Matt Taibbi interview: How markets are rigged against you
Source: CBC News
... But it’s getting harder and harder to ignore the stories of powerful people cheating the system for their own gain. As the bad apples add up it gets harder and harder to ignore a troubling realization — “everything is rigged.”
That’s what financial journalist Matt Taibbi says in an interview with Amanda Lang airing on Monday night's The National. After years of reporting on some of the best examples of Wall Street stacking the deck in its favour, Taibbi has concluded that the entire system underpinning the global economy is rigged in some form or another. And it’s not just financial markets that are at stake. The real economy, with factories, services, goods and jobs for real people, is under threat.
“There’s a few smaller, inside actors who always seem to win,” he told the CBC’s Amanda Lang recently. “They have more information than anyone else.”
Everything from the price of food, to currencies, financial transactions known as “swaps” and interest rates implicated, he says. “We’ve got a lot of work to get it back to some place where it’s at least close to fair.”
Case study: Detroit
Case study: Inside information
Case study: Rigging LIBOR
Conclusion: New tools needed
Read more: http://www.cbc.ca/news/business/how-markets-are-rigged-against-you-1.2456677
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