Jul 17, 2012

http://www.zerohedge.com/news/santelli-smoking-gun

Fed Chief Ben Bernanke stated today in his report to Congress that some banks fudged their interest rate reports (i.e., the LIBOR scandal), just because they didn't want to look bad in a recession.

CNBC reporter Rick Santelli goes ballistic. What's the point of having regulators? he said. Are we now learning new definitions of "manipulation" that are only little white lies?

Bix Weir says that this nonchalant but stupid statement from Ben Bernake will ensure the passage of the "Audit the Fed" bill shortly. The last audit, though watered down and only partial, revealed the $16 trillion bailout that the Fed gave its favorite financial institutions.

What will this audit reveal?

Have you noticed the increase in the frequency of sleaze in the banking fraternity? The problem is not a few bad eggs, but the entire system itself, which was designed to benefit a few powerful men. Their days are numbered.