Econintersect: There are many dimensions of fraud and many fraud victims in the LIBOR scandal, but most of the world is totally confused. In a sixteen minute interview with The Real News, Professor William K. Black, explains in plain English the various means of committing fraud by banks setting the LIBOR (London Interbank Offering Rate). He also explains who some of the victims have been and how they were affected. If you belong to a pension fund, have a mortgage on your house, pay taxes to a town, county, city and/or state, or have any sort of consumer debt (including student loans), you may be a victim. Prof. Black, a professor at the University of Missouri Kansas City, is one of the nation’s leading experts on white collar crime, and financial crime especially. The video follows:
Hat tip to Roger Erickson, who adds the following:
“Currency supply and cost of use can be independently regulated and, in practice, they’re supposed to float. Everyone now knows that endless numbers of bankers cheat at every possibility … which has once again expanded to the excess of defeating the public purpose of even having banks.
It’s a complete and utter travesty. There should be regulatory lynch mobs streaming to Congressional banking committees at all levels.”