by WashingtonsBlog
European Union Launches Investigation Into Manipulation of Oil Prices Since 2002
CNN reports:
The European Commission raided the offices of Shell, BP and Norway’s Statoil this weekas part of an investigation into suspected attempts to manipulate global oil prices spanning more than a decade.
None of the companies have been accused of wrongdoing, but the controversy has brought back memories of the Libor rate-rigging scandal that rocked the financial world last year.
***
A review ordered by [...]
testosteronepit.com / By Wolf Richter / February 1, 2013
By now we should have gotten used to the odor emanating from banks—bailouts, money laundering, Libor rate-rigging, the other misdeeds. But in Europe over the last few days, it was particularly dense.
A nauseating whiff came from Barclays today, when it leaked out that it has been under investigation by the Financial Services Authority and the Serious Fraud Office in Britain for illegal fundraising in 2008. [...]
by Greg Hunter, USAWatchdog:
It’s all guns all the time as President Obama makes a big push for gun control. Part of the plan includes “Executive Orders.” The other part of the President’s plan includes new legislation that bans assault weapons. This coming at a time when the nation’s top bankers fraud and crime is enormous and going criminally unpunished. More deals are being cut to eliminate any criminal prosecutions of top bank officials [...]
http://www.examiner.com/article/libo…ere-to-testify
In the wake of the mass murders that took place in Newtown, Connecticut on Dec. 14, information on the shooter, and his family, is slowly being discovered by law enforcement other sources. One interesting connection to the tragedy that took place at the Sandy Hook school is that the father of Adam Lanza has a connection to the theater shootings that took place in Aurora earlier this year by James [...]
Up until 2wks ago I lived on the Dearborn/Detroit border, I’m very used to seeing security posted outside of banks in that area, in any inner city area for that matter. I’ve lived in the burbs and rural areas mostly and now I’ve moved back, it’s an area well known to be safe, peaceful and well patrolled. A cpl weeks ago I noticed a security guard posted on the outside [...]
65-year-old pensioner who lost her home leads charge over ‘unjust enrichment’ between 2000 and 2009
Lawsuit claims the Libor rate rose ‘artificially’ on the first day of the month – the days when many mortgage rates are calculated
Barclays, RBS, Lloyds and Bank of America all named in class-action lawsuit
A 65-year-old American woman who lost her home in the credit crunch is leading a class-action suit against 12 of the world’s major [...]
Zero Hedge
Aug 3, 2012
When we started reading the LA Times article reporting that “the federal government has quietly been completing an audit of U.S. gold stored at the New York Fed” we couldn’t help but wonder when the gotcha moment would appear. It was about 15 paragraphs in that we stumbled upon what we were waiting for: “The process involved about half a dozen employees of the Mint, the Treasury inspector general’s office and [...]
The Serious Fraud Office (SFO) has warned it will bring criminal charges against bankers involved in Libor rigging.
Bankers found to have rigged Libor could face jail after the SFO said it will look to bring criminal charges against those who attempted to manipulate the world’s key borrowing rate.
David Green QC, director of the SFO, said existing legislation could be used to bring criminal actions against banks implicated in the Libor [...]
Barclays
Quote:
LONDON BARCLAYS PLC’s chief financial officer is under investigation by British authorities related to the bank’s 2008 fundraising activities with Middle Eastern investors, dealing a fresh blow to a bank that already this month has lost its chairman, chief executive and chief operating officer.”It is important that the right selection is made.” Barclays also disclosed on Friday that it is facing an array of lawsuits stemming from its attempted manipulation [...]
Intentional distortions of one of the world’s most important financial benchmarks has sparked a worldwide scandal.
What’s more, suggestions that central banks knew about manipulations of the London Interbank Offered Rate (LIBOR) and looked the other way have led many to accuse central banks of failing in their duty of keeping the financial markets working properly.
Manipulations of the LIBOR rate, while minuscule to most individuals, had much more substantial effects in the money markets, [...]
http://www.democracynow.org/2012/7/19/matt_taibbi_libor_rate_fixing_scandal
Source: usawatchdog
Stock up now folks. Things are only going to get MUCH more expensive.
