Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

Bankster Bob's Barclays Main Focus Of Libor Scam In U S

Recommended Posts

http://uk.finance.yahoo.com/news/Barclays-main-focus-Libor-reuters_molt-1407621411.html?x=0

Barclays is main focus of Libor probe - report
NEW YORK (Xetra: A0DKRK - news) (Reuters) -
Barclays PLC appears to be the main focus
of an international regulatory probe into alleged manipulation of LIBOR rates, the benchmark price for interbank borrowing costs, the Financial Times reported on Thursday, citing people familiar with the investigation.
U.S. and British regulators are investigating whether banks understated Libor to reduce borrowing costs and downplay investor panic during the financial crisis.

Perhaps this is the only way the governments can take down the banksters? It would be great to see the Banksters rounded up and herded into the back of Paddy Wagons ready to face the Beaks as they are remanded in custody.

Edited by Realistbear

Share this post


Link to post
Share on other sites

I don't understand how anyone could manipulate libor, they discard the most extreme quotes. It would take collusion from several banks.

No point investigating anyway, it's not like they'll punish anyone if they're caught. :angry:

Share this post


Link to post
Share on other sites

It would take collusion from several banks.

And there you have it. I'm sure more will be implicated in due course.

No point investigating anyway, it's not like they'll punish anyone if they're caught. :angry:

Sadly, that is probably correct, although the Americans do have a better track record than us of locking up fraudulent executives, so there is a small glimmer of hope.

Share this post


Link to post
Share on other sites
Guest sillybear2

This is a strange one, they'd need to rig Eonia and Sonia too, Libor is a bit meaningless these days. The price of overnight money is rigged by the world's central banks anyway, there is no market, nobody seems to mind that sort of cartel behaviour, most people seem to be in love with the idea.

In fact the concept of price collusion in an intangible commodity that can be magiced into existence at will is hard to define, there is a potentially infinite supply. Sadly for the banksters there is only a virtually fixed supply of real assets, land and labour to steal from in the real economy; hence the reason why their magic tokens constantly lose value due to the fact they cannot constrain themselves. Expanding at the rate of GDP growth ain't good enough for them, if the cake isn't growing quick enough they need to steal the slices that used to belong to other people, or even worse, steal from the future.

A crooked system attracts crooks, if you want to limit their impact you need to change the system. Pointing fingers at a bunch of psychologically flawed kleptomaniacs like Diamond or Goodwin* kind of misses the point.

* In case any libel lawyers are reading, Fred Goodwin is not and has never been a great big banker.

Edited by sillybear2

Share this post


Link to post
Share on other sites

http://www.bloomberg.com/news/2011-03-24/barclays-bp-plc-hmv-group-songbird-u-k-irish-equity-market-preview.html

The following is a list of companies that may have
unusual share-price changes in U.K.
and Irish markets. Stock symbols are in parentheses and prices are from the last market close.
Barclays Plc (BARC) : The London-based Lender may be a key focus of an investigation by U.S. and U.K. regulators into allegations of the manipulation of benchmark interbank lending rates, the Financial Times reported, citing people familiar with the matter.
The shares rose 1.3 percent to 290.9 pence
.

The market does not think Bankster Bob and his "associates" will go down for anything the "authorities" are likely to come up with. Elliott Ness, where are you?

Share this post


Link to post
Share on other sites

Sadly, that is probably correct, although the Americans do have a better track record than us of locking up fraudulent executives, so there is a small glimmer of hope.

It's part of London's 'competitive advantage', bankers are allowed to pillage in plain sight with virtually zero chance of punishment.

Share this post


Link to post
Share on other sites

It's part of London's 'competitive advantage', bankers are allowed to pillage in plain sight with virtually zero chance of punishment.

But I thought teh financial sector drove our wonderful economy with its gifted honest talent.

Share this post


Link to post
Share on other sites

http://uk.finance.yahoo.com/news/Barclays-main-focus-Libor-reuters_molt-1407621411.html?x=0

Barclays is main focus of Libor probe - report
NEW YORK (Xetra: A0DKRK - news) (Reuters) -
Barclays PLC appears to be the main focus
of an international regulatory probe into alleged manipulation of LIBOR rates, the benchmark price for interbank borrowing costs, the Financial Times reported on Thursday, citing people familiar with the investigation.
U.S. and British regulators are investigating whether banks understated Libor to reduce borrowing costs and downplay investor panic during the financial crisis.

