US banks may have lost 3 bil in Libor scandal

Discussion in 'Economy' started by Truthmatters, Dec 20, 2012.

  1. Truthmatters
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    Libor banking scandal may have cost U.S. mortgage agencies $3 billion - The Washington Post


    Mortgage finance giants Fannie Mae and Freddie Mac may have lost up to $3 billion from the ma*nipu*la*tion by several big banks of the global interest rate known as Libor, according to an internal government memo.

    That was just one more sign Wednesday of the growing rate-fixing scandal, as federal prosecutors and regulators also announced that Swiss banking giant UBS had agreed to pay $1.5 billion in fines for manipulating the rate. U.S. authorities also filed criminal charges against two UBS employees, the first individuals targeted by the widening investigation.
     
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    its not such just a foreign problem huh
     
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    UBS was the bank Phil Gramm took a cushy job from right after he passed Gramm leach bliely
     
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    http://www.usmessageboard.com/polit...ney-frank-is-on-to-something.html#post1103162



    National Mortgage News - MortgageWire Archive


    February 16, 1999

    Modernization Bill Excludes FHLB Reforms
    Senate Banking Committee chairman Phil Gramm, R., Texas, excluded language reforming the Federal Home Loan Bank system from a draft version of the financial modernization bill released on Tuesday. However, in a prepared statement, Sen. Gramm said the FHLB provisions are "still being discussed," which leaves open the possibility that they could be added to the bill at a later date. The Senate Banking Committee is expected to hold hearings next week on the proposed financial modernization bill and a mark-up could come as early as March 3. The reforms currently under discussion include: enabling smaller banks to join the FHLB system; making membership in the system voluntary for thrifts; changing the annual $300 million REFCORP payment to a percentage of assets; and modifying the capital structure of the system. Also under consideration is a provision that would make it a criminal offense for community groups to "extort" money from a bank during a Community Reinvestment Act examination. The provision also would penalize banks for paying money to community groups in exchange for favorable CRA testimony.



    http://losangeles.legalexaminer.com...periment-in-deregulation.aspx?googleid=242468
     
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  5. Truthmatters
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    no takers huh?

    too much fact that distroys your histroically failed ideas huh?
     
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    http://www.usmessageboard.com/politics/71792-i-think-barney-frank-is-on-to-something-2.html


    National Mortgage News - MortgageWire Archive


    October 8, 2002

    Gramm Joining UBS; LaFalce to SEC Panel?
    Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization. Meanwhile, the ranking Democrat on the House Financial Services Committee, Rep. John LaFalce, D-N.Y., is being considered for a seat on a newly created federal board to oversee the accounting industry. Rep. LaFalce, who is retiring, was contacted by the Securities and Exchange Commission, which is putting the panel together.
     
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    Phil Gramm - Wikipedia, the free encyclopedia


    In January 2009 Guardian City editor Julia Finch identified Gramm as one of twenty-five people who were at the heart of the financial meltdown.[22] Time included Gramm in its list of the top 25 people to blame for the economic crisis
     
  8. uscitizen
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    uscitizen Senior Member

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    Right wingers are not allowed to talk bad about a corporation.
    It would be blasphemy.
     
  9. Truthmatters
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    Phil Gramm - Wikipedia, the free encyclopedia


    Gramm was one of five co-sponsors of the Commodity Futures Modernization Act of 2000.[8] One provision of the bill is often referred to as the "Enron loophole" because some critics blame the provision for permitting the Enron scandal to occur.[
     
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    Not even a foreign one
     

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