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A comment on The Biggest Financial Fraud of All Time - $300 Trillion Rigging of Libor.

Re:The Biggest Financial Fraud of All Time - $300 Trillion R... by orionblastar on Wednesday January 30, 2013 @04:28AM (#5138728)
This is something to be concerned with, it ruins the global economy and might even lead some nations to an economic collapse. $300 trillion USD stolen in this way really hurts. The money could have been used for good and helping people instead of making the wealthy even more wealthy.
[ Parent | on HN ]
Re:The Biggest Financial Fraud of All Time - $300 Trillion R... by meric on Wednesday January 30, 2013 @06:02AM (#5138951)
It's only a small fraction of $300 trillion USD stolen. $300T of contracts and loans were affected but the banks were only skimming a small part of the loans.

$300T would be 30 times US's total production output for a year, or over 4 times total production of output for the entire world. Basically that means 4 times anyone has ever made over the past year. No way banks can steal that much.

[ Parent | on HN ]