I keep trying to find the most comprehensive view of the Libor scandal, and this comes close. Thanks to wanttoknow.info.
From my notes:
Spitzer: Do you share the opinion that this is a corruption based on a corruption based on a corruption?
Taibbi: If anything, that is an understatement. This is their business model. The same people that crashed the economy in ’80 are still running these banks.
In the end, it’s going to come out that it was all the banks. This is a cartel-type of corruption.
Spitzer: I think the mob learned from wall street . . .
Taibbi: This isn’t a scandal about Libor, but about the business model of these banks. It’s not Libor, but Lie More.
Lie more is what they’ve done. Lie more is what they do. We need to send the cops in. And nobody wants to do that (because both Democrats and Republicans are in on it).
It’s tough to wrap your head around. The implications are way bigger than what happened in 2008.
