Recently it has been revealed that the LIBOR, the mechanism which directs the setting of interest rates throughout the trans-Atlantic financial system, has been a lie. The LIBOR (London Inter Bank Offered Rate) is the average interest offered on inter-bank loans reported by the top private investment banks that make up the British Bankers' Association. For the past several years, the LIBOR has essentially been rigged against bond issuers, like municipalities and states, costing them millions of dollars in artificially high interest payments.
Don't call this "insider trading" as if this were just another scam where the big banks won out against the little guy. Call it what it is: murder. In recent years, municipalities like Detroit have been forced to reduce police and firefighters to levels that have cost many residents their lives.
Leaders of municipalities and states that have been put through such horrors need to stand up and demand that these bankers be sent to jail for crimes against the American people. This includes Timothy Geithner, who knew about the LIBOR scam as president of the New York Federal Reserve and did nothing, thus allowing the murderous scam to continue for another four-plus years.
ROB DUPUY, Pasco
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