Bill Moyers Talks Greedy Banks
The Libor scandal involving U.K.-based Barclays bank is just the latest illustration of greed in the financial sector, says Bill Moyers.
Makes you wonder about all those big time bankers at the other end of the scale – the ones who came running to the government and taxpayers for bailouts worth hundreds of billions of dollars, then scooped up big bonuses and perks for themselves and went back to business as usual. And what a business! You’ve surely been hearing about the newest scandal in banking centering on Barclays Bank in London and something called Libor.
That stands for London Interbank Offered Rate and it involves a group of bankers who set a daily interest rate affecting trillions of dollars of transactions around the world. Your home mortgage, your college debt, your credit card fees — these could have been affected by Libor.
It turns out some of those insiders were manipulating the index for their own gain, to make their bank look better off during the financial crisis, to lower their borrowing cost and raise their profits. Picking our pockets, lining theirs. “The Economist” magazine describes it as “the rotten heart of finance.”
The “Moyers & Company” host discusses that and more with Sheila Bair, former head of the Federal Deposit Insurance Corp., who has long fought for honesty and accountability in the banking system.
— Posted by Tracy Bloom.Wait, before you go…
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.Support Truthdig