By Washington’s Blog –
The Libor interest rate scandal was the biggest financial scandal in history:
The big banks have conspired for years to rig interest rates … upon which $800 trillion in assets are pegged
This was the largest insider trading scandal ever … and the largest financial scam in world history
Local governments got ripped off bigtime by the Libor manipulation
Even though RBS and a handful of other banks have been fined for interest rate manipulation, Libor is still being manipulated. No wonder … the fines are pocket change – the cost of doing business – for the big banks
But the head German financial regulator said today that manipulation in gold, silver and currencies is worse than the Libor scandal:
Germany’s top financial regulator said possible manipulation of currency rates and prices for precious metals is worse than the Libor-rigging scandal, which has already led to fines of about $6 billion.
While this is the first time a regulator has said this, several financial writers – including Thomas Pascoe – have previously said the same thing.
