The American Empire in a Changing World


Friday, August 17, 2012

''The Libor Scandal Is About to Hit Home''

From NYMag

''Until now, Liborgate has been one of those financial scandals that just barely crawls onto the average American's radar. Despite revolving aroud a rate that benchmarks roughly $360 trillion in financial instruments, it's been largely ignored by network news programs, and esoteric enough in its details that it has remained mostly unexplored by Joe and Sue in Peoria (or, alternatively, my Aunt Deborah).

But that's about to change. Bloomberg reported yesterday that seven banks, including JPMorgan Chase and Citigroup, have now received subpoenas from attorneys general in New York and Connecticut for documents related to their roles in the rate-rigging scandal.''

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