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Tim Geithner Admits Banks Bailed Out With Rigged Libor, Costing Taxpayers Huge Amount

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posted on Aug, 11 2012 @ 10:36 PM
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Tim Geithner Admits Banks Bailed Out With Rigged Libor, Costing Taxpayers Huge Amount


www.huffingtonpost.com

Timothy Geithner claimed on Wednesday that the government had no choice during the financial crisis but to lend to banks and AIG using an interest rate, Libor, that everybody knew was flawed.

Call it a back-door bailout: By using an artificially low Libor, the government saved the banks and AIG millions, maybe billions -- and cost the taxpayers the same amount.

The use of Libor in the bailouts also rubber-stamped that hopelessly manipulated interest rate as a market measure, raising still more questions about just how worried Geithner and other regulators really were about it.
(visit the link for the full news article)





Related News Links:
blog.alexanderhigg ins.com
www.ritholtz.com

edit on 11-8-2012 by fnpmitchreturns because: bad link




posted on Aug, 11 2012 @ 10:36 PM
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Many people haven't paid attention to the LIBOR scandal and many touted that the lower rates helped people. Well, here is one thing many never thought of.

Those artificial bond rates are the ones the banks used to set the interest rate on their bailouts! This is not just for the bailouts that are above the board and on the table but it also includes those short term loans and other financial instruments the FED used at a tune of more then $16 trillion dollars! This a back door ripoff not bailout!

www.huffingtonpost.com
(visit the link for the full news article)



posted on Aug, 11 2012 @ 11:38 PM
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reply to post by fnpmitchreturns
 


Flag and 2 stars op, I have been keeping tabs on this for awhile also. I just wander, if they are admitting to this, what are they still hiding?

In comparison, most people when they have commited many heinous acts, will when forced admit to the least of their actions openly. If this is the least of their misdeeds.......

Please let this be one of the few times that sombody is taking the high road and coming clean. If it is only the begining of the release of they misconduct then we are for all intents and purposes screwed, I mean big time, great depression looks like a missed day of work in comparison screwed.

Just imagine the result when every single American loses confidence in the ability of the dollar to buy products. People will start to barter work for goods and goods for goods. At that point, the inflation from all the debt plus all the paper printed by the FED behind our backs will hit the market at one time. The term used is HYPERINFLATION.

If this happens, we will be in the position of a wheel barrow of hundred dollar bills not buying a loaf of bread. It will seriously for all intents and purposes end this nation. We will havve a every man for himself scenario, once everyone realises the full extent of the problem.

I hope I am wrong, and I hope timmy the tax cheat is coming clean about the worst, but I think this is likely to be the least unfortunately.



posted on Aug, 12 2012 @ 12:19 AM
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Agreed.
I also point out that the private investment co. would like to get their hands on the giant pensions of the (govenrment) workers. The way to do this was to say the system doesn't work. They made the system not work. They continue to blame all the problems on the workers (and their pension) all the time hoping they can get a piece of it.



posted on Aug, 12 2012 @ 07:35 AM
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Oh now hes admitting it? How much of an arm twisting had to happen to make him say this?
Ohhh...I know...cause you cant hide the truth.

If I remember correctly(and I might be wrong) but fixing Libor rates was a betting scam committed by bankers from different institutes to fix interest rates, and by doing so;picked the lowest of rates so they could get higher returns on loans passed to the public.

Fraud. Plain and Simple.

Wonder why nobody has anything to say about this? maybe they dont understand it or refuse to try to understand it.



posted on Aug, 12 2012 @ 07:54 AM
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How did the Government save anything? How is this the taxpayers burden? Shouldn't fiat money = fiat debt?!
If the "moneychangers" wanted to correct this anomaly, then they would.


I think it's time for us to correct their anomaly...



posted on Aug, 12 2012 @ 11:44 AM
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Okay, so Turbo Tax Geithner KNEW this was a bad deal and knew the system was rigged and set up? Oh I see....and he shared this with..who?

I'm really missing where they "had no choice" but to bail out their buddies and knowingly ...as they were doing it... stick us with the tab and the body blow of however bad it would be.

Ummm.... Fired is a nice way of putting what I think out to happen to little Timmy the Tax Cheat. Now he's done what so many feared when he was being confirmed. He knowingly and deliberately cheated US... Oh, and we're over a Trillion and a half in deficit every single year and projected that way for years to come....on top of 16 trillion sitting there.