Perhaps this is the only way the governments can take down the banksters? It would be great to see the Banksters rounded up and herded into the back of Paddy Wagons ready to face the Beaks as they are remanded in custody.

RB, Haven't we told you not to read any more P G Wodehouse?

Share this post


Link to post
Share on other sites

This is a strange one, they'd need to rig Eonia and Sonia too, Libor is a bit meaningless these days. The price of overnight money is rigged by the world's central banks anyway, there is no market, nobody seems to mind that sort of cartel behaviour, most people seem to be in love with the idea.

In fact the concept of price collusion in an intangible commodity that can be magiced into existence at will is hard to define, there is a potentially infinite supply. Sadly for the banksters there is only a virtually fixed supply of real assets, land and labour to steal from in the real economy; hence the reason why their magic tokens constantly lose value due to the fact they cannot constrain themselves. Expanding at the rate of GDP growth ain't good enough for them, if the cake isn't growing quick enough they need to steal the slices that used to belong to other people, or even worse, steal from the future.

A crooked system attracts crooks, if you want to limit their impact you need to change the system. Pointing fingers at a bunch of psychologically flawed kleptomaniacs like Diamond or Goodwin* kind of misses the point.

* In case any libel lawyers are reading, Fred Goodwin is not and has never been a great big banker.

Agreed, BUT when you allow human nature to control a system you will always, always end up with a system that fails. A good example would be communism; idealogically it is a wonderful system for people to exist in, but in practise it fails because you always have people who want/expect/think they deserve more than others. The free market economy is no different, it is governed by rules and regulations, but there are always people trying to circumvent and by-pass.

As you say, in a perfect world, everyone would more or less be happy with growth at or around that of GDP, but it isn't enough for shareholders with high return expectations. They need more, and then more, and then some more... And they have been getting it,,, but it can only go on for so long.

I guess like Madoff and Stanford, they came to the end eventually. Anyway, it doesn't matter how wealthy you are, death'll get you in the end...

Edited by Bingo

Share this post


Link to post
Share on other sites

Agreed, BUT when you allow human nature to control a system you will always, always end up with a system that fails. A good example would be communism; idealogically it is a wonderful system for people to exist in, but in practise it fails because you always have people who want/expect/think they deserve more than others. The free market economy is no different, it is governed by rules and regulations, but there are always people trying to circumvent and by-pass.

As you say, in a perfect world, everyone would more or less be happy with growth at or around that of GDP, but it isn't enough for shareholders with high return expectations. They need more, and then more, and then some more... And they have been getting it,,, but it can only go on for so long.

I guess like Madoff and Stanford, they came to the end eventually. Anyway, it doesn't matter how wealthy you are, death'll get you in the end...

On QT a few months back someone on the panel observed that banks are AMORAL--you can't expect them to act ethically. That is why you have to have a public body REGULATE them.

The mistake Brown made was failing to recognise how ethics work--or don't work as in the case of banksters.

Share this post


Link to post
Share on other sites
Guest sillybear2

On QT a few months back someone on the panel observed that banks are AMORAL--you can't expect them to act ethically. That is why you have to have a public body REGULATE them.

The mistake Brown made was failing to recognise how ethics work--or don't work as in the case of banksters.

There's virtually no ethics in any area of business or in any bureaucracy, if it makes them money and it's not illegal (or they can get away with it) they'll do it, regardless of its affect on others or the longterm impact. Eventually you end up with an ecosystem where only the crooked and amoral will survive (Gresham's law).

If there's existing laws to protect the public against short-termist destructive behaviour business will lobby and bribe to have them lifted, as we're now seeing with the banks; they blew themselves and everyone else up and now they're lobbying against rules that will stop them doing the same thing again. Einstein said "insanity is doing the same thing over and over again and expecting different results".

The "tragedy of the commons" is an old concept, it never goes away.

Edited by sillybear2

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.