Thursday, December 13, 2012

Matt Taibbi on the unfolding Libor scandal

Democracy Now!:

News of HSBC’s $1.9 billion fine comes as three low-level traders were arrested in London as part of an international investigation into 16 international banks accused of rigging a key global interest rate used in contracts worth trillions of dollars. The London Interbank Offered Rate, known as Libor, is the average interest rate at which banks can borrow from each other. We’re joined by Matt Taibbi, Contributing Editor for Rolling Stone magazine and author of "Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History." Taibbi also comments on the departure of Republican senator and Tea Party-favorite Jim DeMint of South Carolina.

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