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#228234 - 07/09/12 04:03 PM Re: Barclays' widening Libor-fixing scandal [Re: numan]
AustinRanter Offline
enthusiast

Registered: 10/29/06
Posts: 3643
Loc: Austin, Texas
Originally Posted By: numan
'
Libor Scandal Reflects a Cesspool of Financial Fraud
Unprecedented government sanctioned crime

Quote:
Libor is the acronym for London Interbank Offered Rate. It's a fundamental rate-setting benchmark. It's set daily between UK banks for overnight to 12 month durations. It's produced for ten currencies with 15 maturities. It represents the London market's lowest cost of unsecured funding. It's the primary global short-term rate benchmark. Since the 1980s, it expanded exponentially in importance. London's status grew as an international financial center. It's the world's largest. Over 20% of all international bank lending occurs there and more than 30% of all foreign exchange transactions. Over 240 of the world's largest banks operate key parts of their international business there. It's the world's "cowboy finance capital," says economist Jack Rasmus...
It affects the price and availability of capital. The higher Libor goes, the greater the borrowing cost for business, individuals, real estate and other loans. Libor anchors contracts for multi-trillions of dollars.


The only response by the public will be: Soooooooooooo?

I'm betting that there are just too many elected officials around the world that are gonna leave claw marks to prevent a REAL HARDCORE INVESTIGATION on a global scale. And we all know why. And I have to believe that those involved...will reach into high offices.

Originally Posted By: OpEd Stephen Lendman
On July 1, the London Telegraph headlined "Libor scandal: How I manipulated the bank borrowing rate," saying:

"An anonymous insider from one of Britain's biggest lenders -- aside from Barclays -- explains how he and his colleagues helped manipulate the UK's bank borrowing rate. Neither the insider nor the bank can be identified for legal reasons."
He gave presentations. He explained how Libor was rigged. It's easy, he said. No checks exist. Penalties for getting caught hardly matter.

"(E)veryone" knows what's going on and "everyone" does it. Fraud is part of the system.

A Final Comment

Ellen Brown describes a "Wall Street Protection Racket of Covert Derivatives....Prop(ing) Up US Debt," saying:

"Interest rate swaps are now over 80 percent of the massive derivatives market." Wall Street giants operate a "protection racket of a covert derivatives trade in interest rate swaps."
"The derivatives casino itself is just a last-ditch attempt to prop up a private pyramid scheme in fractional-reserve money creation, one that has progressed over several centuries through a series of "reserves"--from gold, to Fed-created "base money," to mortgage-backed securities, to sovereign debt ostensibly protected with derivatives."

Libor is a vital factor in the swaps market. The cost of money affects them all. Privately created money at whatever interest rate bankers set "is the granddaddy of all pyramid schemes."

Despite "a quadrillion dollar derivatives edifice propping it up," eventually it'll collapse. Money power in public hands could prevent it. It's "ready to replace the old system when it comes crashing down," says Brown.

Corrupt politicians won't return money control to public hands where it belongs ahead of time to avoid it.

They benefit handsomely by standing pat. Why mess up a good thing by becoming hone
st.


Stephen Lendman lives in Chicago and can be reached at Email address removed .

His new book is titled "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War"



I'm still working on the entire article, Numan. I've been scan reading it, and I want to spend the time to read it carefully. But from what I've read thus far...it pretty much covers the profoundness of this atrocity.

I guess the impact will have to be on the scale of the market crash in 1929 to get the masses' attention.

Thanks Numan...
_________________________
Turn on ANY brand of political machine - and it automatically goes to the "SPIN and LIE CYCLE" wink

Yours Truly - Gregg



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#228236 - 07/09/12 04:29 PM Re: Barclays' widening Libor-fixing scandal [Re: AustinRanter]
logtroll Offline
old hand

Registered: 04/25/10
Posts: 6307
Loc: New Mexico (not old Mexico)
Originally Posted By: AustinRanter
...The only response by the public will be: Soooooooooooo? ...

...I guess the impact will have to be on the scale of the market crash in 1929 to get the masses' attention...


