this is what low levels of regulations gets you

[Truthmatters]

Money corrupts morals NOT grows them.

Money may expose morals, but it doesn't corrupt them.

money has not one single use in this world expect to people.

Money corrupts some people.

deregulation helps those corrupt people get more money

 

[Rat in the Hat]

when you deregulate you end regualtions.

Every time the right talks us into deregulating something here we get a huge scandal and the people get screwed for their efforts to help industry when they cry about regulations.

So find a British message board and whine to them about the London Interbank Offered Rate scandal and their lack of regulations.


Easy Peasy.

 

[Truthmatters]

Your ideas that top business people are all moral giants and will act accordingly to your beliefs is ALWAYS disproven with reality.

When will you stop pretending that these people are MORE moral than the rest of mankind?

 

[peach174]

http://www.bloomberg.com/news/2012-1...ght-touch.html


Light Touch

The scandal demonstrates the failure of London’s two-decade experiment with light-touch supervision, which helped make the British capital the biggest trading hub in the world. In his 10 years as Chancellor of the Exchequer, Gordon Brown championed this approach, hailing a “golden age” for the City of London in a June 2007 speech. Even after the FSA pledged to toughen its rules following the 2008 financial crisis, supervisors failed to act on warnings that the benchmark was being manipulated.

Regulators have known since at least August 2007 that banks were using artificially low Libor submissions to appear healthier than they were. That month, a Barclays employee in London e-mailed the Federal Reserve Bank of New York, questioning the numbers that other banks were inputting, according to transcripts published by the New York Fed.

Nine months later, Tim Bond, then head of asset allocation at Barclays’s investment bank, publicly described the Libor figures as “divorced from reality,” saying in a Bloomberg Television interview that firms were routinely misstating their borrowing costs to avoid the perception they were facing stress.

The New York Fed and the Bank of England say they didn’t act because they had no responsibility for oversight of Libor. That fell to the British Bankers’ Association, the industry lobbying group that created the rate and largely ignored recommendations from central bankers after 2008 to change the way the benchmark is computed. Regulators also were preoccupied with the biggest financial crisis since the Great Depression, and forcing banks to be honest about their Libor submissions might have revealed they were paying penalty rates to borrow.

This was a failure to propoerly regulate this industry.


When you just trust any industry you get failure of the system.

History proves this over and over and over.

To bad that three Dems on the housing & banking committees during the Bush years kept voting against any regulation bills that Bush wanted. That is untill they got back into power and then passed regulations. By 2008 when they did it was too late.
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

 

[Truthmatters]

when will you stop believing in myths designed to win elections for the wealthys best interests?

 

[Truthmatters]

To bad that three Dems on the housing & banking committees during the Bush years kept voting against any regulation bills that Bush wanted. That is untill they got back into power and then passed regulations. By 2008 when they did it was too late.
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

The Fs did not write any of the sub prime loans OR roll them into mortgage securities and sell them to unsuspecting buyers.

The Fs were one of the buyers you fool.

respewing republican lies is not going to win you any national elections

 

[Truthmatters]

Your ideas that deregulation makes things better has done nothing but harm this country and the world for years now.


why do you people just keep pimping historically failed ideas?

 

[Rat in the Hat]

Your ideas that deregulation makes things better has done nothing but harm this country and the world for years now.


why do you people just keep pimping historically failed ideas?

Whining about a British scandal on an American message board is not going to get the regulations you seek.


Find a Limey board and cry to them.

 

[saveliberty]

Money corrupts morals NOT grows them.

Money may expose morals, but it doesn't corrupt them.

money has not one single use in this world expect to people.

Money corrupts some people.

deregulation helps those corrupt people get more money

No, already corrupt people covet money dumbass. I know as a liberal you like to have something to blame for your failings.

 

[Truthmatters]

dumbest party members in the whole sight are the only ones willing to comment here.

