Media Matters: US Media Ignore LIBOR Rate Rigging Scandal In Primetime
Ben Dimiero & Rob Savillo at MM ..
Despite the massive scope of the controversy — LIBOR is “used as a benchmark to set payments on about $800 trillion worth of financial instruments” — CNN, Fox News, MSNBC, ABC, CBS, and NBC have only spent about 12 minutes combined covering the story during their evening newscasts and opinion programming .. Notably, flagship nightly news programs like ABC’s World News with Diane Sawyer [and] NBC’s Nightly News with Brian Williams [] have never mentioned the rate-fixing scandal .. numerous economists and economic observers have been quick to label this one of the largest banking scandals in history, with MIT professor of finance Andrew Lo telling CNN Money that it “dwarfs by orders of magnitude any financial scams in the history of markets.” The Economist quoted an anonymous “chief executive of a multinational bank” who called the story “the banking industry’s tobacco moment.” But most American television news outlets haven’t taken enough time to explain the story to their viewers
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