Hera says:
“We are in a computer generated dream world . . . because everything is rigged.” That’s what Ron Hera of Heraresearch.com said this week when interviewed about living in an age he calls “The end of cheap everything.” The system isn’t going to collapse, it already has. Hera says, “I think the system failed in 2008, and [...]
* Talks in September to discuss whether Libor can be saved
* Bernanke, Carney float possible market-based alternatives
* ECB pushes to overhaul Euribor setting – sources
* BoE’s King says “radical reforms” needed
* Carney: wrongdoers need to substantially raise their game
By Randall Palmer
OTTAWA, July 19 (Reuters) – Central bankers and regulators will hold talks in September on whether the troubled global Libor interest rate can be reformed or whether it is so [...]
guardian.co.uk
July 17, 2012
The heads of the US and UK central banks have described as “fraud” the manipulation by Barclays of the international lending rate, Libor.
The US Federal Reserve chairman, Ben Bernanke, said the process for setting the rate was “structurally flawed” and that he could not guarantee its reliability.
Mervyn King, the Bank of England governor, said that deliberately rigging the Libor rate for private gain was “my definition of fraud”.
The [...]
Regulators on both sides of the Atlantic failed to act on clear warnings that the Libor interest rate was being falsely reported by banks during the financial crisis, it emerged last night.
Click HERE to view ‘The missed warnings how us authorities demanded changes… and were ignored’ graphic
A cache of documents released yesterday by the New York Federal Reserve showed that US officials had evidence from April 2008 that Barclays was [...]
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.
Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to “manipulation or distortion”.
Traders from banks, oil companies or hedge funds have an [...]
The investigation into the LIBOR interest rate-rigging scandal is widening as the U.S. Justice Department is expected to file criminal charges against individual employees and at least one bank later this year.
As well as building cases against several banks, the department’s criminal division is also targeting individuals at the center of the scandal, including traders at Barclays, according to government officials who spoke anonymously to The New York Times.
In a [...]
Cops, Firemen, City, State workers, almost everyone connected to government heed my warning. You will lose your jobs..
Quote:
Now, when these cities start collapsing in on themselves, what happens?
Quote:
San Bernardino became the third California city in that small span to choose Chapter 9 bankruptcy protection with a City Council vote on Tuesday night.
The Southern California city of about 210,000 people will also become the second largest in the nation ever to [...]
Paul Craig Roberts & Nomi Prins
Infowars.com
Sunday, July 15, 2012
According to news reports, UK banks fixed the London interbank borrowing rate (Libor) with the complicity of the Bank of England (UK central bank) at a low rate in order to obtain a cheap borrowing cost. The way this scandal is playing out is that the banks benefitted from borrowing at these low rates. Whereas this is true, it also strikes us [...]
“The news on Wednesday that cities and states are suing some of the world’s largest banks over Libor manipulation shows how this scandal could blow up into one of history’s biggest bank frauds. That’s because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids — adding to the human suffering [...]
As the investigation into the LIBOR interest rate-rigging in the United Kingdom becomes a financial scandal of tsunami-like proportions, some analysts are openly wondering whether 16 of the world’s largest banks have perpetrated the biggest fraud in history.
With the public coming round to the global significance of banks potentially colluding like a cartel to favourably set the LIBOR, those same analysts predict lawsuits worth tens of billions being brought against [...]
As the investigation into the LIBOR interest rate-rigging in the United Kingdom becomes a financial scandal of tsunami-like proportions, some analysts are openly wondering whether 16 of the world’s largest banks have perpetrated the biggest fraud in history.
With the public coming round to the global significance of banks potentially colluding like a cartel to favourably set the LIBOR, those same analysts predict lawsuits worth tens of billions being brought against [...]
The second Barclays announced its $450 million Libor settlement, it was all over – the lawyers smelled not only blood, but what may be the biggest plaintiff feeding frenzy of all time. Which is why it was only a matter of time: “State attorneys general are jumping into the widening scandal over whether banks tried to manipulate benchmark international lending rates, a move that could open a new front against [...]
By Roland Jones
It may seem like just another obscure banking scandal at a 322-year-old British bank, but there are a number of good reasons why you should care about the LIBOR rate-rigging scandal now roiling the world’s biggest and most powerful banks, including that it probably cost you money if you own a mortgage.
