The Libor interest rate scandal was the biggest financial scandal in history:
- The big banks have conspired for years to rig interest rates ... upon which $800 trillion in assets are pegged
- This was the largest insider trading scandal ever ... and the largest financial scam in world history
- Local governments got ripped off bigtime by the Libor manipulation
- Even though RBS and a handful of other banks have been fined for interest rate manipulation, Libor is still being manipulated. No wonder ... the fines are pocket change - the cost of doing business - for the big banks
Germany's top financial regulator said possible manipulation of currency rates and prices for precious metals is worse than the Libor-rigging scandal, which has already led to fines of about $6 billion.While this is the first time a regulator has said this, several financial writers - including Thomas Pascoe - have previously said the same thing.
Yup, Currency Markets Are Rigged
Indeed, currency markets are massively rigged. And see this and this.
Comment: While we wait for the release of the rest of the Snowden files, read the following related articles:
Snowden's leaks become company assets?
Wolf in sheep's clothing? Billionaire neoliberal Pierre Omidyar
Extraordinary promise of the new Greenwald-Omidyar venture?