [6]