Bernanke: "LIBOR System Is Structurally Flawed" (Video)

Bernanke and everyone else knew LIBOR was rigged and did nothing.  It had always been that way (make-believe) to a small degree, amplified greatly during the crisis, but left alone by central-banking and other printing puppetmasters as it benefited 'financial stability' at the time to show low(er) LIBOR rates.  And there was another reason they did nothing - they had bigger carcasses (bailouts!) on their plate - AIG rescue, Lehman fallout, Fannie & Freddie taxpayer fellatio, Morgan Stanley 1-day-from bankruptcy, Goldman teetering, etc.

Remember that 'benefiting financial stability' is the reason that Cuomo ended several active Wall Street prosecutions in 2009 at the request of friend Tim Geithner, who visited the NY AG secretly to make the case.  And since Chris Whalen just explained that Bob Rubin was actually running the entire bailout program at the New York Fed in 2008, we can perhaps assume that Rubin issued the 'no prosecution' directive to Geithner, though it is much more likely that no directive was needed between the like-minded bailout henchmen.

In Ron Suskind's book, Confidence Men, he quotes Geithner as telling Obama:

• "The confidence in the system is so fragile still... a disclosure of a fraud... could result in a run, just like Lehman."

Comments

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[chiller]

Hind sight from the horses hind himself. If you KNEW it was flawed, did you say something....no. Did you do anything...no. Did you tell anyone...no. What the hell good are you?