- The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix.
- Why The Libor Scandal Matters For American Consumers
Matt Taibbi, Rolling Stone
Illustration by Victor Juhasz
April 25, 2013 | Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.
You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."
Why The Libor Scandal Matters For American Consumers, Daniel Pereira, Think Progress
07/19/2012 | Most worrying, as economist Simon Johnson pointed out, is the implication that rate-fixing wasn’t just a hobby at Barclay’s. It was a pandemic across the industry. That’s not one doctor lying about his patient’s blood pressure to make his treatment look better. That’s an entire hospital administration colluding to lie about all their patients’ conditions in order to make more money and avoid scrutiny.