Q: What is the LIBOR scandal about?
A: LIBOR cost US homeowners an EXTRA $1.1 - $2.2 billion dollars yearly.
A: LIBOR cost US homeowners an EXTRA $1.1 - $2.2 billion dollars yearly.
Put another way . . .
The LIBOR scandal ADDED $50 - $100 monthly to the cost of American mortgages.
So if you have had a $200,000 mortgage for 7 years . . . you have been cheated out of $9,600 0 - $19,200.
Robert Shapiro, former Under Secretary of Commerce for Economic Affairs (Clinton administration) and now chairman of Sonecon, an economic advisory firm, warned Wednesday that the LIBOR scandal could become the largest financial fraud in history.
Shapiro added that “coming on top of the reckless and dishonest behavior that led to the 2008 financial collapse, the LIBOR manipulations should finally dispose of the conservative case for self-regulation by Wall Street.”
The next time you hear that less regulation by government think about LIBOR.
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