Libor is based in England, they ran a scheme where they manipulated interest rates to serve their own self interest. What they did was rate interest rates falsely, so that they could make personal trades that netted them and individual traders with them millions of dollars. This affected everyone who has credit cards or any other loans, because your interest was falsely higher for a period of time and you filled the pockets of people you never knew when paying those rates. The US has a case with them, and only they will receive a fine that is not proportionally devastating considering their total net worth. They broke the law acted criminal, and acquired their income illegally in the millions and face no prison time. A common man acquires a mere few dollars of stolen money and goes to jail. Does anyone know about this case, and your thoughts?
Gary Gensler says banks need a reference rate "based on facts not fiction"... Libor setting 'still not clean' despite scandal 21 February 2013 - The way that the key Libor interest rate is set in the UK is still not clean and free of fraud, according to a top US regulator. "We have a lot more work to do," Gary Gensler, chairman of the Commodity Futures Trading Commission, told the BBC in London.
Nice post did not know it is still ongoing, so this affects everyone reading this thread. Anyone who has loans, credit cards, mortgages, etc...you're paying higher interest rates because of the English who are still scheming. This is theft, and its illegal but still goes unpunished.
