Articles by Petrino DiLeo
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Caught Rigging the Game
Petrino DiLeo – Socialist Worker,
6 Aug 2012
A scandal over Barclays’ manipulation of Libor–that’s short for the London Interbank Exchange Rate–has shed light on the bald-faced lies and self-dealing ways of the world’s biggest banks. The uproar is about Barclays’ manipulation of benchmark interest rates at which banks lend money to each other. All told, Libor affects $800 trillion worth of financial contracts of various kinds, according to the Wall Street Journal–more than 10 times the annual economic output of the entire planet.
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