Read time: 1 minute

Eliot Spitzer: 'The Mob Learned From Wall Street'

"The mob learned from Wall Street," comments Eliot Spitzer on the "cartel-style corruption" behind the Libor scam. On Current TV's "Viewpoint" recently, host Eliot Spitzer, Matt Taibbi, Rolling Stone contributing editor, and

"The mob learned from Wall Street," comments Eliot Spitzer on the "cartel-style corruption" behind the Libor scam.

On Current TV's "Viewpoint" recently, host Eliot Spitzer, Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate--rigging scandal engulfing the banking industry.

Barclays CEO Bob Diamond recently resigned after the bank was fined $453 million for its part in the scandal, which involved manipulating the London Interbank Offered Rate (Libor), a key global benchmark for interest rates, by essentially "faking their credit scores," according to Taibbi. And as Taibbi explains, Barclays couldn't have acted alone.
...

Kelleher argues that the Libor scandal is proof that the financial industry "is corrupt and rotten to its core." "The same executives [using] the same business model that crashed the entire financial system in '08 are still running these banks," he says.
...

"It can't just be Barclays and the Royal Bank of Scotland. In fact, it can't even be four banks or even five banks," Taibbi says. "Really, in the end it's probably going to come out that it's going to be all of them ... involved in this. And that's what's critical for people to understand: that this is a cartel-style corruption."

For much more on this, start with Matt Taibbi here.

Can you help us out?

For 16 years we have been exposing Washington lies and untangling media deceit. We work 7 days a week, 16 hours a day for our labor of love, but with rising hosting and associated costs, we need your help! Could you donate $20 for 2020? Please consider a one time or recurring donation of whatever amount you can spare. It will be greatly appreciated and help us continue our mission of exposing the real FAKE NEWS!

More C&L Coverage

Comments

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.