The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.

Friday, July 20, 2012

Marion Young: LIBOR An International Crime, Uber White Collar Perps and a Circle of Privilege!!!


A Marion Young OP-ED


Have you heard about the Libor scandal in the UK? You should know that Libor is the largest economic scam in world history and the largest insider trading scandal ever. The biggest banks in London and the world CHEATED BIG TIME and it is threatening to crash the UK economy. The LIBOR scandal is being called the "Wall Street scandal of all scandals" and the "rotten heart of finance," but the massive fraud can be hard to fathom for anyone who doesn't follow the markets.The US is involved too. It's bad...really bad, and the people of England are in the streets over this.

If you can wrap your mind around that...

Well, Romney and his Marie Antoinette "Let them eat cake" wife are heading to London next week. He's taking his dressage dancing horse (that you and I paid for), on a jumbo plane (that he writes off as a tax, that you and I pay for), to the Olympics. 

The day before the Olympics, he will attend a $75,000-a-plate dinner to raise campaign funds from THE VERY SAME CRIMINAL BANKSTERS UNDER INVESTIGATION FOR THE LIBOR SCANDAL!!!

Did you get all that?

The location of this SECRET MEETING will probably not be secret after the UK press discloses it. But that's not key to this scandal. What is key is that this is classic Romney. He has no scruples. These are the type of people he hangs around with to get money. Not that they like him. No one likes Willard. And why would he get money from these people? Overseas banksters? Can you imagine the policies of his administration if he works for these billionaires around the world? 

Romney clearly has what it takes to be President. Yeah, right.

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His wife Ann "Marie Antoinette" and Willard see us as "you people." They are so out of touch with 99% of us and only deal in a billionaires' world. I made sure I wrote this hours before breakfast because this nauseates me beyond almost anything else right now. The Romneys represent what it has come down to in this country and the choice we have:

Elect Romney and be ruled by out of touch billionaires leaving us essentially slaves to them...or, elect Obama and be led by a man who cares about the people and country, puts our best interests in mind and operates in a fair way for all.


New York Fed’s Libor Documents Reveal Cozy Relationship Between Regulators, Banks 

Peter Welch On Libor: DOJ Should ‘Aggressively Prosecute’ All Involved

Will Britain's Libor Scandal Finally Force Real Bank Reform in the US?

Was the petrol price rigged too?

Motorists may have been paying too much for their petrol because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned.

The LIBOR Scandal Explained in One Simple Infographic


Very few banks came out of the financial crisis looking good. But JPMorgan and Barclays were in that elite club. Their apparent rectitude raised the possibility — as JPMorgan CEO Jamie Dimon said over and over again — that what we’d had were a few bad banks, not a hopelessly corrupted financial system. Fast forward a couple of years, and JPMorgan and Barclays are not looking so good anymore. And the particular way in which they’re not looking so good points to the fact that we did, indeed, have a hopelessly corrupted financial system.

If you haven’t been following the Libor scandal, read Dylan Matthews’ great primer. But if you refuse to do even that, here it is in a few sentences: Libor is the rate at which banks lend to each other. 
It’s considered a measure of how safe the financial system is. As such, many banks use it as a benchmark to set the rate on the consumer debt you and I buy — they start with the Libor rate and then they add on whatever they think our risk is. But there’s something odd about Libor: It’s a rate the banks report themselves. And, in recent weeks, we’ve found out Barclays was lying about it.

In recent days, however, we’ve found out that it wasn’t just Barclays lying about it. Everybody was lying about it. Citigroup was lying about it. German banks were lying about it. We know a number of banks — though we don’t know exactly who — are talking to the feds about a settlement. We know HSBC, Deutsche Bank and JPMorgan Chase are being investigated.

On Wednesday, Lloyd Blankfein, CEO of Goldman Sachs, was asked about Libor. “The biggest impact is once more undermining the integrity of a system that has already been undermined substantially. There was this huge hole to dig out of in terms of getting trust back and now it’s that much deeper.”

Remember when Ronald Reagan said “trust, but verify”? Well, we’ve spent the last few years verifying. And when it comes to the financial system, the lesson is not to have too much trust.

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