Just out from Bloomberg, where we find that our own corrupt politicians have just discovered that gambling went on for years and years, and nobody had the faintest clue!
- SENATE BANKING COMMITTEE TO ASK GEITHNER, BERNANKE ABOUT LIBOR
Surely the wristslapping will be so profound, Geithner is already soaking his arm elbowdeep in vaseline. In other news, go long AMZN as Senate (and soon Congress) just bought out Amazon's entire inventory of "Libor for corrupt morons"
More from Bloomberg:
Today, Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement outlining his plans for Committee oversight and due diligence regarding recent developments pertaining to the London interbank offered rate (LIBOR). LIBOR for the US dollar is currently set based on information provided by 18 global financial institutions, including several U.S. banks. LIBOR is used by financial institutions to set interest rates on a variety of financial products including mortgages, student loans, and credit cards.
"I am concerned by the growing allegations of potential widespread manipulation of LIBOR and similar interbank rates by some financial firms. At my direction, the Committee staff has begun to schedule bipartisan briefings with relevant parties to learn more about these allegations and related enforcement actions.
"It is important that we understand how any manipulation may impact American consumers and the U.S. financial system. The Banking Committee will hold hearings in July with Treasury Secretary Geithner and Federal Reserve Chairman Bernanke, and I am asking them to be prepared to answer Senators' questions on this matter."