Big Banks: Are We In The Midst Of A Price-Fix Scandal? Matt Taibbi Weighs In
Here's Taibbi's explanation of the events in question:
Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps. Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget. If true, that would leave us living in an era of undisguised, real-world conspiracy, in which the prices of currencies, commodities like gold and silver, even interest rates and the value of money itself, can be and may already have been dictated from above. And those who are doing it can get away with it. Forget the Illuminati – this is the real thing, and it's no secret.
In his Rolling Stone articles and in his speeches, Taibbi pulls no punches and gets to the heart of the backroom dealings that affect the global economic framework. His scorching exposés of America's biggest power players has earned him the National Magazine Award, and his book, Griftopia, has been critically hailed as well. In his talks, he expands on the eye-opening topics covered in his writing. Provocative and informative, Taibbi uncovers the wheeling and dealing of the country's business powerhouses—and lays the groundwork for how we can get ourselves out of this economic mess.