LIBOR Blackout: Major Networks are Ignoring the Greatest Bank Scandal In History

September 12th, 2012 by Andy in Deconstructing The Media

Theresa Riley at Bill Moyers Journal reports on what’s not being reported…

You’ve probably heard about the ongoing investigation of global banks and the manipulation of Libor, the critical interest rate that banks use as a benchmark to borrow money from each other and to set rates on virtually all commercial loans, credit cards, mortgages, etc. Maybe you heard about it from The New York Times or Bloomberg News, or even here at BillMoyers.com.

Two places we’re sure you didn’t hear about it are ABC’s World News and NBC’s Nightly News, because they haven’t covered it — at all. According to Media Matters for America, the two networks ignored the scandal that The Financial Times‘s Chris Giles writes has “the power to make the heads of commercial banks quake in their boots.”

Read her complete report Here

I don’t know what’s worse. The rampant criminality at play in our global financial system, or the rampant crony complicity of our so-called “journalists” and “news reporters” in our corporate and compliant media system.

And Ben Dimiero and Rob Savillo chart the amount of LIBOR coverage amongst mainstream media in this report

American television news outlets continue to devote sparse time to one of largest banking scandals in history. The controversy over whether major banks have been manipulating the LIBOR, a crucial interest rate that banks use to borrow money from one another, has been gathering steam for more than a month since U.S. and U.K. regulators fined British bank Barclays $450 million for its role in trying to rig the rate.

CNN’s Erin Burnett has explained that LIBOR is “an interest rate at the core of our entire economy,” adding, “It’s really not wrong to say that if you can’t trust LIBOR, you can’t trust anything in banking.” According to The Economist, the LIBOR is used “as a benchmark to set payments on about $800 trillion worth of financial instruments.” Baltimore City filed a lawsuit against major banks in the first of what may be a wave of such actions, alleging that the LIBOR manipulation potentially cost it millions of dollars in investment returns.

Despite the enormous implications of the scandal, ABC’s World News and NBC’s Nightly News both ignored the story in the 16 days after news of the Barclays fine broke, as we documented earlier this month. In the 16 days following the period of our original study, the LIBOR blackout has continued on ABC and NBC’s flagship evening news programs. Those programs have gone more than a month without mentioning the controversy.

Read The Full Report

Leave a reply

Search Articles



USTV Recommended Read: