LIBOR Banks: A ‘Cartel in Restraint of Trade’?

LIBOR Banks Are aCartel in Restraint of Trade

LaRouchePAC
August 8, 2012

Der Spiegel reported on Aug. 3, from law enforcement and regulatory sources in Germany, that EU and German regulators, including BaFin, are concluding that there was systemic rigging for profit, by major banks, of the immense global interest-rate-swap/foreign-exchange-swap derivatives market. A shorter NYT “DealBook” piece Aug. 5 reports essentially the same thing, and both stress that bank managements are now cooperating, “investigating”, and fingering each other. “I’ve only seen this kind of behavior before in connection with the mafia,” one regulator is quoted by Spiegel.

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