LIBOR for Dummies and Again: Why is John Key not Frothing at the Mouth About This?

If the Barclay traders could earn US $ 44  million daily by rigging the LIBOR,  just think how much the traders of all the other LIBOR setting banks will have stolen from the rest of us. Here is a nifty Infograph explaining the LIBOR scam so that even the thickest person can understand. I wouldn’t mind if this went Viral in NZ because John Key is up to his neck in this.

No, he has not been manipulating the LIBOR recently although he must have known about it as a CEO in Merrill Lynch as it was a public secret that the rates were manipulated almost from the beginning but by investing in Derivatives to the tune of $ 112 Billion knowing that the rates were manipulated and by not professing outrage (One of the currencies set by the LIBOR rate is the NZ dollar) he clearly shows to know what is going on inside the banking world.