Open Secret

Open Secret

The Global Banking Conspiracy That Swindled Investors Out of Billions

Book - 2014
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A bestselling financial reporter exposes the decades-long banking conspiracy that swindled ordinary investors out of billions. Following her national bestseller Too Good to Be True, the inside story of the Bernie Madoff scandal, Erin Arvedlund brings her reporting chops and deep financial expertise to the first book to tell the full story of the Libor scandal. In 2012, news broke that a group of young, chummy bankers had, for years, been colluding to manipulate the London Interbank Offered Rate--the interest rate that determines how money is borrowed and lent throughout the world. They set the Libor higher or lower to suit each others' needs, while ordinary savers and investors suffered without even knowing it. It was a classic "open secret" among competitors that cost countless victims as much as $1 trillion. Arvedlund takes us behind the scenes of elite firms like Barclays Capital, where twenty-something masters of the universe played fast and loose, while their bosses looked the other way. She also examines the failures of prominent regulators and other officials.
Publisher: New York : Portfolio / Penguin, 2014.
ISBN: 9781591846680
Branch Call Number: 332.1094 ARV
Characteristics: xiv, 290 pages, 8 unnumbered pages of plates : illustrations ; 24 cm


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Jan 07, 2015

You don't want to read this! Remain blissfully ignorant - - you, the typical American - - don't need to know how the financial systems are rigged - - ignorance is PURE BLISS!
No way you want to understand stuff, like how those wonderful new employment numbers actually reflect downsizing and offshoring of employment and jobs: interest rate arbitrage practised by the major corporations from at least 2003 to 2012, taking out loans to make stock buybacks, instead of investing in their own companies and their futures, and using the Fed's Quantitative Easings for the same thing, and hence the downsizing, involving the hiring of foreign visa workers - - not Americans!
Arvedlund, an investigative journalist for the Philadelphia Inquirer, did the due diligence so that intelligent people would know what's going on around them, in the deep recesses of the world of financial services parasites!
20-star rated! Truly a tour de force - - actual real reportage, first-rate journalism so incredibly rare in North America! This lady names the names, including the political appointees who did not do their jobs, and those few who tried to!

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