How The LIBOR Scandal Affects You

Cenk Uygur discusses how Barclay’s LIBOR scandal effects you, and how it effects the bankers that caused the scandal. Cenk also discusses the recent news that Tim Geithner knew about the scandal in 2007 and choose not to take any action. Tell us in the comment section below what you think about the LIBOR scandal. Read more: Support The Young Turks by Subscribing Like Us on Facebook: Follow Us on Twitter: Find out how to watch The Young Turks on Current by clicking here:
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“Late last month, Barclay’s Bank, a multinational bank and financial institution based in the United Kingdom, admitted to regulators that it tried to manipulate something called “Libor” before and during the financial crisis in 2008. “Libor” is an acronym for London Interbank Offered Rate. It is a rate used as a benchmark for the cost of lending throughout the financial system, and it is also used as a reference rate for a wide range of financial products like car loans, adjustable-rate mortgages, student loans and credit cards. “The Libor is not based on an objective measure of the interest for bank-to-bank loans. It is the average of a daily poll of the Association’s member banks, who give an estimate of the interest rate they think they would pay if they sought to borrow from another bank. “It is supposed to be the way the financial system assesses the overall health of the financial system, because if the banks being polled feel confident about the state of things, they report a low number, because they assume that if they had to borrow from another bank, their cost of borrowing would be low. If member banks feel a low degree of confidence in the financial system, they report a higher interest rate. And from that the Libor is calculated, affecting the interest rate on financial products around the globe. “What has emerged from the Barclay’s Bank inquiry is evidence that banks may have in fact been deliberately manipulating Libor rates for years. The evidence so far is

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48 Responses to “How The LIBOR Scandal Affects You” Subscribe

  1. FraseLuy February 3, 2013 at 4:10 am #

    fuck banks

  2. Joe Blow February 3, 2013 at 4:45 am #

    HEY!! YouTube edited his subtitles!!! WTF!!!!

  3. Joe Blow February 3, 2013 at 4:54 am #

    An event is about to happen. Do not fall for it as they plan to kill many people. This will be a set up. “Patriots” will be blamed.

  4. Nick Maresca February 3, 2013 at 5:34 am #

    Who found out or blew the whistle?

  5. LouieVittonVII February 3, 2013 at 5:40 am #

    Lol they run the media, everyone is fooled, nothing will happen from this, they are too powerful.

  6. flores23ization February 3, 2013 at 6:36 am #

    real wealth. like resources: minerals, oil, factories, people, farms, etc…

  7. Ganseblumchen12 February 3, 2013 at 6:55 am #

    Libor scandal showed us that we’re living on a false system and all the mega banks planned everything so only they will benefit.

  8. mucker3000 February 3, 2013 at 6:57 am #

    Thank you Bob Diamond and Thank you Jon Corzine. you both are the CEOS that make America.. America.

  9. SergiyBeloy February 3, 2013 at 7:53 am #

    Cenk, I’ve Just created the VIDEO “Barclays LIBOR fraud” compiled of the best media clips, – including THIS one!, – on the matter: / wak5M_DxkSQ

  10. MyTemporaryAccount88 February 3, 2013 at 8:03 am #

    The people should have the right to indict any politician, and ask them questions with a lie-detector. See how well their usual bullshit-answers of “Oh I am unsure of whether I recall the specifics that pertain to this certain issue, it might be that potential information would be partially, or wholly, made secret under law, but either way I’m unsure as to my knowledge, or my whereabouts, on anything in relation to said issue” works when it’s a yes or no-question with their life depending on it.

  11. oshin9X February 3, 2013 at 8:33 am #

    how does it affect 550trillion dollars when the world only has like less than 70trillion dollars?

  12. gdgopaul February 3, 2013 at 8:49 am #

    I agree. If it were me or you, they’d lock us up and throw away the key. It’s plainly obvious now that the banks & big business run the world and the puppets that we voted in to do that (run the world), are letting them do that. What make me really upset is when the media report it with an air of resignation/apathy/respectability rather that indignation and disgust. Why don’t they just come out and say it to all of us – ”You’re being dictated to because we can – put up AND shut up!!!”

  13. Diddle Fiddle February 3, 2013 at 9:11 am #

    550 trillion is debt from several countries not just here in the u.s. International community.

