Commodity Futures Trading Commission (CFTC)
There's a passage in the Bible that says, "The Kingdom of the Father is spread out upon the earth and men do not see it."
Bankers see it.
The whole earth is heaven for the big banks. They rule over it like petty, greedy gods.
And that's not because they're too-big-to-fail; it's because they're too-big-to-control and have it too-good-to-ever-change their sleazy, self-serving, corrupt ways.
The latest proof of big bank's criminal ways, that they've been manipulating Libor - which isn't news, I was writing about this four years ago - isn't an indictment. It's a signed, sealed, and delivered verdict of "guilty."
(Check this out, I get credit from a group of fraud lawyers for being first to call this out right here.)
Barclays, a monster British bank, is under criminal investigation for its role in fraudulently manipulating the London InterBank Offered Rate (Libor). It settled charges late on Tuesday with Britain's Financial Services Authority (FSA), the U.S. Commodity Futures Trading Commission (CFTC), and the U.S. Department of Justice.
Yeah, about that "justice" thing...
Barclays "settled" by paying $92.8 million to the FSA (a record fine), $200 million to the CFTC (another record), and $160 million to the DOJ (a piddling amount).
But, hey, you know, they're sorry and all that. Sorry they got caught, that is. And they're not alone.
There will be a bunch of other big banks paying for this gross game of manipulation. And all of them are household names.