6 Ways Big Banks Screwed Grandma in the Price-Fixing Scandal That's Rocking the World

Grandma's finances will almost certainly never recover from the LIBOR scandal. And, needless to say, she never asked for it.

Who lost out, big time, from fixing these rates? Grandma, that’s who! The multiyear pattern of setting LIBOR too low screwed her in six ways. Her finances will almost certainly never recover from the experience. And, needless to say, she never asked for it. Full Story »

Posted by Dwight Rousu

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Dwight Rousu
4.6
by Dwight Rousu - Jul. 26, 2012

This is the best expose I have read of the LIBOR scandall, with clear concise explanations of how people are hurt by the crimes of the big banks, especially the elderly.

As a current elderly, I would like to see these bankers go to jail until they are elderly.

Prudent investment advice therefore directs older people and retirees into retail bank certificates of deposit, which are priced based on LIBOR benchmarks. So are most money market funds. But following this conventional wisdom has proven to be a bust for Grandma. LIBOR manipulation caused her income to drop

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