  14. MegaSupergorgeous February 3, 2013 at 10:04 am #

    Great video, btw….everyone should check this out linkedin (dot) com/pub/robert-holmes/4/47b/24­a…yes, it’s the shooter’s father, James Holmes. He works for FICO / Fair Isaac where they develop anti-financial fraud software / tactics; he was set to testify at congressional Libor hearings (prior to the event itself). Also, everyone should save a complete copy of that page/link, share it, and perhaps even do screen captures (as someone will probably remove it soon).

  15. gapper367 February 3, 2013 at 10:25 am #

    This should be considered treason and the culprits hung.

  16. Jehovahourgod February 3, 2013 at 10:38 am #


  17. Jehovahourgod February 3, 2013 at 11:19 am #


  18. Jehovahourgod February 3, 2013 at 12:03 pm #


  19. Jehovahourgod February 3, 2013 at 12:50 pm #


  20. b0ondockz February 3, 2013 at 12:53 pm #

    He’s a fucking idiot that’s how.

  21. OperationMockingbird February 3, 2013 at 12:58 pm #

    Robert Holmes, James’ father, is currently the senior lead scientist with the American credit score company FICO and was expected to testify to Senate, on LIBOR scandal. Robert Holmes algorithms were said used to discover this massive fraud scheme.

  22. sonnybrown February 3, 2013 at 1:16 pm #

    After ALL this ranting… how do you still not support Ron Paul?

  23. Misri83 February 3, 2013 at 2:16 pm #

    Is everything in America, I mean EVERYTHING even worth 550 trillion ? Where the hell do they get this number from, it sounds like they just blew it up and made it out of thin air. We are in 16 trillion debt right now.

  24. lambofreak55 February 3, 2013 at 2:29 pm #

    most of it is in derivatives. Although that doesnt make it better because it’s much more unstable

  25. NihilisticWhiteAura February 3, 2013 at 2:32 pm #

    “Cenk Uygur discusses how Barclay’s LIBOR scandal effects you”


  26. cyberage100 February 3, 2013 at 2:55 pm #

    We keep hearing that Banks and Government Official aren’t above the law yet they are free to cause US many problems and go unscathed! It’s sickening what has become of Governments!

  27. binzsta86 February 3, 2013 at 3:35 pm #

    That a boy Kucinich! You get’em!!! Make sure you put on a good Jerry Springer Show when you investigate this

  28. worldphilosopher101 February 3, 2013 at 4:25 pm #

    Why can’t anyone see this for what it is? It’s just scapegoat diversion disinformation. So disappointing Kucinich is in on it too. What’s next? Buzz Aldrin will finally admit he never walked on the moon?

  29. Allergic2StupidAchoo February 3, 2013 at 4:45 pm #

    Here’s me idly thinking out loud and playing armchair legal expert, but doesn’t the LIBOR scandal mean that any loans taken out through banks involved in the scandal, including mortgages, student loans, credit cards etc. can now be declared null and void due to the fact the banks involved did not operate in good faith and did in fact engage in fraud, thereby voiding any contractual agreements made with them. No idea but i’d be damned fascinated to find out.

  30. Caelidh February 3, 2013 at 5:00 pm #

    Robert Holmes, the father of James Holmes (from the Aurora Colorado shooting) was apparently the software developer that created the algorithms that these banks used and was supposedly going to testify in the LIBOR case.

  31. monadbornslippy February 3, 2013 at 5:04 pm #

    We are pretty much fucked! The Establishment won! “Go back to bed America, your government is in control”

  32. ariuszarim February 3, 2013 at 5:50 pm #

    sep semper tyrannis

  33. donx03 February 3, 2013 at 6:46 pm #

    Bill Clinton -Democratic & Bush Republican … both of which work for the same puppet masters that actually run America, just that Bush was more evil about it. Clinton set the ground work behind the scenes (Allowing banks to regulate themselves), Bush just pushed the evil agenda faster (911 inside job) and the subsequent global banking crisis. The goal is to have US bases all around the globe, that steal sovereign wealth & natural resources from occupied countries.

