Original post made by Ted Rudow III, MA, Palo Alto High School, on Jul 20, 2012
What you've just seen is a cartel in operation, which -- not maybe -- did distort Libor for the benefits of the largest banks in the cartel. It is the largest rigging of prices in the history of the world, by many orders of magnitude. Libor is one example where we left it to banks to themselves to set important benchmarks. Many in the West are naïve about the real plight of the world. There are many who live a life of ease‚ unaware of the hurt that ravishes the world on a daily basis through man's bad choices.
Ted Rudow III, MA
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