Wall Street's Biggest Heist Yet? How the High Wizards of Finance Gutted Our Schools and Cities | Economy | AlterNet
- And now, Wall Street may get away with the biggest heist of the public purse in the history of the world. You know itâ€™s an unprecedented crime when the conservative Economist magazine sums up the situation with a one word headline: â€śBanksters.â€ťIt has been widely reported that Libor, the interest rate benchmark that was rigged by a banking cartel, impacted $10 trillion in consumer loans. Libor stands for London Interbank Offered Rate and is supposed to be a reliable reflection of the rate at which banks are lending to each other. Based on the average of that rate, after highs and lows are discarded, the Libor index is used as a key index for setting loan rates around the world, including adjustable rate mortgages, credit card payments and student loans here in the U.S.
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