The Libor scandal
seems to be waking people up to manipulation and fraud by the big banks.
There are many other types
of fraud they've engaged in as well ...
Here is a partial list:
- Engaging in mafia-style big-rigging fraud against local governments. See this, this and this
- Bribing and bullying ratings agencies to inflate ratings on their risky investments
- Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this and this
- Engaging in unlawful "Wash Trades" to manipulate asset prices. See this, this and this
- Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here andhere
- Participating in various Ponzi schemes. See this, this and this
But at least the big banks do good
things for society, like loaning money to Main Street, right?
- The big banks have slashed lending since they were bailed out by taxpayers ... while smaller banks have increased lending. See this, this and this