Which begs the question, "What can the masses (a non-unified entity composed of millions of individuals) do about it, even if our attention is got?"
_________________________
"If you would make a person happy, add not to their possessions but take from their desires"
Unknown

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#228261 - 07/09/12 09:59 PM Re: Barclays' widening Libor-fixing scandal [Re: logtroll]
itstarted Offline
old hand

Registered: 01/27/03
Posts: 6354
Loc: Florida/Illinois
_________________________
In what concerns you much, do not think that you have companions: know that you are alone in the world. ~ Henry David Thoreau

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#228306 - 07/10/12 09:21 AM Re: Barclays' widening Libor-fixing scandal [Re: numan]
numan Offline
veteran

Registered: 08/06/08
Posts: 10853
Loc: What! Me Worry?
'


The Wall Street Scandal of all Scandals

Quote:
Suppose the bankers are manipulating the interest rate so they can place bets with the money you lend or repay them -- bets that will pay off big for them because they have inside information on what the market is really predicting, which they're not sharing with you.
That would be a mammoth violation of public trust. And it would amount to a rip-off of almost cosmic proportion....It would make the other abuses of trust we've witnessed look like child's play by comparison....
But Wall Street has almost surely been involved in the same practice, including the usual suspects -- JPMorgan Chase, Citigroup, and Bank of America -- because every major bank participates in setting the Libor rate, and Barclay's couldn't have rigged it without their witting involvement.
_________________________
The ultimate result of shielding men from the effects of folly is to fill the world with fools -- Herbert Spencer

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#228324 - 07/10/12 11:32 AM Re: Barclays' widening Libor-fixing scandal [Re: logtroll]
AustinRanter Offline
enthusiast

Registered: 10/29/06
Posts: 3643
Loc: Austin, Texas
Originally Posted By: logtroll
Originally Posted By: AustinRanter
...The only response by the public will be: Soooooooooooo? ...

...I guess the impact will have to be on the scale of the market crash in 1929 to get the masses' attention...


Which begs the question, "What can the masses (a non-unified entity composed of millions of individuals) do about it, even if our attention is got?"


Log, that's was pretty much my point a couple of post back.

Remember, for the most part, in 1929 the majority of people weren't all that savvy about the stock market or margins...etc. etc.

In the 1920s the standard of living improved for most Americans as indoor plumbing, central heating, and electricity became commonplace. A business boom resulted from increased productivity and scientific advances in the manufacturing world. Energy technologies such as increased use of oil and electricity, and government policy which favored the growth of big business by offering corporate tax cuts and not enforcing antitrust laws of the Progressive era.

The corporations and banks went crazy out of control. You know, pretty much like today.

How did the "masses" respond? It was very simple: A run on banks shut them down. That got the attention of government and the market and banking institutions.

As you know, on the business side. The stock market fail by a huge amount. Most all investments purchased were bought on margin and the substantial drop in prices...that forced a margin call. When everything is leveraged to the point that the underlying value of the stocks had been purchased by speculators for less than 20% of the book value...and they can't pay up. Big problem.

Leveraging is the biggest game ever right now. And it's done mostly by backdoor deals that are legal because of so much deregulation and not regulating where needed.

I'm babbling on about things most in RR know.

But I think when it gets bad enough the masses, in all their ignorance, won't have to do anything more drastic than say making a run on banks. And when they discover retirements don't exist anymore because of the crazy amount of leveraging. Well, that will create quite a ruckus (I assume).
_________________________
Turn on ANY brand of political machine - and it automatically goes to the "SPIN and LIE CYCLE" wink

Yours Truly - Gregg



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#228355 - 07/10/12 02:50 PM Re: Barclays' widening Libor-fixing scandal [Re: AustinRanter]
AustinRanter Offline
enthusiast

Registered: 10/29/06
Posts: 3643
Loc: Austin, Texas
Quote:
"FIXING LIBOR"

According to the calendar of then New York Fed President, Timothy Geithner, who is now U.S. Treasury Secretary, it even held a "Fixing LIBOR" meeting between 2:30-3:00 pm on April 28, 2008. At least eight senior Fed staffers were invited.

It is unclear precisely what was discussed at this meeting or who attended. Among those invited, along with Geithner, was William Dudley, who was then head of the Markets Group at the New York Fed and who succeeded Geithner as its president in January 2009. Also invited was James McAndrews, a Fed economist who published a report three months later that questioned whether Libor was manipulated. Libor Problems Has Been Know About for Awhile


The reality is...Libor issues have been known to many in high places for quite sometime. To expose this problem would more than likely open up sooooo many more unethical practices in the banking and market institutions. But more than that - there are probably many elected officials on a global scale who have some type of knowledge and/or involvement that's directed profited them in some manner - who sure as hell don't want to be exposed.

Tim Geithner and several more folks in the Obama Administration have been key players in various way, which are related to the deregulation of derivatives and the legalization of banks create securities and then sell derivatives on those securities - and having the power to collaborate with Market Institution - going back as far as the Gramm-Bliley-Leach Act of 1999 and the Commodities and Futures Modernization Act of 2000.