  34. MegaSupergorgeous February 3, 2013 at 7:27 pm #

    Great video, btw….everyone should check this out linkedin (dot) com/pub/robert-holmes/4/47b/24­a…yes, it’s the shooter’s father, James Holmes. He works for FICO / Fair Isaac where they develop anti-financial fraud software / tactics; he was set to testify at congressional Libor hearings (prior to the event itself). Also, everyone should save a complete copy of that page/link, share it, and perhaps even do screen captures (as someone will probably remove it soon).

  35. Charles Town February 3, 2013 at 8:10 pm #

    I am so happy you started this channel..Thank You Sir…Charles Town..New Mexico

  36. MrDoublehappy February 3, 2013 at 8:18 pm #

    In theory the world population can sue these fuckers for over charging – let them all face the music – thanx Dennis this is the best explanation I’ve heard thus far – I see the Brits are reluctant to really hammer these pricks because it emanates from GB

  37. miamistorm February 3, 2013 at 9:07 pm #

    Nothing is going to be done to these banks. Just as nothing was done to them in 2008, 2009, 2010, 2011 and in 2012. There’s isn’t a single Wall Street or London bankster in jail for crimes perpetuated against the global citizenry. The American – British banking system is sick to the core with insatiable greed and a total lack of a moral compass. It’s all about the money, it has nothing to do with people, fairness and integrity. Sadly the politicians are bought and owned from the top down.

  38. Stevie Moley February 3, 2013 at 9:14 pm #

    WHY hasn’t 0BOMBa been Impeached? Huh?
    WHY are you telling US this now… why wait until election season? WHY isn’t congress and the rest of the house being held accountable too? A lot to little and way to late – I don’t even recognize the country my family was asked to fight for. And for what, was it all for? Communism, FEMA Camps, Tyranny, OIL, Torture, the Slaughter of innocents all over the world. Hope the money & facade of power was worth the destruction of an entire nation

  39. Stevie Moley February 3, 2013 at 9:19 pm #

    And we’re all going to get shot in the head too… because OUR Elected official have done everything in their power to make sure of it. Holder is giving out the weapons. Panetta is training them. Congress is paying them. The Senate is also paying them and looking the other way while our sovereignty, constitution, liberties, currency, jobs, lively hood, health & well being is destroyed for the UN. Can’t wait to see how they explain it to their kids while they live in shit too. Killing Americans

  40. mjs1231 February 3, 2013 at 9:54 pm #

    At least he came out to tell us.

    I know, means squat.

    America,  you’re parents sat on thier ass for 100 years.

    Now you’re So far down the hole, its going to take some serious bs to repair.

  41. grandaddynative February 3, 2013 at 10:45 pm #

    “Banks NOT above the Law”? riiiiiiight. Any jail time handed out yet?:NO! Put them all in prison or go fuck your mother. All two faced talk talk talk….”Well, it’s not that easy”!(BULLSHIT BREATH LIES) do something you talk happy clown sissy fuck.

  42. Tommy Polack February 3, 2013 at 11:06 pm #

    YT — “VIRAL — NOW IS THE TIME To Take Action And Put Bankers Behind Bars. Make It Spin Around The Web!”

  43. StygianFlood February 3, 2013 at 11:26 pm #

    The reason Lincoln got shot in the head is that our ancestors didn’t have his back.

  44. bigtisas February 3, 2013 at 11:38 pm #

    British banks are evils. They have been like that for hundred of years.

  45. Killzy786 February 4, 2013 at 12:28 am #

    On fucking point and this is from a republican.

  46. Kinkspace February 4, 2013 at 1:00 am #

    Thanks for that :)

    The sad part of all this is; the problems we are all told will exist if the banks fail, hence they should be bailed out, is, as long as this denial exists, no one is actually working out & alternative strategy to minimize disruption to people. Instead they chose to ignore the fact that ultimately they are, like the Titanic, going down. If denial persists there will be a humanitarian disaster in the making. Denial should never be a state of mind for any government. *Sigh*

  47. Deborah Dills February 4, 2013 at 1:36 am #

    So right, and that’s why Ron Paul will never become President either. The Federal Reserve banking cartel that are in charge of the money, will never allow anyone to take away their power.vAlso, he’s not related to any of them by blood, as all our presidents are.

  48. LanterRogue February 4, 2013 at 2:17 am #

    BTW “I have two great enemies, the Southern army in front of me and the bankers in the rear. And of the two, the bankers are my greatest foe.” -Lincoln

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