Sixteen of the world’s largest banks have been caught colluding to rig global interest rates. Why are we doing business with a corrupt global banking cartel?
Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps. And the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it.
In late 2008, Neil Barofsky was appointed the Treasury Department’s investigator of the bank bailouts. In the time since, he has suffered dismissal and deprecation from his colleagues and the corporations they're supposed to regulate.Since he was appointed to investigate the bank bailouts in 2008, Neil Barofsky has suffered dismissal and deprecation from his colleagues and the banks they're supposed to regulate.
The Libor scandal involving U.K.-based Barclays bank is just the latest illustration of greed in the financial sector, says Bill Moyers.
The U.S. Justice Department has identified potential crimes committed by several big banks -- including Barclays -- and their employees amid a global investigation into the Libor scandal, in which financial institutions allegedly rigged interest rates.
The Federal Reserve and the U.S. government knew back in 2008 that Barclays was filing false reports about Libor, the interest rate that international banks charge one another for short-term loans, according to documents released Friday.