Discussion in 'Economy' started by iamwhatiseem, Jun 27, 2012.
Barclays will pay $450M for manipulating interest rates
No one goes to jail?
Remember two years ago when the bank need money to pay bonuses to keep the people who got them in trouble in the first place and move recently the President of Chase reluctantly said he guesses they need to look into the 2+billion dollar lose and less than a week later talked the stock holder into approving his 23 million dollar compensation plan. We are letting this happen every day.
Typical banking of today.
In the sense that we continue to elect jackasses year after year...yes...we are certainly active participants in our own demise.
Sounds like the Microsoft business plan in the 90's.
We can't change criminality of this magnitude by "choosing" between Republican OR Democrat in the voting booth. We can use currently existing third party candidates to FLUSH a hundred Rs and Ds from DC in a single news cycle. (Starting next November 6th)
"Even though the Libor/Euribor price-fixing scandal hasn’t gotten much attention in the US, this is a really big deal.
"Admittedly, it did not crash the economy the way toxic RMBS and CDOs did. Instead, it was a massive price manipulation, the sort of victimless-looking crime where stealing a few basis points over a monster volume of transactions has a huge aggregate impact.
"This scheme went on for a full five years, with 20+ banks fingered, meaning everyone who was anyone was in on the game. As Ben Walsh put it:
"'The importance of Libor and, to a lesser extent, Euribor, is hard to overstate. They are used to value of hundreds of trillions of dollars of financial instruments.
"Or as Matt Levine puts it, they 'set the rates on pretty much all the loans and swaps in the world … CFTC order mentions $350 trillion of [over-the-counter] swaps, $10 trillion of loans, and $437 trillion of CME eurodollar contracts indexed to Libor alone'”.
Quelle Surprise! Barclays Settlement on Massive Interest Rate Price Fixing Illustrates Bank Crime Pays Well « naked capitalism
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