Submitted by SD Contributor AGXIIK:
For the last 20 years I’ve been involved the financing of businesses. One key part of the process was the interest rates for business. In almost all the rates I quoted, whether Prime rate, Treasuries or LIBOR, each had at its source the basic LIBOR calculations. I found myself explaining LIBOR at length to my clients so they understood how this rate was going to drive their financing costs.
Not once in these conversations from 2002 to 2011 did I realize these rates were rigged and manipulated.
When rates are unfairly manufactured to benefit banks and others in the lending industry, to the detriment of the borrowers, this is both unfair and criminally illegal.
I see a wave of lawsuits so large and overwhelming coming in the next year or so that these legal actions will absolutely dwarf the tobacco settlements that hit $250,000,000,000.
The loan rate rigging damages are easily in the tens of trillions of dollars.