{"id":15832,"date":"2012-12-28T12:38:08","date_gmt":"2012-12-28T17:38:08","guid":{"rendered":"http:\/\/theredphoenixapl.org\/?p=15832"},"modified":"2012-12-28T12:38:08","modified_gmt":"2012-12-28T17:38:08","slug":"matt-taibbi-libor-scandal-biggest-wall-street-related-story-of-this-year","status":"publish","type":"post","link":"https:\/\/redphoenix.news\/es\/2012\/12\/matt-taibbi-libor-scandal-biggest-wall-street-related-story-of-this-year\/","title":{"rendered":"Matt Taibbi: Libor scandal biggest \u2018Wall Street-related story of this year\u2019"},"content":{"rendered":"<p><a href=\"http:\/\/theredphoenixapl.org\/2012\/12\/28\/matt-taibbi-libor-scandal-biggest-wall-street-related-story-of-this-year\/taibbi\/\" rel=\"attachment wp-att-15833\"><img data-recalc-dims=\"1\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-15833\" alt=\"taibbi\" src=\"https:\/\/i0.wp.com\/redphoenixnews.com\/wp-content\/uploads\/2012\/12\/taibbi.jpg?resize=490%2C274\" width=\"490\" height=\"274\" \/><\/a><span style=\"color:#000000;\"><strong>By Samantha Kimmey<\/strong><\/span><\/p>\n<p><span style=\"color:#000000;\">On the Current TV show Viewpoint with Eliot Spitzer,\u00a0<em>Rolling Stone<\/em>\u00a0contributing editor Matt Taibbi said that the underreported Libor scandal was the \u201cthe biggest story, Wall Street-related story, of this year.\u201d<\/span><\/p>\n<p><span style=\"color:#000000;\">\u201cThere\u2019s been a whole spate of market manipulation-type cases that have popped up in the last year, not just with interest rates or Libor but all kinds of places. There are hedge fund cases, there\u2019s auction rigging cases,\u201d he said. \u201cBut the Libor case is kind of symbolic of the worst of those. And this is \u2014 if it\u2019s true that the 16 biggest banks in the world were fixing global interest rates, then it\u2019s hard not to argue that that\u2019s not the biggest financial corruption case in history. Because the, almost every kind of financial product would be affected by that. It hasn\u2019t gotten the press that maybe it should have in the United States yet, but it\u2019s largely because people don\u2019t understand it.\u201d<\/span><\/p>\n<p><span style=\"color:#000000;\">Libor stands for London Interbank Offered Rate. According to\u00a0<\/span><span style=\"color:#0000ff;\"><a href=\"http:\/\/money.cnn.com\/2012\/12\/19\/news\/companies\/ubs-libor-us-fine\/index.html\"><span style=\"color:#0000ff;\">CNN<\/span><\/a><\/span><span style=\"color:#000000;\">, \u201cLibor is a collection of rates generated for various currencies across 15 different time periods. The quotes are then used as benchmarks for roughly $10 trillion in loans and some $350 trillion in derivatives.\u201d<\/span><\/p>\n<p><span style=\"color:#000000;\">Taibbi said the government has indicated there will be at least one prosecution, whether a civil lawsuit or criminal prosecution, and that it is difficult to imagine that only<\/span>\u00a0<span style=\"color:#0000ff;\"><a href=\"http:\/\/www.reuters.com\/article\/2012\/07\/28\/us-banking-libor-traders-idUSBRE86R03220120728\"><span style=\"color:#0000ff;\">three<\/span><\/a><\/span>\u00a0<span style=\"color:#000000;\">big banks \u2014 the ones who have already admitted wrongdoing \u2014 were involved. The scale of coordination would likely only work if the biggest 16 were party to the scheme, he said.<\/span><\/p>\n<p><span style=\"color:#000000;\">\u201cI fully expect that we\u2019ll find out in the end that American banks were involved in this scandal,\u201d Taibbi said.<\/span><\/p>\n<p><span style=\"color:#000000;\">This month, the Swiss bank USB was ordered to pay $1.5 billion to governments in the U.S., the United Kingdom and Switzerland. The U.S. is also seeking to extradite two USB traders who have been charged with conspiracy and wire fraud, reported<\/span>\u00a0<span style=\"color:#0000ff;\"><a href=\"http:\/\/money.cnn.com\/2012\/12\/19\/news\/companies\/ubs-libor-us-fine\/index.html\"><span style=\"color:#0000ff;\">CNN<\/span><\/a><\/span><span style=\"color:#000000;\">.<\/span><\/p>\n<p><span style=\"color:#0000ff;\"><a href=\"http:\/\/www.rawstory.com\/rs\/2012\/12\/27\/matt-taibbi-libor-scandal-biggest-wall-street-related-story-of-this-year\/\"><span style=\"color:#0000ff;\">Fuente<\/span><\/a><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>By Samantha Kimmey On the Current TV show Viewpoint with Eliot Spitzer,\u00a0Rolling Stone\u00a0contributing editor Matt Taibbi said that the underreported Libor scandal was the \u201cthe..<\/p>","protected":false},"author":1,"featured_media":38224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[152,84,97],"tags":[229,347],"class_list":["post-15832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-statements","category-us-news","tag-economic-exploitation","tag-workers-struggle"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/redphoenix.news\/wp-content\/uploads\/2026\/04\/taibbi.jpg?fit=615%2C345&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/posts\/15832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/comments?post=15832"}],"version-history":[{"count":0,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/posts\/15832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/media\/38224"}],"wp:attachment":[{"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/media?parent=15832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/categories?post=15832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/redphoenix.news\/es\/wp-json\/wp\/v2\/tags?post=15832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}