Rickards on the LIBOR scandal, Geithner and Fed. If $500 trillion of swaps are based on LIBOR and the rate was manipulated by 10 basis points over five years, that’s $2.5 trillion of fraudulent transactions — more than the combined capital of the nation’s five largest banks, Rickards explains. “Congress may have to step in to limit the damages because it would threaten the banking system.”
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Source: Tim Geithner “Aided and Abetted” LIBOR Crimes: Jim Rickards