In late June, Barclays paid $453 million to regulators in the U.K and the U.S. to settle accusations that [...]
Infographic by AccountingDegree.net
http://www.americablog.com/2012/07/libor-for-laymenwhat-is-it-and-why.html
http://www.guardian.co.uk/business/2012/jun/28/barclays-libor-scandal-question-answer
http://money.cnn.com/2012/07/03/investing/libor-interest-rate-faq/index.htm
http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620
http://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703
http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/9359744/Barclays-how-does-Libor-affect-my-mortgage.html
http://en.wikipedia.org/wiki/Libor
http://en.wikipedia.org/wiki/British_Bankers%27_Association
From Economic Policy Journal:
The 16 banks that “set” the LIBOR rate can’t come close to the manipulation that the Fed does, simply because they can’t add money or drain money from the system, the way the Fed and other central banks can.
The Fed does everything it can to keep LIBOR low.
This chart says it all…
Read full article (with chart)…
By Robert Scheer
Forget Bernie Madoff and Enron’s Ken Lay—they were mere amateurs in financial crime. The current Libor interest rate scandal, involving hundreds of trillions in international derivatives trade, shows how the really big boys play. And these guys will most likely not do the time because their kind rewrites the law before committing the crime.
Modern international bankers form a class of thieves the likes of which the world has never [...]
This story originally appeared at Truthdig. Robert Scheer is the author of The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street (Nation Books).
Forget Bernie Madoff and Enron’s Ken Lay—they were mere amateurs in financial crime. The current Libor interest rate scandal, involving hundreds of trillions in international derivatives trade, shows how the really big boys play. And these guys will most likely not do the [...]
http://www.twitter.com/FGoria
by Michael
We always knew that the financial markets were rigged, but this is getting ridiculous. It is now being alleged that 20 major banks have been systematically fixing global interest rates for years. Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate). But Barclays says that a whole bunch of other banks were doing this too. This is shaping up to be [...]
Three experts on how Wall Street and our biggest banks “do business,” Matt Taibbi, Eliot Spitzer, andDennis Kelleher, explain LIBOR rate collusion in this 9-minute discussion.
George Washington documents (here, here, here, here),
http://www.washingtonsblog.com/2012/07/9-minute-video-experts-explain-libor-bank-leaders-as-criminal-cartel.html
Resigned: American Barclays Chief Executive Bob Diamond has quit over the scandal
An American lawyer leading a class action suit in the United States has said that Barclays and other banks accused of rigging the Libor lending rate could be liable for hundreds of billions of dollars in damages.
‘There are thousands if not tens of thousands of entities that could possibly have a claim,’ said Michael Hausfeld, whose Washington-based firm Hausfeld [...]
Scenes “reminiscent of Stasi East Germany”
Paul Joseph Watson
Infowars.com
Tuesday, July 3, 2012
British Constitution Group Chairman Roger Hayes was arrested by police yesterday morning in scenes “reminiscent of Stasi East Germany,” before being tried in secret and sentenced to prison over Hayes’ refusal to pay state taxes.
Concerned supporters called Merseyside Police in an effort to get information on Hayes’ arrest.
Hayes has become the figurehead for a Tea Party-style movement in the [...]
A phone conversation between deputy Bank of England governor Paul Tucker and a ‘senior’ manager at Barclays is said to have led to traders ‘mistakenly’ believing they were working under an instruction from the central bank to fix the Libor — the interest rate at which banks lend money to each other.
https://www.youtube.com/watch?v=0IStbWcMe_Y
by Washington’s Blog
We noted Friday:
Barclays and other large banks – including Citigroup, HSBC, J.P. Morgan Chase, Lloyds, Bank of America, UBS, Royal Bank of Scotland– manipulated the world’s primary interest rate (Libor) which virtually every adjustable-rate investment globally is pegged to.
***
That means they manipulated a good chunk of the world economy.
We actually understated the impact of the Libor scandal.
Specifically, more than $800 trillion dollars worth of investments are pegged to the Libor rate. As the Wall Street Journal reports today:
More than $800 trillion in [...]
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