Blogman Says: The writer of the linked article sanctimoniously opines that banks are stealing from their customers and even from those who are not their customers. He neglects to inform the readers that it is not Commercial banks that are at the heart of the problem but rather Central banks whose policies make such blatant theft possible, and the politicians and regulators who themselves have both hands in the cookie jar of the public's money. The Hoods are everywhere and no wonder the whole Global Economic Hood has gone to pot. If the sheriff is the biggest thief, why find fault with the deputy who is only following the boss' example? So the problem is not Barclays but the problem is The Bank of England and the Government of England. The same applies to the United States and every nation on Earth. They are all run by murderous thieves, and if the rivers of blood that have flown in the world, especially in the 20th Century, do not convince that this is the truth, then nothing will!________________________________________________________________________
Maybe the acronym at the heart of the scandal is too confusing. Or Americans are simply tired of hearing about greedy bankers. By any measure, though, the Libor bank scandal is an extraordinary example of the 1 percent stealing from the 99 percent – and our crumbling ethics.
If an organized crime group was accused of breaking into the Nassau County Treasurer’s Office on New York’s Long Island and stealing $13 million, outrage would be widespread. And if the same group was accused of stealing millions from theCity of Baltimore and other struggling municipalities, they would emerge as an issue in the presidential campaign.
Instead, the Libor scandal is emerging in dribs and drabs and drawing little public attention. The middle class is being victimized, and there is little protest.
Last month, the British bank Barclays agreed to pay $453 million to American and British authorities to settle allegations that it manipulated key interest rates for profit between 2005 and 2009, specifically the London Interbank Offered Rate, or Libor. American and British investigators are now examining whether traders at a dozen other banks – including the “too-big-to-fail” U.S. banks JPMorgan, Citibank and Bank of America – also manipulated rates. Read More: Banks, crumbling ethics and a shrinking middle class | David Rohde