You have frequently seen the mantra questioning their motives and conclusions as if the idea of people or officials acting together covertly to advance their interests in illegal ways is something new in history.
Until recently, US press outlets characterized conspiracy arguments as rants that lacked any factual basis, engaged in guilt by association and stretched the facts.
The only conspiracy charges they tended to look at uncritically were criminal complaints against the Mafia under anti-racketeering statutes like the RICO statutes. Prosecutors loved these cases because normal concerns with protecting the rights of defendants didn’t apply when hearsay evidence was permitted.
But now, four years after the financial crisis, prosecutors have finally discovered what critics have been alleging repeatedly: that big banks were crooks, engaging, engaging among other illicit practices, in secretive, illegal and conspiratorial schemes to rig baseline interest rates and manipulate credit markets,
It has now been admitted that traders at two major financial institutions were fixing LIBOR—the London Interbank Offered Rate, used to set the interest rates of $800 trillion worth of financial products, including credit cards and mortgages.… Read the rest