U.S. Gave Tens of Billions to Libor-Manipulating Banks … Even AFTER Learning about the Manipulation
by George Washington
You know that Libor is the largest economic scam in world history and the largest insider trading scandal ever.
You know that the Federal Reserve knew about the manipulation authorities by August 2007. And see this.
But did you realize that the Fed and Treasury threw billions of dollars of taxpayer money at Barclays and the other Libor-manipulating banks after they knew about the manipulation … and did nothing to stop it?
As Richard Eskow notes:
Thanks to the GAO audit of the Fed — an audit which it vigorously resisted — we know that Barclays was the fifth largest recipient of emergency loans. Bailout loans for Barclays came to $868 billion. That means that Barclays probably made billions off the reduced interest rate alone, courtesy of the American people.
Those loans were granted between December 2007 and July 2010. That means the Fed was doling out billions to Barclays after it learned that the bank was lying about its LIBOR rates.