World's 16 largest banks being sued for rigging interest rates...

and that list will grow.  At long last someone is taking some action .... even if it's a token gesture,  it tells us what we all know but are averse to admit.  The banksters and the super-rich control the world. The "we are the 99%" Occupy crowd is absolutely right.  I will never again criticize that group.  It's lunacy for interest rates to remain at the non-existent level that they are for this many years. They are kept that low to garner more borrowers and get people addicted to borrowing and in the long run the benefactors are the banks and only the banks. The people who saved their money in fixed or term-deposits are the losers. What a Mafia-like racket the banking industry happens to be.

From Reuters:
....The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of colluding to suppress interest rates.

The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate.

The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.

"The closed banks' losses flowed directly from, among other things, the harm to competition caused by the fraud and collusion alleged in the complaint," the FDIC said in the lawsuit.

The banks named as defendants include Bank of America Corp, Barclays PLC, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, the Royal Bank of Scotland Group PLC and UBS AG.

The lawsuit also named the British Bankers' Association, the U.K. trade organization that during the period at issue administered Libor......

.......Other defendants in the lawsuit include Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG......