Tim Geithner, Fed Knew of Lloyd's LIBOR Scam. Implicates the 16 LIBOR Banks, BofA, CITI

It has to be run by someone who is representative of the people, who elected those in the FED? You talk about why should we all be worried about manipulation of the LIBOR rate.....why should we be worried about low rates? Low rates promote poor financial decisions, low rates allow those banks to make crappy derivative bets then cover them up.

Technically, Congress does have oversight of the Fed, and could repeal the Federal Reserve Act at any time.

Again, if I have my choice between world-renowned Harvard economist Ben Bernanke running our monetary policy, versus Nancy Pelosi and Harry Reid running our monetary policy, I will choose Bernanke every day of the week.

The people elect the President, and the President chooses the Fed Chairman. This is no different than the President nominating Supreme Court Justices.

In the current climate, low rates make sense. We are, after all, in a deep global recession. Jacking up rates -- whether Prime or LIBOR -- would be disastrous to the global economy.

Yes, they have done so well, haven't they.

Better than the politicians. You can blame them squarely for the state of the economy right now. They've made a disaster of our current economic situation with their reckless spending.

reply to post by jdub297

How long have you known that the 16 LIBOR-setting banks were fixing the rate?

How did you find out?

Holy s**t you can't be serious right? Really, how often do you read, or learn about things that isn't on the MSM?

Fixing rates is a banks business...This isn't rocket science.

Originally posted by KonquestAbySS
reply to post by jdub297

 

Holy s**t you can't be serious right? Really, how often do you read, or learn about things that isn't on the MSM?

Fixing rates is a banks business...This isn't rocket science.

Funny how informed you think you are yet how deep in the dark you reveal yoursaelf to be.
Some replies have missed the point entirely, or just cannot understand the implications of bogus LIBOR rates.

Funny you refer to the MSM, because they have largely looked the other way.

This is not ancient history. Congress has set hearings this week specifically on this and heads and careers are on the chopping blocks. One has already rolled. Since the DoJ is only now joining the investigation, maybe you don't get the picture, or do not understand the implications.

The banks use the LIBOR as a sort of proxy credit rating for trade among themseves, and the trading of their derivatives and other "investment" products. They kept the rate artificially lower than it should've been to cover their insolvency.

It is not rocket science. It does take a basic understanding of international finance and markets, though.

Time will reveal who's been in the dark.

Ok, so you got screwed out of lots of money, that sort of was the plan all along.
No surprise it's a huge scandal. But moving beyond that, we have a huge problem, it is with the bankster's U.N. puppet-masters and Agenda 21. We are screwed here in Victoria BC, the consolidation plan of the elites is working rather well, people are definitely drinking the koolaid.





This is entirely why the elites are ripping you off. Look at those obvious illuminati signals, the pyramid, the eye. Who are these people trying to kid? Start fighting back on the local level or lose your freedom and become slaves. There is more than just "money" up for stakes in this game.