The News Dissector – Thursday, August 6, 2012
Dissecting from South Africa… Deed Done: Dems Nominate Obama and reinstate God and Jerusalem in party platform; Bill Clinton Preaches, Elizabeth Warren Speaks, Rape In Sweden, Israeli War Talk, Dylan’s New Video, Libor
BONUS TRACK: From Labor to Why Libor Matters
”Financial derivatives of hundreds of trillions of dollars are based on the LIBOR rates. The charge was that banks “manipulated” the LIBOR rate, with the consequence not only that they made incredible profits, but that persons who were paying for mortgages on their loans or students who were repaying loans were paying far more than they would have otherwise. In short, the banks were in effect gaining enormously at the expense of others who were losing enormously.
”This has led to many questions. (1) How was this possible? (2) Why didn’t regulatory authorities stop a practice that is now said to be fraudulent, or who knew what when? And (3) can anything now be done to make sure that this doesn’t happen again?”
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