2024-06-17T11:23:18Z https://trueskool.com/video/video/listTagged?rss=yes&tag=Biggest+Insider+Trading+You+Could+Ever+Imagine&xn_auth=no tag:trueskool.com,2012-07-19:1464587:Video:127208 2012-07-19T22:51:02.834Z Ren the Vinyl Archaeologist https://trueskool.com/profile/xh51jvilojur

<a href="https://trueskool.com/video/matt-taibbi-libor-rate-fixing"><br /> <img alt="Thumbnail" height="180" src="https://storage.ning.com/topology/rest/1.0/file/get/2177848147?profile=original&amp;width=240&amp;height=180" width="240"></img><br /> </a> <br></br>DemocracyNow.org - Rolling Stone's Matt Taibbi joins us to discuss the pattern of systemic corruption by 16 banks accused of rigging a key global interest rate used in contracts worth trillions of dollars. The London Interbank Offered Rate -- known as LIBOR -- is the average interest rate at which banks can borrow from each other; some analysts say it defines the cost of money. Barclays…

<a href="https://trueskool.com/video/matt-taibbi-libor-rate-fixing"><br /> <img src="https://storage.ning.com/topology/rest/1.0/file/get/2177848147?profile=original&amp;width=240&amp;height=180" width="240" height="180" alt="Thumbnail" /><br /> </a><br />DemocracyNow.org - Rolling Stone's Matt Taibbi joins us to discuss the pattern of systemic corruption by 16 banks accused of rigging a key global interest rate used in contracts worth trillions of dollars. The London Interbank Offered Rate -- known as LIBOR -- is the average interest rate at which banks can borrow from each other; some analysts say it defines the cost of money. Barclays was recently fined $453 million for rigging LIBOR, and a number of other banks are under investigation. "Ordinary people actually suffered when LIBOR was manipulated downward, mainly because local governments tended to lose money," Taibbi says. "Even the tiniest manipulation downward when you're talking about a thing of this scale would result in tens of trillions of dollars of losses. ... The banks weren't doing this just to make themselves look healthier, they were also doing this just to make money. They were trading against this information in what essentially was the biggest kind of insider trading you could possibly imagine." Taibbi is author of the book, "Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History."<br /> <br /> To watch the complete weekday independent news hour, read the transcript, download the podcast, search our vast archive, or to find more information about Democracy Now! and Amy Goodman, visit <a href="http://www.democracynow.org/">http://www.democracynow.org/</a><br /> <br /> FOLLOW DEMOCRACY NOW! ONLINE:<br /> Facebook: <a href="http://www.facebook.com/democracynow">http://www.facebook.com/democracynow</a><br /> Twitter: @democracynow<br /> Subscribe on YouTube: <a href="http://www.youtube.com/democracynow">http://www.youtube.com/democracynow</a><br /> Listen on SoundCloud: <a href="http://www.soundcloud.com/democracy-now">http://www.soundcloud.com/democracy-now</a><br /> Daily Email News Digest: <a href="http://www.democracynow.org/subscribe">http://www.democracynow.org/subscribe</a><br /> <br /> Please consider supporting independent media by making a donation to Democracy Now! today, visit <a href="http://www.democracynow.org/donate/YT">http://www.democracynow.org/donate/YT</a><br /> <br /> Published on Jul 19, 2012 by democracynow