LIBOR: "The Mob Learned From Wall Street"
July 14, 2012 - 5:35pm
Via Digby today, "In case you are still wondering, here's an informative discussion of the LIBOR [financial crimes] from Eliot Spitzer:
According to Media Matters,with the exception of Spitzer and Chris Hayes, TV news has pretty much avoided even mentioning this scandal, much less trying to explain it.
The papers are getting a little bit more aggressive. This is the top headline story in the dead tree version of the New York Times today:
New York Fed Knew of False Barclays Reports on Rates
It's wise to keep in mind as you follow this crime story, that this is precisely the type of insider trading on manipulated data that most elected representatives begin engaging in themselves or covering up or protecting the criminals from prosecution for as soon as they get elected.
For example, as Obama once said to the bankers: "my administration is the only thing standing between you and the pitchforks", and he meant exactly that, apparently.
Politics is an "industry" - a protection racket - and a sucker fleecing racket.
No one in any industry intentionally sets out to reduce their revenue sources.
MOST people who go into politics - both republicans and democrats - go into the industry for the same reason most people go into any other industry.
To make money.
Is this some kind of a mystery to anyone?
The government will not do anything about this and it will not stay in the news.
And that will be helped by the fact that we'll see commenters on both left and right sites descending on any and all stories about it doing their best to blame it only on "the other partys" elected representatives and doing their best to derail any idea that both parties are to blame.
Particularly, on many sites, we're likely see a lot of attempted whitewashing of democrats and attempts to paint them as saviours, a lot of pom pom waving, and cheering for Obama.