RollingStone magazine: 'Conspiracy theorists of the world, we skeptics owe you an apology. You were right'

You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."

That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

Read more: [link to www.rollingstone.com]

It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates.

Read more: [link to www.rollingstone.com]

Header is first sentence of first paragraph

Good read thank you OP.

Did this article make the magazine? Be nice to think so..

Hope so, thanks for voting!

Thanks op made my morning

Cool :-)

Now please lets pin this, so more can people can read this

5* + green pinned

COOL!!

A win for the good guys!!!

Rolling Stone still sucks donkey balls no matter what.

bump

cool. now send them all to madagaskar as it was planned 80 years ago and the world can become a better place at last.

Vindication?

Yes! It is going to be in the magazine. Woo hoo!

At the end of the article there is a line that reads: "This story is from the May 9th, 2013 issue of Rolling Stone."

So it's coming out a week from Thursday. :-)

Famously, one Barclays trader monkeyed with Libor submissions in exchange for a bottle of Bollinger champagne, but in some cases, it was even lamer than that. This is from an exchange between a trader and a Libor submitter at the Royal Bank of Scotland:

SWISS FRANC TRADER: can u put 6m swiss libor in low pls?...
PRIMARY SUBMITTER: Whats it worth
SWSISS FRANC TRADER: ive got some sushi rolls from yesterday?...
PRIMARY SUBMITTER: ok low 6m, just for u
SWISS FRANC TRADER: wooooooohooooooo. . . thatd be awesome

Screwing around with world interest rates that affect billions of people in exchange for day-old sushi – it's hard to imagine an image that better captures the moral insanity of the modern financial-services sector.

Great article that should wake some more people up.

Wasn't the Aurora shooter's Dad involved in Libor? Set to testify about it because of the software program he created to track bank transactions? Don't know of that was a rumor or if actually true.

At the bottom of the article it says. This story is from the May 9th 2013 issue of Rolling Stone. Who here thinks this wont go to print?

The top has always lived off the yield from the bottom.

Master rich

servant whipper

Slave poor.

Good news! Thanks for finding out :-)

Thread: Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

Actually they owe everyone a huge apology for decades of shit journalism & pushing the crap they call music down everyone's throats.

"RollingStone magazine: 'Conspiracy theorists of the world, we skeptics owe you an apology. You were right'"

Nice advertising to get monthly subscriptions among the conspiracy theory community.

Conspiracy theorist: 'rolling stone magazine go fuck yourself slaves'

Couldn't agree more with that, one of the reasons I've never bought this or any other mag.

RS editors might as well start publishing segments dedicated to conspiracy theories, so that they can get a database of home addresses among conspiratards who will subscribe to their magazine from now on.

Last Edited by Ford Prefect on 04/27/2013 09:53 AM

anyone care to explain this in laymen termns?

I've never heard of the Libor situation, but i do understand the fundamentals of what the article is talking about.

Who borrows the money they speak of, and what is it borrow for?

my guess would be infrastructure? and legal corporations? like cities, investment groups?, and they use tactics to shift money around into a black hole?