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Originally posted by idealord
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:
At this moment Fox Business just reported this story. Great work Idealord for providing the Youtube education!
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.
Originally posted by woodwardjnr
Originally posted by Cassius666
What if rates were fixed to be lower? Then you benefitted if you took out a credit.
What if they went higher and you lost your home or business. No compensation I imagine.
Originally posted by SeekingAlpha
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.
Every Human on the Planet has been Ripped Off!
Originally posted by HunkaHunka
reply to post by idealord
Why is the LIBOR based on a PHONE CALL???? Shouldn't this be based on actual data?
Even at the aggregate level, there is evidence that large, internationally active banks behaved differently during the turmoil than smaller banks whose operations are more focused on the domestic market. In several currencies, the gap between the rates quoted by international banks and domestic money market rates widened noticeably
Finally, in the cross section, we do not find systematic evidence that banks with higher perceived credit risk quoted higher Libor rates than their peers on a given day.
Originally posted by Benchkey
You say Guillotines are too harsh? Well this cabal has ruined the economy of the world, and in each of their countries they have committed TREASON. What else do you do with people who have damaged their country is such a profound way?