Gary Gensler, the head of the Commodities Future Trading Commission (CFTC), has made a pretty depressing admission to the BBC. During an interview on one of the greater financial scandals in modern times, the rigging of the London Interbank Offered Rate (LIBOR), Chairman Gensler submitted that the global benchmark for interest rates is still “not clean” and was often “completely made up.”

“We have a lot more work to do,” Gary Gensler, chairman of the Commodity Futures Trading Commission, told the BBC in London.

He suggested that the rate was often “completely made up”…

Libor, which is set in London, is meant to reflect the average rate that banks pay to lend to each other and is used to benchmark everything from car loans and mortgages to complex financial transactions around the world.

This means that the entire financial system is fraudulent. To repeat, if Libor is still ” not clean” then every loan based off of Libor – most loans everywhere – are based on “completely made up” rates.

So enjoy paying your car, home, or business loan. The interest rate will be X plus whatever number Wall Street conjures up that helps the bank’s trading book. And no, of course, they will not face serious prosecutions – that could cause the bank’s to go out of business and break Lanny Breuer’s heart. Then who would rig the interest rates? See, they are necessary.

This is truly disgusting. It is one thing to be a slave to Wall Street it is quite another to have them dangle the chains in your face.