WHY?


because the others KNOW there is no defense to this historically failed idea in the real world of facts

 

[Truthmatters]

Alabama Mortgages

In Alabama, mortgage-holders have filed a class action in federal court alleging that 12 banks colluded to push Libor higher on the dates when repayments are set. The plaintiffs include Annie Bell Adams, a pensioner whose home was repossessed, and Dennis Fobes, a 59-year-old salesman of janitorial supplies whose house in Mobile is now worth less than his mortgage. He said he refinanced in 2006 with a $360,000 adjustable-rate mortgage linked to six-month dollar Libor.

“It’s just another example of how the banks have manipulated everything in their power,” Fobes said in a telephone interview. “I will fight them to the day I die to save my home.”

Savers also are suing. The city of Baltimore and Charles Schwab Corp. (SCHW), the largest independent brokerage by client assets, have filed suits claiming banks colluded to keep Libor artificially low, depriving them of fair returns. At least 30 such cases are pending in federal court in New York.

“Our hope is that the exposure of this illegal conduct results in systemic changes in Libor that prevent similar abuses in the future,” Sarah Bulgatz, a spokeswoman for Schwab, said in an e-mail.

 

[Truthmatters]

Alabama Mortgages

In Alabama, mortgage-holders have filed a class action in federal court alleging that 12 banks colluded to push Libor higher on the dates when repayments are set. The plaintiffs include Annie Bell Adams, a pensioner whose home was repossessed, and Dennis Fobes, a 59-year-old salesman of janitorial supplies whose house in Mobile is now worth less than his mortgage. He said he refinanced in 2006 with a $360,000 adjustable-rate mortgage linked to six-month dollar Libor.

“It’s just another example of how the banks have manipulated everything in their power,” Fobes said in a telephone interview. “I will fight them to the day I die to save my home.”

Savers also are suing. The city of Baltimore and Charles Schwab Corp. (SCHW), the largest independent brokerage by client assets, have filed suits claiming banks colluded to keep Libor artificially low, depriving them of fair returns. At least 30 such cases are pending in federal court in New York.

“Our hope is that the exposure of this illegal conduct results in systemic changes in Libor that prevent similar abuses in the future,” Sarah Bulgatz, a spokeswoman for Schwab, said in an e-mail.

Rigged Libor With Police Nearby Shows Flaw of Light Touch - Bloomberg

 

[saveliberty]

dumbest party members in the whole sight are the only ones willing to comment here.

WHY?


because the others KNOW there is no defense to this historically failed idea in the real world of facts

Nope, they're just smiling and enjoying us playing with your failed thread. If LIBOR is such a failed program, why is it still used by the Obama adminstration?

 

[Truthmatters]

Idiots who pretend this doesnt effect Americans are just that, idiots

 

[Truthmatters]

dumbest party members in the whole sight are the only ones willing to comment here.

WHY?


because the others KNOW there is no defense to this historically failed idea in the real world of facts

Nope, they're just smiling and enjoying us playing with your failed thread. If LIBOR is such a failed program, why is it still used by the Obama adminstration?

You still dont understand what it is do you?

why do you comment on things you have NO understanding of?

 

[Rat in the Hat]

Truthie, you really should post on a British message board. They'll pay you with euros, and that will give you a bunch of pretty colors to look at.

 

[Truthmatters]

In your own words tell us what libor is SL?

 

[Truthmatters]

this is why your party is dying.

Bad info in


bad decisions out.

Until the day the republican party uses facts to build their policy ideas again they will lose election after election.


You have been found out.

You cant lie and cheat anymore and win.


embrace reality and facts or die as a party.

 

[Truthmatters]

deregulation has caused a mess every time the republican party Has claimed it would help the economy.


Your track record stinks

 

[Lonestar_logic]

deregulation has caused a mess every time the republican party Has claimed it would help the economy.


Your track record stinks

You do realize this happened under a democratic lead Congress. Don't you?