Former Barclays CEO Drops A Bombshell When He Reports He Was Encouraged By Government Official To Fix Libor Rate
"I was listening to more about this Libor scandal on Sam Seder yesterday, and Taibbi was talking to Sam about a meeting with Hank Paulson and the heads of all the other banks (except Bear Stearns) meeting in Moscow in 2008. As Taibbi points out, it's a little strange and certainly makes you wonder if Libor rates weren't being manipulated here in the U.S. as well. However, if all of them were in on it, that would mean our only recourse is to either nationalize all the banks, or hit them with huge fines - neither of which would benefit the economy (see "too big too fail"). But no matter how this turns out, this story is a really big deal."
