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Banks are lying about market interest rates in the biggest fraud ever

By someone else follow someone else   2017 Aug 15, 1:07pm 697 views   3 comments   watch   nsfw   quote   share    


http://www.rollingstone.com/politics/news/taibbi-is-libor-crucial-financial-benchmark-a-lie-w497305

The LIBOR scandal of a few years ago came about when it was discovered that the banks were intentionally lying about these estimates. In some cases, they were doing it with the assent of regulators.

In the most infamous instance, the Bank of England appeared to encourage Barclays to lower its LIBOR submissions, as a way to quell panic after the 2008 crash.

It later came out that banks had not only lied about their numbers during the crisis to make the financial system look safer, but had been doing it generally just to rip people off, pushing the number to and fro to help their other bets pay off.

Written exchanges between bank employees revealed hilariously monstrous activity, with traders promising champagne and sushi and even sex to LIBOR submitters if they fudged numbers.

..

Think about this. Millions of people have been taking out mortgages and credit cards and auto loans, and countless towns and municipalities have all been buying swaps and other derivatives, all based on a promise buried in the fine print that the rate they will pay is based on reality.

Since we now know those rates are not based on reality – there isn't a funding market – that means hundreds of trillions of dollars of transactions have been based upon a fraud. Some canny law firm somewhere is going to figure this out, sooner rather than later, and devise the world's largest and most lucrative class-action lawsuit: Earth v. Banks.

1   HEY YOU   ignore (9)   2017 Aug 15, 1:25pm     ↓ dislike (1)   quote   flag        

Glass-Steagal 2.0 with severe physical punishment for fraud involving $0.01.
Sorry trash Ds & Rs let the TBTF slime go unpunished.
Their voters are complicit.
The rest of the world in equally retarded.
Hope D/R voters suffer in the next downturn,& America goes into collapse.

2   JZ   ignore (0)   2017 Aug 15, 3:04pm     ↓ dislike (0)   quote   flag        

Bank vs Public, round 1
In order to punish banks, public give government power to punish banks. Banks buy/lobby/bribe government.

Bank vs public, round 2
Public saw NOT enough bankers have been prosecuted, they give government more power to regulate and punish bankers. Bankers buy/lobby/bribe government.

Bank vs public, round 3 ...

This is how government grows.

3   JZ   ignore (0)   2017 Aug 15, 3:07pm     ↓ dislike (0)   quote   flag        

Someone said,give me the printer of money and i do NOT care who makes the law.


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