With gold surging nearly $30, today top trends forecaster Gerald Celente gave King World News readers and listeners an exclusive sneak peek into his upcoming Summer Trends Journal. Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world. When asked about one of his headlines in the upcoming Summer Trends Journal titled, ‘The Greatest Bank Robbery In World History,’ Celente [...]
Libor Flaws Allowed Banks To Rig Rates Without Conspiracy
By Liam Vaughan and Katie Linsell, Bloomberg News
Flaws in the way Libor is set allowed individual banks to manipulate the key global interest rate for profit for years, according to traders.
While employees allegedly tried to rig the benchmark for $500 trillion of securities worldwide, they didn’t need to conspire with counterparts at other firms to affect where the rate was set each [...]
July 12, 2012
Anyone remember how many billions, HSBC, Europe’s largest beggar bank, borrowed secretly from The Bernank at 0% during 2008-2009…?
Or as an AIG counterparty via Goldman Sachs… $3.5 billion.
This is nothing new for HSBC, which has a sordid history in money-laundering, or global banking in general, which relies on hundreds of billions in illicit accounts as a regular and sometimes requisite (think crisis of 2008) staple of business.
Here are a couple of [...]
The Senate Banking Committee will question U.S. Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke on the scandal surrounding the London interbank offered rate.
Committee Chairman Tim Johnson said in a statement that he will question Geithner and Bernanke at regularly scheduled hearings this month. Geithner is set to testify before the banking committee on the Dodd-Frank financial overhaul act, while Bernanke will deliver his semi-annual monetary policy report. Johnson didn’t say whether he would [...]
If Barclays Plc (BARC) would lie about its borrowing costs, what else would it lie about?
That question gets to the heart of the damage Barclays did to itself by submitting false numbers for years to the British Bankers’ Association as part of the surveys used to set the London interbank offered rate, the benchmark for $360 trillion of financial instruments globally. The most important asset any bank has is trust — especially [...]