If Obama didn't understand these folks roles and involvement in the economic mess our country and others have experienced over the last decade or so...then he doesn't deserve to remain in office. IMO - it is virtually impossible for Obama not to have known every underlying reason that led to the crash in 2007/2008 and every single key player involved - before he ever walked into the oval office. And to make matters many times worse - he hired some of the key plays. Geithner is a major player.
_________________________
Turn on ANY brand of political machine - and it automatically goes to the "SPIN and LIE CYCLE" wink

Yours Truly - Gregg



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#228357 - 07/10/12 03:29 PM Re: Barclays' widening Libor-fixing scandal [Re: AustinRanter]
itstarted Offline
old hand

Registered: 01/27/03
Posts: 6354
Loc: Florida/Illinois
Bow
Goog job, Gregg...
As I was reading it, my AZ kicked in and I thought it looked like something I would have written...

I'd say you have it pegged... The only difference that I see, is the dollars in derivatives that would have to be unraveled or arbitrated. One of the websites (can't remember which) quoted a banker/broker net income figure of 300Billion dollars since 2008.

As deleveraging takes place, I think it's possible that instead of paying out at 20%, it could be even worse... and it's not only the US, but worldwide. The funds that will be hit, are not even expected today. The book values on pension funds, insurance funds, and all of the municipal funds may be overstated by as much as 75%. As of today, it's just paper. As the losses unfold, and settlement dates arrive, the real losses will gradually be realized... As settlement days go out for as many as 15 years, the pain will last for a very long time.

Have to see how the Dodd Frank laws play out.
_________________________
In what concerns you much, do not think that you have companions: know that you are alone in the world. ~ Henry David Thoreau

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#228465 - 07/11/12 10:15 AM Re: Barclays' widening Libor-fixing scandal [Re: itstarted]
AustinRanter Offline
enthusiast

Registered: 10/29/06
Posts: 3643
Loc: Austin, Texas
Geithner's long-time involvement regarding Libor issues is becoming more and more exposed.
The Fed's Libor Involvement

While Geithner will be the poster boy figure over Libor. You can take it to your bank (which clearly chances are if it's one of the top 5 to 8 banks - they're heavily involved) that this is gonna go straight to the White House.

Will anything be done to those who are involved OR STOOD BY QUIETLY and did nothing? My guess is that there will be an apathetic public who really doesn't give a rat's ass about this matter and will very quickly forget it was ever exposed.

Then as the consequences begin to rear their ugly head...they will be minimized by governments and shunned by the media because they won't see the immediate relevance of the long-term damages to the average person.

In the end:

The guilty...the corrupt will win out by government protection and public apathy.

_________________________
Turn on ANY brand of political machine - and it automatically goes to the "SPIN and LIE CYCLE" wink

Yours Truly - Gregg



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#228476 - 07/11/12 11:38 AM Re: Barclays' widening Libor-fixing scandal [Re: numan]
numan Offline
veteran

Registered: 08/06/08
Posts: 10853
Loc: What! Me Worry?
'
The Wall Street Scandal of all Scandals (cont.)

Quote:
There are really two different Libor scandals. One has to do with a period just before the financial crisis, around 2007, when Barclays and other banks submitted fake Libor rates lower than the banks' actual borrowing costs in order to disguise how much trouble they were in. This was bad enough. Had the world known then, action might have been taken earlier to diminish the impact of the near financial meltdown of 2008.

But the other scandal is even worse. It involves a more general practice, starting around 2005 and continuing until -- who knows? it might still be going on -- to rig the Libor in whatever way necessary to assure the banks' bets on derivatives would be profitable.
_________________________
The ultimate result of shielding men from the effects of folly is to fill the world with fools -- Herbert Spencer

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#228483 - 07/11/12 12:06 PM Re: Barclays' widening Libor-fixing scandal [Re: numan]
AustinRanter Offline
enthusiast

Registered: 10/29/06
Posts: 3643
Loc: Austin, Texas
This isn't anything like what people consider to be "Insider Trading". It goes way beyond that...as pointed out in the the following article posted by Numan.

The Wall Street Scandal of all Scandals

It's like going to Vegas...and the Casino tells you specifically which bet is safe to make and those that are not safe to make. That would be awesome information to have. Every blackjack dealer would have to be able to deal you just the right cards. The Roulette table would stop for you on just the right number...and just to not raise too much suspicion, you'll occasionally lose a bet just at key moments when the gambling commission and IRS was watching.

While this analogy seems to be almost like a paranoid fantasy, the evidence that keeps coming forth will hopefully affirm the reality of it all.

We know what happened leading to the 1929 crash. Look at the technology in the banking and market institutions of the time period...and then compare it to the technology that exist today. There are a privilege few around the world who are becoming more and more powerful by the second...and will, if not stopped, welp, I can't even begin to predict the consequences. I'm not 1/10th of the necessary level smart to do so. But in IMHO, it will change the world in ways we can't imagine.
_________________________
Turn on ANY brand of political machine - and it automatically goes to the "SPIN and LIE CYCLE" wink

Yours Truly - Gregg



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