LIBOR rates are what EVERY loan rate is set by, mortgages, business loans, credit card rates. Sixteen banks set the rate every day through a series
of phone calls. These rate agreements were treated as an inside cartel and the bankers used them to make TRILLIONS of dollars.
Every major bank is involved. Not just Barclays, every bank. The communist/socialist financial rag, the Financial Times, (joke) called last week for
the immediate firing of every banker in an executive position. There is no semblance of ethics at all in the system.
The British press and the British political system is all over this, but you will hear almost nothing from the US MSM. It's too big, it will be
cause tsunamis of law suits, and it is the beginning of the end for the banking cartel.
Here's a great video which explains it all for you:
Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate-rigging
scandal engulfing the banking industry with "Viewpoint" host Eliot Spitzer.
When a scandal(crime) this BIG is allowed to get out, whatever is on it's heels we can't see yet, is going to be that much bigger. Don't focus on the
smokescreen, focus on what the smoke is trying to hide in the background.
"Something wicked this way comes."
edit on 7/5/2012 by Klassified because: Clarity, and Woodwardjnr is right.
I agree with everything you have just said, but the sad reality is that none of these will get arrested.
Bob Diamond has to face an inquirey by MP's (oh god the fear he must have!) and that is all at the moment. Labour was calling for an enquiry to be
done by judges, but Cameron decided it would be done by MP's because it was swift and quick (aka, just get the info on the top and leave the rest
unpublished). The best we can hope for is something like the Leverson enquiry, but then again the Murdoch's are still out with no charges held
My tip to everyone out there??
Leave your current job, get a new one in a bank, steal as much money as possible until you get caught, appologise and resign from your job. By the
looks of things, that should be enough for you to not need a prison sentence, because leaving your job and saying sorry is enough to make sure you've
learned your lesson.
Fantastic Video. Thanks for posting. Please forward to your friends and spread the news.
It's very clear that contrary to the republican platform that govt. needs to get out of private business, govt. should be regulating these
businesses. Sorry but time after time these banks and big businesses will screw everyone around them just to make a dollar. With the lack of keeping
these businesses in check, there is no accountability and that is why you are seeing a rampant display of corruption in all aspects of business.
These clowns should be serving 10+ years behind bars for this. Enough is enough.
This is huge. Apparently, Bob Diamond sent out an email before he was forced in to answer questions that claims he was told to manipulate rates
basically directly from members of the British government. If thats true it has the potential to get really ugly.
not available out side US, will some one who can watch it please give those who want to watch it and can't, a basic synopsis please.
Basically they are saying that Barclays admiting that they fudged the LIBOR numbers is the biggest financial scandal in the history of the world.
They explain that LIBOR is the rate that banks lend to each other, and that the top 16 banks all contact each other every morning to give there
They then explain that this is basically the bedrock for the whole financial system, and that trillions of dollars would have been affected, basically
all financial institutions. They also explain how it would have taken much more than one of these banks to do this, and more than likely all 16 of
these banks were involved.
They go onto to say the problem is the whole financial system is rotten to the core and that the to big to fail banks have been corrupt since the
Also they mention how the opposition in Britain is actually trying to hold peoples feet to the fire over this, but there is no difference in the
partys in the good ole US, so no ones really paying attention in the US.
Thats the jist of it. Matt Taibbi in the video writes for the Rollingstone and is awesome. Heres a link to his blog where you can read up on whats
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