Libor was a criminal conspiracy from the start
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Barclays poster, Britain So far, everybody who's said anything about the Libor rigging affair appears to have been lying. And if Nouriel Roubini c
[See the full post at: Libor was a criminal conspiracy from the start]And this one from Bloomberg, November 23rd, 2011
London Banks Seen Rigging Rates Losing Credibility With Markets
I say, we let out all those in jail for petty marijuana offenses, and then there will be plenty of room for real criminals. More than enough. And if that doesn’t happen, if there is no law, if there is no means to make these people accountable, then people have no choice but to seek justice in the way they see fit, or there will be none, and this will continue, again, and again and again.
Of course, if there’s a global liquidity freeze, like it looks like there will be, I’m pretty sure I wouldn’t want to be a banker. Because justice then isn’t going to look like a cage.
The bit about Gordon Brown is especially interesting. I wish some rich individual or institution that can put a number on its losses would start a civil case against him. He is certainly in a position to point at others, and he has a predilection for blaming others – even if his lawyers tell him to keep quiet..
What disturbs me about this article is not only the fact that it is true, but that this rigging business has become everyday acceptable business. Whether it is the stock market, interest rates, bond markets, government statistics, gold etc.
It is done under the guise of protecting us from harm, but we certainly know who is really reaping the benefit.
Just one facet of this that I find particularly onerous is the zero interest rate policy which hurts all the thrifty and rewards the debtor and banksters as usual. We are all Communists now, the free market knows nothing and has to be interfered with at every juncture.Max K has railed for years about “Brown’s Bottom”
The infamous sale of Britain’s gold where Brown announced in advance the amount and the time of the auction, thus insuring a minimum bid for the bulk of England’s public gold reserves.
His head should have been impaled on a pike at the Tower, instead he went on to higher office.
Go figure
People ignore fraud so long as it’s keeping a ponzi expansion going, because that floats enough boats to keep people from questioning its foundations. So long as there’s something in it for them , even if its a very minor share, they don’t ask where it comes from. When the pie is shrinking, however, it becomes a very different story. People start looking for, and finding, fraud all over the place, because that’s what ponzi schemes are built upon. The herd is about to get very angry, and that is very dangerous for conspicuous beneficiaries of the fraudulent system, whether or not they were actively involved in fraud themselves.
Of course getting caught up in revenge-seeking is pointless. It won’t punish anyone who truly deserves it, nor will it bring back the good times. It’s more likely to result in taking out the anger on a few hapless minions while consuming people’s limited energy and resources and handing a political mandate to some ghastly extremists. Far better to turn one’s back on the whole unedifying spectacle and focus on the things that really matter, like building self-sufficiency and resilience.
@Stoneleigh – this sounds like my sister. In her previous career, she was a banker for a major bank in Boston and worked with banks in Europe on the implementation of the Euro project. She sees everything from a business perspective. Obviously to her, there is no intentional fraud.
She is the person who has the most difficulty seeing the ever increasing Ponzi. She, and her husband, have made gazillions of money, have all kinds of financial investments, and a professional financial planner because they have too many other priorities and personal interests.
With the recent LIBOR and PFGBest scandals, I tried again to explain about the dire economic situation and that the markets are due for a big decline. Well, she tells me…she’s not getting out of the markets because she will miss the gains when the markets go back up.
I think she will only wake up when this huge Ponzi implodes.
I’ve been thinking about this the last couple of days. About 10 years ago I was responsible for the treasury and debt accounting for a large corporation and we had 10’s to 100’s of millions of $ of debt and parts of it were tied to LIBOR rates. Not that anyone here should worry the slightest about this corp, but the point is if money was being skimmed there, most likely it is being skimmed everywhere and those $ are being pulled out of the economy to do what? Enrich Bansters who are doing what with said $?
Along those lines, the latest post from London Banker:
https://londonbanker.blogspot.com/
“ Global banks have built the casinos and tilted the odds in the house’s favour by rigging the data that determines the outcomes of most of the bets on the table. Every one of us that sits at the table long enough – whether saver, investor, borrower, taxpayer or pensioner – will be a loser. It is not a flaw; it is feature.”
Part of the public’s cultivated, collective psychosis is the Big Lie they bought into that financial crimes are essentially ‘victimless’ crimes compared to being mugged at gunpoint or knocking over a convenience store.
Well, they’re not.
Wells Fargo to forclose on elderly Stage 4 breast cancer patient
“…Cindi Davis and her husband say that if they are evicted they may have to move in to their pickup truck.
Can you imagine living your last days in a truck as you try desperately to battle stage 4 breast cancer?”
“They want us to make a house payment of almost $900 a month,” Cindi told the station of their lender, Wells Fargo bank. “We can afford maybe half that. I pay $1,100 a month in prescription medications.”
The couple says they have tried to work with Wells Fargo, even sending notes from Cindi’s doctors explaining her condition, but haven’t been able to come to a workable solution.
“They’re just going to put us out and it’s like, we are willing to pay what we can pay, but it’s not enough,” Cindi said.
Her cancer is in her lungs, lymph nodes and on her liver and she’s gone through a double mastectomy and multiple chemotherapy treatments, but Cindi has handled her disease like a fighter.”
Also”
Elderly losing homes over $400 in back taxes
https://www.nydailynews.com/news/national/elderly-losing-homes-400-back-taxes-article-1.1111362
Does anyone want to discuss the “herd”, “who is the lead cow”
Its a small world.
I guess that if you are not following the lead cow then you are the prey.This fixing has been going on for a long time.
Has one of the “sharks” turned rogue and become a whistleblower?The question is weather or not enough people can be manipulated enough to ignore this big steaming turd in the punch-bowl…who in the press has the balls [or overlies]to ask each presidential candidate what should the US regulators how far will they take this scandalous bit of news that most of the bankers….”the masters of the universe”are old fashioned crooks..
Nah…they will make sure of the getaway of the worst of the lot…
Bee good,or
Bee carefulsnuffy
To me, this is not unlike the US Fed’s rigging of the markets with ZIRP. The purpose of the Fed’s manipulation is the same as the LIBOR fraud–to drive profits of the global banksters. None of this should be a surprise to anyone. Once they have gathered up as many real assets as they can, I expect them to collapse the system which will bring destitution to billions of people who remain tied into it.
Politically, this won’t be touched by either presidential candidate. As usual, the debate fare will be about verbal gaffes and a bunch of other stuff that really doesn’t matter. Look at how little press coverage this has gotten here in the US.
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