The Many Ways Banks Commit Criminal Fraud

by WashingtonsBlog

Libor Manipulation Is Only One of MANY Types of Fraud Committed by the Big Banks

The Libor scandal seems to be waking people up to manipulation and fraud by the big banks.

There are many other types of fraud they’ve engaged in as well …

Here is a partial list:

  • Engaging in mafia-style big-rigging fraud against local governments. See thisthis and this
  • Laundering money for drug cartels. See thisthis and this
  • Engaging in unlawful “Wash Trades” to manipulate asset prices.  See thisthis and this
  • Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide.  Details hereherehereherehereherehere,herehereherehere and here
  • Pledging the same mortgage multiple times to different buyers. See thisthisthisthis and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments
  • Singing the glories of investments which they knew were terrible, and then betting against the same investments to make money for themselves.  See thisthisthis and this
  • Participating in various Ponzi schemes. See thisthis and  this

But at least the big banks do good things for society, like loaning money to Main Street, right?


  • The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending.  See thisthis and this

The Many Ways Banks Commit Criminal Fraud was originally published on Washington’s Blog