THE LIBOR SCANDAL or... HOW BIG BANKS SCREWED EVERY TOWN IN AMERICA!

[marmar]

[NoMoreWarNow]

1. the one good thing here is that the cities and municipalities are fighting back

and holding the banks accountable. Just wish more politicians would wake up to how corrupt these banksters are.

[JDPriestly]

2. Another group that was damaged by this is seniors who

have their investments in "conservative" places like banks.

They don't borrow much money so there isn't any gain during years in which the LIBOR rates were artificially and through being held low.

Of course, the loss to individual investors would, compared to the overall amounts of financial transactions in the world, be very small, almost too small to measurable and not enough to sue over, but if this is to be righted, bank depositors need to be compensated for their losses.

We would need to know when and in what direction the banks cheated and that will also be hard to ascertain. What would the LIBOR rate have been had the banks not cheated? How would anyone calculate that?

And when did this cheating start? Was it 2008 or prior to that?