Disgusting Transcript Reveals FED Assisted Banks In LIBOR Manipulation Scam

NY Fed Transcript: ‘We Know That We Are NOT Posting An Honest Libor’

• Read a transcript of the April 2008 call to the New York Fed

Quotes:

“We [Barclays] just fit in with the rest of the crowd if you like.  We know that we’re not posting um, an honest Libor.”

The New York Fed representative expresses sympathy and understanding:

“You have to accept it,” she says. “I understand. Despite it’s against what you would like to do. I understand completely.”

“The Barclays employee explained that Barclays was underreporting its rate to avoid the stigma associated with being an outlier with respect to its Libor submissions, relative to other participating banks,” the New York Fed statement said.

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