WHERE did Timmy figure the taxpayers were getting the money to save his previous bankers and AIG?! Thanks... He's just added another nail to our collective coffin. At the very least he needs thrown into the street and replaced with a Treasury guy who isn't a known tax cheat! It never stops!
edit on 12-8-2012 by Wrabbit2000 because: (no reason given)



posted on Aug, 12 2012 @ 03:03 PM
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reply to post by wwiilliiaamm
 


Public employee pension funds are among the largest clients of the investment management industry. Who do you think runs their money? The people who run their money are the same people they demonize on a daily basis.

SEIU, every state's teacher's unions, Teamsters, AFLCIO all use external investment managers.

The largest public employee union in the country, CALPERS payed $1.115BN last year alone in external fees to over 100 of the largest and most niche investment managers in the world, some of that money run in the US, some run overseas. Of the costs to run the fund, external fees made up 90% of the fund's costs

www.calpers.ca.gov...

Oh, the vulture capital firms - those destroyers of the economy, the ones that have destroyed the economy and hurt the middle class? Public funds are not only heavily invested in private equity, but also hedge funds, derivatives and every other form of alternative investments

"Large public pension plans are pouring more money into private-equity funds, deepening ties between government workers and an industry currently under the harsh glare of U.S. presidential politics.

Big public-employee pensions had about $220 billion invested in private equity in September, or 11% of their assets, according to Wilshire Trust Universe Comparison Service, which tracks the holdings of pensions, foundations and endowments.

That is up about $50 billion from a year earlier, when such investments accounted for 8.6% of large pension funds' assets. A decade ago, pensions with at least $1 billion under management had just 3% of their money .."

online.wsj.com...

How's that for hyprocracy? If investment management gents are getting paid too much, then, were the unions honest and had integrity, they would fire them and run the fund themselves. Further, if they were being paid fees they deemed too large, they are violating their fiduciary obligation to the pensioners.

Who do you think runs these funds, some government employees? Get real. The people who run these funds are the gents in the Ferrari's, with their house in the Hamptons, the other in Aspen - the very people the union bosses rail against.

Every one of these pension boards have rank and file union representation on them - not just executives. Why do they hire these outside firms? Because they are better at delivering returns, thats why.

How about having the unions put their money literally where their mouths are and fire these Wall Street firrms, bring the money in-house and run it themselves. The reasons they won't do that is 1 - because they can't and 2 -because their rank and file would sue them, not being willing to accept a 2-3% maximum return they would receive from running it in-house.

Who can the Calpers rank and file thank when they have a comfortable retirement? The gents with the Ferraris, homes in Aspen and the Hamptons who are making several $M/year, thats who.

BTW, that champion of the working man, Richard Trumka, head of the AFL-CIO who rails against income inequality makes @$300K/year - 8 times the income of the average worker he represents:

"As President of the union, Trumka makes over eight times as much as the average American worker.

According to the Center for Union Facts, Trumka brought home a gross salary of $264,827 in 2010, plus another $18,513 in additional compensation, to represent his union. The union leader has earned well over $200,000 every year since he was promoted to Secretary Treasurer in 2003.

In 2011, Trumka earned $293,750.

According to the recent email from Trumka’s desk, the average American worker makes about $34,000 a year."

republicanredefined.com...

Get real about unions and by the way, the fact that the Trumpka quote is from a conservative site, his pay is, by law listed on the AFL-CIO annual financial statement and is by law public information



posted on Aug, 12 2012 @ 03:05 PM
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This is a world wide ripoff. Every single loan from any main stream bank anywhere in the world has been tainted with this crime.

Who is investigating this mega crime ? Who will face a looong goal term for this massive and blatant theft.

How will they pay back the borrowers their ill gottten gains ?

None of these things will happen. Some expendable nobody will be pushed into the spotlight to issue an apology, and afterwards will quitely retire with a multi million dollar payout. And the band plays on.

And all of these things will only reinforce in the minds of these mega criminals that they are protected by the establishment and are free to continue their criminal activity, untouched.



posted on Aug, 12 2012 @ 07:56 PM
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Using LIBOR rates for corporate loans is standard practice. Nothing new here. Most large corporations borrow at Interest Only using the LIBOR rates. I don't find this unusual or suspect at all.



posted on Aug, 12 2012 @ 08:25 PM
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Yet every MORON on the planet will continue to pay taxes to these thieving SCUM who will NEVER get prosecuted.

