Ellen Brown: FedRes Knows LIBOR Rate Rigging is a Criminal Conspiracy!

[youtube=http://www.youtube.com/watch?v=NJVlDEB_V2U]

• Fed Knows LIBOR Rate Rigging is a Criminal Conspiracy-Ellen Brown! 
  by Greg Hunter’s USAWatchdog.com 
  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 went against them.  I would argue that they went against them not only because of manipulation of LIBOR but also because the Federal Reserve is the head of the private banking system and pushed rates very low.”
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  Brown says, “I would love to see a California jury get a hold of this.  Juries can give 30 times damages; they don’t just give three times like in a RICO claims.  You could get very high damages from an outraged jury.  The reason why the University California hasn’t brought a suit is because the man who is their chief financial officer actually worked for Lehman Brothers in 2007.  He was instrumental in setting up these interest rate swaps, and he’s been doing swaps ever since.  He went through the revolving door, and he’s not particularly inclined to sue his own people, but I think a claim should be brought and I’d like to see what a jury did with it.”  The big bankers are not prosecuted with crime.  They are just fined.  The fines are not helping society, and Brown contends, “These fines are the cost of doing business, but they don’t really help us.  That’s why I find the possibility of bringing civil actions so interesting for actual damages.  If we get all the state and local governments that are involved in interest rate swaps, all the hospitals, pension funds and universities all across the country, if they all sued for fraud . . . we could actually have some serious judgments that would go into the pockets of the people.  They could go into the state and local governments, and that could reduce their taxes, lower tuition, etcetera. . . . Another thing they can get out of these deals is . . . for fraud and breach of contract, you can get out of the deal.  If you didn’t get what you bargained for, that’s grounds for terminating the contract. . . . This was a major factor in bringing down Detroit.  Chicago, L.A. and New York all have these burdensome interest rate swaps.  They are all over.” 
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