Posted on 06/30/2012 2:00:06 PM PDT by Colonial Warrior
"Some of America's top banks are set to be dragged into a major criminal investigation of a global interest rate-fixing scandal about to engulf some of Wall Street's biggest institutions."
"The worldwide probe centres on claims traders at Barclays colluded with rival banks to keep interest rates at levels to their benefit."
"Barclays agreed to pay a whopping $453million in fines to the U.S. Justice Department and the UK's Financial Services Authority."
(Excerpt) Read more at dailymail.co.uk ...
My first thought was: When will the American MSM start to talk about this?
My second was: This does explain some of the inconsistencies I’ve been seeing over the last few years in the Banking industry.
Now how many other people think that there will be an outcry to have the Governments of the World take over these “corrupt” banks?
This is just the tip of the iceberg in what the big bankers have been up to. Ultimately they are most responsible for the mess we are in now. The fine and penalty is a tiny fraction of the money they made from the normal peon citizens of the world. And of course not one of them will go to jail.
NO US banks mentioned in the article...yet?
I don’t recall any specific U.S. Banks being mentioned.
Type in the search engine “libor collusion”. Pardon the explination of libor if already known, London inter bank overinight rate, its a rate the is developed by consensus of the British banking association. Anyway there was an artical on Bloomberg news in February about the collusion. Boa owns Merrill, Merrill Lynch international is, in a sweeping generality, the London branch. I think the largeest players, ubs, loyds, soc Gen etc
..all got snared. It was about time. I work on a derivative trading desk. Guise was bound to hit state side, and its long over Due. Pardon the message I left, doing this on my phone:)
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