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It's not just LIBOR that is fixed, "Rate Fixing Scandal: Japan Cracks Down on TIBOR Manipulation"

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posted on Jul, 20 2012 @ 08:24 PM
The rate fixing scandal is not limited to Europe. In December 2011 Citi Bank was manipulating the TIBOR the Asian equivalent of the LIBOR. Here is a link to the administrative action sent to the bank.

These banks were not just screwing with the LIBOR but the TIBOR and the EURIBOR.

LISBON - The EU investigation into a "shocking" interest-rate rigging scandal in the world's biggest money market in London also includes Japan, EU Competition Commissioner Joaquin Almunia said on Friday.

"The alleged rate-rigging is a major competition concern," Almunia told a conference on competition here .

"This is why we started investigating a number of banks last year for their possible concerted manipulation of (interest rate) benchmarks such as LIBOR, EURIBOR and TIBOR, the Tokyo rate, for several currencies," he said.

"The investigations have top priority because this sort of collusion can seriously harm competition worldwide and on our continent in particular," he added.

The Japanese Bankers Association said it’s considering looking at as many as 16 banks to confirm that they follow guidelines for submitting yen-denominated Tokyo interbank offered rates. In South Korea, the antitrust agency expanded an investigation today into whether local brokerages kept certificate of deposit rates artificially high.

Wait 16 banks? the same group of crooks working their magic on the other side of the world!

..... when are some of these corporate citizens going to disbanded?
edit on 20-7-2012 by fnpmitchreturns because: sp

The roaches are running for cover. The banks are now pulling out of the interest rate setting exchanges.... these are the ones caught and it seems that if they aren't on the panels it might not be so bad on them. Well, I speculate that is why they are jumping ship!

On Monday, Royal Bank of Scotland said it had removed itself from a panel in Singapore that sets interbank lending rates there, following an internal review.

RBS had exited similar panels in Tokyo and Hong Kong, and Barclays PLC plans to pull out of the rate-setting panel for interbank lending in the United Arab Emirates.

"It's a defensive move to be less involved in less significant indexes just to minimize any type of exposure while (the Libor investigation) is going on," said Dan Geller, executive vice president of Market Rates Insight, which provides banks with pricing data.

edit on 20-7-2012 by fnpmitchreturns because: add content

posted on Jul, 20 2012 @ 08:29 PM
This is so major, yet so obscure most don't know what it even means.

WE need to be angry at this, very angry.

WE all got screwed by these 16 LIbor banks.

posted on Jul, 20 2012 @ 08:57 PM
While it will be the media narrative that the ... guilt ... for lack of a better word, is distributed among these banks .....


This is monetary manipulation being implemented at a global scale. All with wealth measured in money that does not actually exist.

The sacrificial few will completely shield the board members who are behind the execution of the massive "wealth" transfer.

The real question is why?

Their only strength is secrecy... veiled in a need for "trust in the market."

edit on 20-7-2012 by Maxmars because: (no reason given)

posted on Jul, 20 2012 @ 09:12 PM
reply to post by Maxmars

its kinda every fear conspiracy people had, that a very small group controlled everything.

And as we know if you control the economies of nations you control those nations...

posted on Jul, 21 2012 @ 06:28 AM
reply to post by Maxmars

This scandal will reveal a worldwide manipulation of the markets. I also see this spreading into the commodities markets where phony paper is thought to be rampant. Shortly after the LIBOR scandal hit the news the FED changed its rules regarding gold and how the banks get to put it on their books. Soon, the banks will be able to shore up the appearance of fiscal stability since they will get to double the amount of money counted on the company's books...

"Currently in the U.S. and in many parts of the world, gold bullion is classified as a risk asset on which banks are allowed a 50% weighting. This means that for every $1.00 of gold bullion held, $0.50 worth is recognized as value on the books of the banks or central banks. The whole $1.00 is not recognized, because there is a risk, according to the classification, that gold bullion could lose its value rapidly.

Again, these are classifications created by central banks and have no bearing on the true value that the market will place on gold bullion.

Still, it is significant that the U.S. is proposing to reclassify gold bullion as a zero-risk asset, as early as January 1, 2013. This means that gold bullion will join the very short list of assets considered zero-risk by the Federal Reserve: U.S. Treasuries; the U.S. dollar; and assets and/or claims with the International Monetary Fund."

posted on Jul, 21 2012 @ 06:39 AM
Here is yet another story about the manipulation of the LIBOR from march 2012 where a trader says that a hedge fund requested the change in the LIBOR... ibor.html

posted on Jul, 23 2012 @ 07:05 PM
The batman tragedy is a great distraction from Iran; the unfolding LIBOR and other financial scandals are a mere footnote in the publics mind...

Don't get me wrong it is a sad tragedy but watch the news as important stories get forgotten.

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