Black Agenda Network Slams Obama on LIBOR
July 20, 2012 • 9:18AM

"Obama's Justice Department Rushes to the Rescue of LIBOR Criminals" is the headline of a short piece by Glen Ford on the Black Agenda Network site on July 18.

"The Obama Justice Department is in theater mode, again, pretending to threaten the bankster class with criminal penalties and prison time! for their manipulation of the global economy's benchmark interest rates", Ford writes. "The Justice Department claims to be building criminal and civil cases in the LIBOR scandal, which in sheer scope is the biggest fraud by international capital in history. But that's all a front, a farce.

"Barack Obama has spent his entire presidency protecting Wall Street, starting with his rescue of George Bush's bank bailout bill after its initial defeat in Congress, in the last days of Obama's candidacy. He packed his administration with banksters, passed his own bailout and, in collaboration with the Federal Reserve, channeled at least $16 trillion dollars into the accounts of U.S. and even European banks — by far the greatest transfer of capital in the history of the world. Obama has reminded the banksters that it was he who saved them from the pitchforks of an outraged public. He pushed through Congress so-called financial reform legislation that left derivatives — the deadly instruments of mass financial destruction that were at the heart of the meltdown — untouched...."