Pass Go, collect million-dollar bonuses:
Nine more banks have received subpoenas in connection with a probe into alleged widespread interest-rate manipulation by banks, a person familiar with the investigation said.
The probe, a joint effort by the offices of New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen, could lead to civil enforcement action related to breaches of antitrust and fraud laws.
The subpoenas, which were issued in August and September but haven’t been previously reported, bring the total number of subpoenas in the case to 16. The banks involved in the probe include most members of the panel that helps set the dollar London interbank offered rate.
The investigation by the state prosecutors is part of a global probe, in which more than a dozen federal and other regulators across three continents are looking into allegations that several banks rigged Libor.
As Eugene O’Neill wrote, “For the little stealin’ dey gits you in jail… For de big stealin’ dey makes you Emperor…”
We have all been asking the wrong question. The question should be, “Why did ‘they’ crash the economy?” This crash wasn’t an accident. It was well planned and very well executed. If you “follow the money” it turns out that the 1% got more of it and the rest of us had our pockets picked. When you allow the Capitalists to oversee the system that they themselves set up then this “cycle” will repeat itself over and over again. Capitalism is the problem. Capitalism is not the solution.