Posted on 07/02/2012 5:48:13 AM PDT by Kartographer
Libor rates are calculated for different currencies each day under the auspices of the British Bankers' Association, using quotes that are submitted by banks on a panel, based on the banks' estimated borrowing costs.
More than $800 trillion in securities and loans are linked to Libor, including $350 trillion in swaps and $10 trillion in loans, including auto and home loans, according to the CFTC. No other banks or individuals have been charged with wrongdoing.
Banks that have disclosed they are being investigated include Citigroup Inc., C +3.72% Deutsche Bank AG, DBK.XE +2.02% HSBC Holdings HBC +1.00% PLC, J.P. Morgan Chase JPM -0.42% & Co. and Royal Bank of Scotland RBS.LN +1.07% Group PLC. Swiss bank UBS AG UBSN.VX +1.90% has said it has been granted partial immunity by certain regulators, including the U.S. Justice Department, in return for cooperating with the investigation.
(Excerpt) Read more at online.wsj.com ...
I've caught flak before and have been call a communist and worse for saying this, but the corner three card Monte dealer is more honest than most of the ‘Too Big to Fail’ banks and investment houses. And face it the Monte dealer who ‘scams’ a few hundred is a thousand times more likely to go to jail that the ‘banksters’ that are stealing millions.
PING!
I agree with you. The bankers, especially in the Square Mile, are little more than the Northern European branch of Cosa Nostra.
Hopefully, in the weeks to come, more and more of their fraudulent shenanigans will be exposed. Though as you said, I doubt anyone will actually go to jail over it (though one can always hope).
If you have a gun, you can rob a bank; if you own a bank, you can rob the world.
I hope his golden parachute, I assume there is one, develops a big tear and he comes crashing down.
“if you own a bank, you can rob the world.”
A bought politician is more dangerous than a gun.
A politician; why that’s the equivalent of bringing a thermonuclear device to a gun fight.
There’s reporting going on in the U.K. that the Bank of England may be implicated in this whole mess as well.
I’ve been following this latest financial debacle via the British press, and the consensus, pretty much among all political persuasions, right to left, is “Hang the b**tards!” in varying degrees. At a bare minimum, a serious criminal investigation is certainly warranted. Of course, I’m equally sure the political class will have none of that, thank you; it may well hit a little too close to home.
On that subject, both Labour and Conservative have reason to be very, very nervous.
Bob Diamond, Group Chief Executive/Executive Director of Barclays, is going to testify before MP’s on Wednesday. That should be highly entertaining.
Getting out while the getting is good.
“pretty much among all political persuasions, right to left, is “Hang the b**tards!” in varying degrees. At a bare minimum, a serious criminal investigation is certainly warranted. Of course, I’m equally sure the political class will have none of that, thank you; it may well hit a little too close to home.”
It’s amazing, well not really, that all politicians are cut from the same cloth. Lying sack of **** cloth. It seems to me that many if not most have been playing at politics since high school. I personally don’t vote for anyone that has held too many offices. They get to like the perks a little too much.
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