LIBOR, the London Interbank Offered Rate, is the average interest rate (estimate) that leading London banks would pay, at a given point in time, if they were to borrow money from other banks.

Some 16 major global banking operations are believed to have been involved in ‘rate-manipulation’ schemes burned U.S. homeowners out of “billions of dollars” by consistently, artificially popping the LIBOR rate up on the first day of the month – the day when interest rates were reset for ARMs (adjustable rate mortgages).

Affected U.S. mortgage-holders were defrauded in the schemes.

LIBOR rate-rigging also cost municipalities across the U.S. billions of dollars in municipal bond costs by artificially ‘tilting’ rates against the interest rate swaps that had been purchased by municipalities, such as Baltimore, to hedge the bonds.
And these schemes affected the value of ‘swap lines’ that were held by several dozen U.S. banks, that were tied to LIBOR rates.

Reuters reported on March 14, 2014 that the FDIC was suing 16 banks that it believed were involved in LIBOR rate-rigging: “The banks named as defendants include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, and Royal Bank of Scotland Group PLC.”
“Other defendants in the lawsuit are Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG.”  Barclays and UBS had already settled.
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Note: all of the named banks had received billions of dollars, during the height of the financial crisis, from the Fed’s “secret liquidity lifelines.”
Citigroup, peak amount received from Fed: $99.5B
Bank of America: $91.4B
RBS:   $84.5B
Barclays  $64.9B

The most recent bank to be implicated, and fined: Lloyd’s Banking Group, Plc, peak amount received from Fed during the financial crisis: $505M
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The very banks that received billions of dollars in bailout funds from the U.S. Federal Reserve were defrauding American families, state municipalities, and other U.S. financial institutions.

American families deserve nothing less than the same access to liquidity that these banks received, from U.S. taxpayers, during the financial crisis.

The Leviticus 25 Plan