The All American Store has many individuals who we consider hero's for one reason or another. Within the financial community Shelia Bair is one such person. Shelia used to be the Chairperson of the FDIC - the financial institution that guarantees the money in your savings and checking account - within certain limits.
Since leaving the FDIC she has written a number of articles that provide the average American with insight as to how the financial markets in America operate. This article is about the ongoing investigation into the manipulation of the LIBOR rate. This rate is used by all financial institutions in arriving at the interest rate they charge you for credit cards, auto loans, home mortgages and any other borrowed money.
The important point of her article is that manipulations within the financial industry was know by many - so called government watch dogs - and yet nothing was done to stop it. If you as a private citizen attempted to do the same you would be arrested.
It is unfortunaley the world we live in.
http://finance.fortune.cnn.com/2012/08/17/libor-scandal-fed/
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