Goldman Sachs & The Age Of Parasite Capitalism
A March lawsuit filed in Manhattan federal court accused 17 of the world’s behemoth banks along with the British Bankers’ Association of rigging the London interbank offered rate (LIBOR). The FDIC was suing on behalf of 38 failed banks it’s had to take into receivership since 2008 as a result of the manipulation.
Banks named in the suit include three of the Four Horsemen of US Banking – JP Morgan Chase, Citigroup & Bank of America – along with Deutsche Bank, Credit Suisse, UBS, Societe General, Royal Bank of Canada and the Four Horsemen of British Banking – Barclays, HSBC, Lloyds and Royal Bank of Scotland.
The suit is unprecedented and could serve as a precursor to looming criminal charges from Attorney General Eric Holder’s office stemming from many ongoing investigations of financial crimes related to the 2008 bank implosions caused by shady sub-prime housing loan deals.