Stop paying the TERRORISTS and supporting their agenda.



posted on Aug, 12 2012 @ 08:44 PM
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Amerika: Land of the enslaved, Home of the scammed.



posted on Aug, 12 2012 @ 10:00 PM
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Of course I will share this on FB, but it won't get any likes or comments.

People don't freaking care. They don't. I have a very very hard accepting this, but they don't. And, the few of us that do care don't really number enough to effect change. We can't sway the votes one way or another.

They have the majority of people. That's all they need.

This country is toast. People are freaking stupid and delusional. I can't believe this is happening. It's so blatant and obvious. I mean, you have the man admitting this, just like Bernakie (sp?) admitted that the US central bank caused the great depression.

What more could people ask for, for proof? They are admitting it, and people turn the other way. It's maddening...truly maddening.



posted on Aug, 12 2012 @ 10:06 PM
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Its not Geithner that needs to be in prison- Its his employers

Like every millionaire (200+) billionaire, and trillionaire on the planet.



posted on Aug, 12 2012 @ 11:15 PM
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reply to post by dolphinfan
 


I like the informaiton in your post but I think you have me a little off. I agree that many top dogs in the union are in on it. No question about it.

I also think that since they have a portion of the cash, they see much more cash that they want. The return on the pensions were low because of the economy, but also becasue the fix was in to lower the return. the books were cooked to givethe impression to the public that more money should go directly to wall street.

They have some, they want it all.



posted on Aug, 13 2012 @ 06:13 AM
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"La La La La La"...

....walks by and steps on your shoe....

"sorry, oh and btw the way, did you hear about how we are all being scammed?...."Oh nevermind"..



posted on Aug, 13 2012 @ 06:41 AM
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Originally posted by CookieMonster09
Using LIBOR rates for corporate loans is standard practice. Nothing new here. Most large corporations borrow at Interest Only using the LIBOR rates. I don't find this unusual or suspect at all.


No one will pay any attention to the truth

Everyone knows everything



posted on Aug, 13 2012 @ 10:08 AM
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Back-door bailout? More like back-door robbery. Let's see a show of hands; how many of you believe this was all planned well in advance?

First: Destroy Glass-Steagall
Second: Burst the so-called Tech Bubble.
Third: Federal Reserve chairman Greenspan drops interest rates to nearly zero.
Fourth: Push hard on the public the idea of "everyone can own a home"
Fifth: Banks and other institutions giving loans out to anyone who came through the doors with a heartbeat (I wouldn't be surprised if they loaned to deceased peoples)
Sixth: Create convoluted "investment" instruments based on the huge influx of new mortgages.
Seventh: Buy, sell and trade said convoluted instruments to "create a market" for them and make them attractive to SUCKERS.
Eighth: Blow up all of the adjustable rate mortgages aka mortgages for SUCKERS and destroy the consumer's ability to pay, therefore creating the "mortgage crisis".
Ninth: Have the banks act destitute and in need of "help" and threaten the public with imminent cataclysm if the banks are not bailed out.
Tenth: Pillage the treasury and hand it out to all of the big banks to the tune of 800 billion dollars.

But, before all that, make sure you know how to manipulate the LIBOR rate in order for this ten step plan to really succeed.

HUNT THEM DOWN!



posted on Aug, 13 2012 @ 10:19 AM
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Originally posted by Corruptedstructure
How did the Government save anything? How is this the taxpayers burden? Shouldn't fiat money = fiat debt?!
If the "moneychangers" wanted to correct this anomaly, then they would.


I think it's time for us to correct their anomaly...


Your right if they wanted to fix this they could by why fix a rigged system when it set up to pay you?
People will not take actions cause of fear! They are afraid of recieving retribution from the government that
seems to have no ethics! A government that IMO is capable of anything! I don't believe we will see any real actions from people until there is nothing left for the majority to lose!



posted on Aug, 13 2012 @ 10:32 AM
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Originally posted by CookieMonster09
Using LIBOR rates for corporate loans is standard practice. Nothing new here. Most large corporations borrow at Interest Only using the LIBOR rates. I don't find this unusual or suspect at all.


Yes you are quite right> it's standard practice! It's also standard practice to keep the rates low when it suits them and high when it suits them but does that make it right or legal? NO. "that makes it anohter SCAM"! Just like the rest of the finacial players, robbing the little guy to control him! To make him slave harder for less! Most people are really pathetic and i hate to think this way but the actions of the average person have forced me to become codesending and I hate that! I just want people to wake the hell up but they are willfully ignorant to the point of being pathetic! "Please try not to be so stupid people!"
PS sry for the rant.....




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