Journalist Ellen Brown thinks one of the biggest banker frauds on the planet is the rate rigging of the London Interbank Offered Rate, or LIBOR. Hundreds of trillions of dollars’ worth of interest rates are set off of LIBOR globally. Many claim in court they were cheated, and that includes the FDIC. Brown says, ‘The FDIC suit is different from the others. Most of the previous suits were about anti-trust and RICO, which is racketeering and are federal claims. . . . It involves 16 of the world’s largest banks that Professor Bill Black called the largest cartel, and illegal cartel, in history . . . clearly a criminal conspiracy.” Brown, who is also an attorney, goes on to say, ‘The interesting thing about the FDIC case is this: They’re bringing ordinary common law claims for fraud, breach of contract and conspiracy to commit fraud. The University of California should bring that type of charge. They were one of many victims just like Harvard. That’s why all these tuitions have gone up, or a major reason why. They have to have these huge costs from their interest rate swaps that […]

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