Target: President Obama
Goal: Begin a multi-agency investigation into Barclays Libor interest rate scandal
The recent scandal at Barclays, where bankers manipulated the Libor rates to benefit themselves, is a huge case of fraud and should result in mass prosecutions of those involved. The crimes which constitute this scandal could have caused billions of dollars in damages, spread across virtually every person in the market.
While the Libor rate fraud is a fairly complicated situation, these are the basic facts of the case: numerous bankers, both at Barclays and in other institutions, manipulated the Libor interest rate in order to benefit their financial interests. This manipulation, while immensely beneficial to the bankers, disrupted all other interest rates and caused incredible damage to other people. Libor rate manipulations have a ripple effect and changing the Libor rate can alter the calculations of other types of interest rates such as credit card or home mortgage rates. A Libor interest rate change of a fraction of a percent may not seem significant, but when imposed across the multi-trillion dollar financial market, it can have multi-billion dollar ramifications.
In order to punish those who committed this fraud as well as prevent it in the future, a multi-agency investigation is needed. Unless those who manipulated the financial markets are caught and punished, this kind of fraud will only continue (imagine if theft were never prosecuted) and cause more damage to average citizens. As president, Barack Obama has the power to push for Treasury, Department of Justice and SEC investigations of the Libor manipulation scandal.
Sign this petition in order to demand that President Obama push for federal investigations of the Libor manipulation scandal at every relevant regulatory/criminal justice agency. Nobody should be allowed to cause billions of dollars of damage and simply be allowed to walk away from legal responsibility.
Dear President Obama,
The Libor manipulation scandal illustrates just how corrupt the financial service industry has become and gives those in power an imperative to seek punishment for those who committed fraud. The bankers involved in this scandal intentionally manipulated the Libor rate in order to gain increased profits, even knowing full well that the interest rate distortion would harm others; this reckless disregard for others is no different from when somebody robs a bank because they wish to become rich.
The manipulation of interest rates has a massive ripple effect and affects everybody involved in the global financial markets. Individuals who are not the bankers in control end up suffering from the effects of artificially inflated or decreased interest rates; the damage caused by these interest rate manipulations could have affected virtually every locale of the United States and potentially have added up to billions of dollars.
I, as well as every other person to sign this petition, implore you to push for a massive investigation of the Libor manipulation scandal. Every relevant agency, including but not limited to the Treasury Department, the Department of Justice, and the SEC should begin expansive investigations into this scandal. As president of the United States, it is within your power, and arguably your duty, to ensure that these investigations begin and are pursued with the full force of the law.
[Your Name Here]