LIBOR Scandal and a little reality, please

Reading in HuffPo about how Matt Taibbi called out CNBC anchor Larry Kudlow for claiming that the Big Banks' manipulation of the LIBOR interest rate was "victimless," you just gotta wonder... how could someone like Kudlow even get a job at CNBC? Claiming that massive bank fraud that resulted in enormous costs to cities, towns, and states across America when these local governments are in many cases close to bankruptcy is victimless? The guy's either too craven or too stupid to be on television, in my humble opinion.

And now, kids, speaking of unbelievable bank fraud, how many of you have heard of Carl Levin's investigation (which should have been done by the regulators, who were asleep at the switch as usual), of the truly incredible fraud and outright criminal conduct being carried out by Super Global Big Bank HSBC, some of it right here in America? If HSBC were an individual or small company, there would be 30 FBI agents at the door, drawn guns, prosecutions, convictions, huge fines, and long prison terms for what they did. (It's a big story in England: see Daily Mail). But, as usual, this Super Bank is too big to fail, too big to regulate, and too big to tolerate. Of course, the American media barely reports on this.

We need a new era of Trust Busting. We need new laws to break up big banks and replace them with investment banks where the owners are investing their own money and commercial banks that are regulated to prevent this kind of fraud, and limited in size.