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View Diary: My Contribution to the George W. Bush Presidential Library (photos) (136 comments)

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  •  Taibbi's latest, speaking of Big Money, that thing (17+ / 0-)

    that contestants on those stupid game shows offer up their public prayers for as the wheel spins, "Come on, Big Money!":

    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."

    That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

    Read more: http://www.rollingstone.com/...
    Follow us: @rollingstone on Twitter | RollingStone on Facebook

    Top to bottom, the whole thing is rigged. And so many of us WILL NOT see it, snigger that it's all CT or what-everrr. I wonder if anyone will diary this little article here... Not me,, I've gotten to where I kind of don't care, which is the state of mind that the Powers That Be hope we will all come to...

    "Is that all there is?" Peggy Lee.

    by jm214 on Fri Apr 26, 2013 at 04:06:54 AM PDT

    [ Parent ]

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