Big banks at center of interest rate probe

Big banks at center of interest rate probe

money.cnn.com

It affects everything from mortgages to credit cards to student loans, and now some of the world's biggest banks are at the center of a criminal investigation into whether they manipulated it for their own benefit.

The London Interbank Offered Rate, or Libor, is a measure of the cost of borrowing between banks that serves as a benchmark for over $350 trillion worth of financial products worldwide.

Higher Libor rates translate into higher borrowing costs for businesses and consumers, while lower rates could make lenders reluctant to lend since they can't charge as much in interest. In

(visit the link for the full news article)


Related News Links:
www.abovetopsecret.com

It appears the banking elite have been manipulating the LIBOR for years milking the proverbial cash cow. The banks would inter-trade so they could profit off the coming rate changes that the LIBOR set.

This allow banks to manipulate their books to appear solvent or look better on paper ... actually this sounds like the Enron asset/debt diversion scam except these banks are working in collusion and not in isolation as Enron did giving the banks a largrer pond to dabble in.

What do you think of the future of banking and will the PIGS in Europe take down the world first or Iran?

money.cnn.com
(visit the link for the full news article)

reply to post by fnpmitchreturns



I think the whole system is going to collapse and I hope a lot are going to end up on trial. I also hope to see some executed eventually

Read the book in my signature, there are a lot of people need to be removed from this world in order to make it a better place. What we are seeing now is the culmination of 50 years work. We need to seize back control.

Originally posted by fnpmitchreturns


It appears the banking elite have been manipulating the LIBOR for years milking the proverbial cash cow. The banks would inter-trade so they could profit off the coming rate changes that the LIBOR set.

This allow banks to manipulate their books to appear solvent or look better on paper ... actually this sounds like the Enron asset/debt diversion scam except these banks are working in collusion and not in isolation as Enron did giving the banks a largrer pond to dabble in.

What do you think of the future of banking and will the PIGS in Europe take down the world first or Iran?

money.cnn.com
(visit the link for the full news article)

Speaking of the pigs in Europe, I just came across these videos of Christopher Story talking about how the Federal Reserve is part of the EU crime syndicate manipulated by Germany. Christopher Story is now dead.

You might have just solved the reason for all the resignations in these threads: Massive Wave Of Resignation (Part V): The New Bandwagon!

From your link:

UBS also recently revealed in public documents that it was providing information to U.S. and Swiss officials investigating possible Libor manipulation in exchange for leniency and conditional immunity, depending on the jurisdiction.

CNN

Sounds like a lot of heads are going to roll. The banks have been in collusion to keep the money out of the average persons hands.

i think those with the money and banks are doing their best to start some wars for the purpose of diversion and of course to make mo money.

Note that as this topic unfolds throughout the media outlets of the world, we will be continually reminded that "what the banks did was not illegal" and/or "the banks didn't do anything technically wrong"

As the inquiries develop the slowly emerging reality will become clear...; the so-called "crisis" of the global economy was not actually a "crisis of economy" but a "crisis of banking."

Expect settlements with "no admission of guilt" if some aggressive prosecutor tried to bring come old charges up that legislators haven't had the chance to gut. The divisions of "independent" auditors who - in a perfect world - would have been sounding the alarm bell a decade ago will either turn out to be gone or bankrupted during the purge of 2008.

And those who subscribe to the school of thought proposing that people like Buffet and Gates are the richest people in the world will likely not realize that in a world where banking cartels float hundreds of trillions of dollars in "bets" the real money hoarders and family companies are rich on the o0rder of trillions ... not paltry billions.

Insofar as the OP's comment about the troubled states in the EU... I wish you would not sink down to the MSM's trite and manipulative strategy of using the acronym "P.I.G.S." because the purpose behind it was clear; and it had nothing to do with economies... it has to do with creating a negative stigma and a meme of repugnance.

Mullins reported that the top eight stockholders of the New York Fed were, in order from largest to smallest as of 1983, Citibank, Chase Manhatten, Morgan Guaranty Trust, Chemical Bank, Manufacturers Hanover Trust, Bankers Trust Company, National Bank of North America, and the Bank of New York (Mullins, p. 179). Together, these banks owned about 63 percent of the New York Fed's outstanding stock. Mullins then showed that many of these banks are owned by about a dozen European banking organizations, mostly British, and most notably the Rothschild banking dynasty. Through their American agents they are able to select the board of directors for the New York Fed and to direct U.S. monetary policy. Mullins explained,

www.usagold.com...

Originally posted by Maxmars
Note that as this topic unfolds throughout the media outlets of the world, we will be continually reminded that "what the banks did was not illegal" and/or "the banks didn't do anything technically wrong"

While I agree with most of your statements, this one appears to be incorrect according to the article:

There's no telling how long all the various probes will take to resolve, but if the allegations are proven, liabilities could be in the billions, said Jonathan Macey, a professor at Yale Law School. There's also the possibility of criminal charges should conspiracy among traders be established, as well as the potential for more lawsuits from private plaintiffs.

"It's a very serious issue when you're talking about banks manipulating these rates across the globe," Subramanian said. "I think the liability for the banks is going to be staggering.

cnn

Originally posted by LittleBlackEagle
i think those with the money and banks are doing their best to start some wars for the purpose of diversion and of course to make mo money.

Please read the book/watch the video in my signature, it explains everything. Disaster capitalism it is called, Milton Friedmans free market revolution..... nasty stuff

The book is called The Shock Doctrine.

reply to post by pianopraze


While I would much prefer to be wrong, every bank (generally speaking) operates under the regional Central bank which - in effect - is set to not only develop and implement monetary policy, but by doing so intentionally manipulating interest rates. Thompson is just a reporting agency they happen to collectively own.

What we will find is that the finger of blame will point to an empty chair.... Just like it did with the inflation of the housing market... no one will suffer any significant consequences for maximizing profit for the so-called 'stake-holders'... no one ever does.

reply to post by Maxmars


you're absolutely right, there are no laws in place to keep such things from taking place. i guess they can make it so that those responsible never work in any finance field again and put some real laws in place to not let this happen again, Glass Steagall comes to mind.

Related today:

Barclays fined for attempts to manipulate key bank rates

Barclays bank will pay penalties of £290m ($450m) for trying to rig the key interest rates at which banks lend money to each other.

The penalty from UK and US authorities followed "serious and widespread" misconduct, the Financial Services Authority said.

These interbank rates influence the costs of loans and mortgages.

Barclays chief executive Bob Diamond and three other executives have given up this year's bonus as a result.

The bank admitted the actions of its staff, which lasted from 2005 to 2009, "fell well short of standards".

Barclays fined £59.5 million for significant failings in relation to LIBOR and EURIBOR

The Financial Services Authority (FSA) has today fined Barclays Bank Plc (Barclays) £59.5 million for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). This is the largest fine ever imposed by the FSA.

Barclays’ breaches of the FSA’s requirements encompassed a number of issues, involved a significant number of employees and occurred over a number of years. Barclays’ misconduct included:

making submissions which formed part of the LIBOR and EURIBOR setting process that took into account requests from Barclays’ interest rate derivatives traders. These traders were motivated by profit and sought to benefit Barclays’ trading positions;
seeking to influence the EURIBOR submissions of other banks contributing to the rate setting process; and
reducing its LIBOR submissions during the financial crisis as a result of senior management’s concerns over negative media comment.