The Nation calls it "The Crime of the Century." US News & World Report says bankers stole at least $1 trillion from cities, towns, and other customers.
The Libor banking scandal may be quite literally the largest crime in the history of the world, but TV news anchors are barely mentioning it -- in one recent period NBC, FOX, ABC, CNN, and CBS had ten times as much coverage of the Katie Holmes and Tom Cruise divorce during their evening broadcasts.
If there's no media coverage, there's no public outrage. And if there's no public outrage, there's less accountability for the criminals, and no steps to prevent further theft.
If you're not familiar with the Libor Scandal (and you might not be if you get most of your news from TV), here's the short story: well known banks, including JPMorgan, Barclay's and Citi, are being investigated for illegally fixing interest rates to defraud customers and make the banks seem more stable than they really are.
If it sounds wonky to you, consider this: It's estimated that the Libor scandal affected as much as $500 TRILLION in contracts, including everything from bonds issued by cities to the mortgage you have on your house.
In doing so, the banks pilfered at least $1 trillion dollars from people, businesses and governments. And right now, the City of Baltimore is suing several banks, saying that the rogue bankers are the reason they've run out of money to pay for firefighters, school teachers, and aid for the elderly.
The Obama administration is investigating the scandal. But to make sure the banks face real accountability, there must be real public outcry. And there can't be public outcry if we don't even know about it.
If the networks can't tell us about a story this big, what exactly are they good for? Tell the major networks to increase their coverage of LIBOR during evening news broadcasts.
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