Taibbi on the Libor scandal:
When the rest of this scandal comes out, and it turns out that up to 15 more of the world’s biggest banks (including Chase, Bank of America, and Citi) were doing the same thing as Barclays, our regulators better start “inflecting their eyebrows” pretty damn vigorously. Because if it comes out that these other banks were all involved with this scandal (and it will come out that way, almost for sure), and their CEOs and COOs get to keep their jobs, that’ll be a sure sign that the fix is in. Let’s hope Ben Bernanke, Eric Holder, and Tim Geithner are listening.
And if the fix is in, then what? Isn’t that the whole point? Obama is going to have the Justice Department get on this, after he very conspicuously avoided it when it might have done some good?
OF COURSE Treasury knows about this, and has known for years. They’re probably in on it too. Unless there’s some kind of political upside, they will continue to do what they’re told.