Tag Archives: libor

Business/Economics, International, U.S.

LIBOR: RBS takes action against its own employees

“The LIBOR situation is on our agenda and is a stark reminder of the damage that individual wrongdoing and inadequate systems and controls can have in terms of financial and reputational impact.”-Stephen Hester, CEO RBS

03 August 2012, the Royal Bank of Scotland announced it has fired several employees for their involvement in the LIBOR rigging scandal.

RBS officials said they are cooperating with international investigators.

The government of the United Kingdom owns 82% of RBS.

RBS reported a pre-tax loss of $2.3 billion USD!  RBS is also setting aside $211 million to compensate loan insurance customers. Those customers claim RBS lied to them about what they were getting.

Check my other postings about LIBOR.

Business/Economics, International, U.S.

LIBOR: EU to make rate fixing a crime. Rate fixing scandal an excuse to create One World Bank! New CIBOR scandal!

26 July 2012, the European Union’s European Commission is asking its members to pass a new law making currency and interest rate manipulation a crime.

The scandal involves mainly U.S. and British Too Big to Fail banks and the British based LIBOR, Belgium based EURIBOR and Japan based TIBOR systems.  Recently it was revealed that such systems are also being used to help elites hide $20 trillion USD worth of wealth from tax collectors.

In Denmark, the Danish government is wrapping up their investigation into their own CIBOR system.  Officials running the Copenhagen Interbank Offered Rate are suspected of setting rates unjustifiably higher than the EURIBOR.

The Wall Street Journal recently said the scandal “…could lead to a new system of calculating a benchmark…”

Too Big to Fail Morgan Stanley is asking British officials to put the Bank of England in direct control of LIBOR.

Also, U.S. Treasury Secretary Timothy Geithner, stated he will be reviewing the proposed introduction of a new global rate system that will replace current LIBOR like systems.

The rate fixing scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).

Business/Economics

Evil Elites: $20 trillion stolen away and hoarded by Global Elites, that’s why the economy sucks! Money hoarding causes poverty, destroys economies, is a threat to National Security!!! Too Big to Fails & LIBOR involved!

“These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle down to transfer wealth to poorer people. People on the street have no illusions about how unfair the situation has become.”-John Christensen, Tax Justice Network

According to a recent report by the Tax Justice Network (established by the British Houses of Parliament in 2003), the reason for the lack of money in the failing western economies, is that the elites are hording it, to the tune of $12.5 trillion to $20 trillion USD (that’s according to data from the world’s top 50 banks)!!!

Wealth is finite, there is not enough for everyone, money does not grow on trees!  But, the only way an economy works well is if that money/wealth is in circulation, being spent to buy services and products. That’s why some incompetent economists and analysts have been lambasting the working class consumers for not spending more money.

Most working class consumers are broke, they operate on credit/debt if they still have it, and more and more the governments of the United States and United Kingdom are criminalizing the use of cash (which most people don’t have much of anyway).

Most U.S. corporations are broke, they’ve been operating on debt.  They even pay their employees with payroll loans from the Too Big to Fail banks!  Governments are broke, cutting services and raising tax rates in the hopes they can squeeze more out of the working class! So where is the money?

Between 2005 and 2010, the elites managed to hide away, in plain sight using the help of the Too Big to Fails, trillions in untaxed revenues using offshore accounts, and other tricks, by the top 50 international banks.

Notice this is during the same time period of the Credit Crisis/Crunch, and first recessions of the U.S. and Europe! This is evidence that the credit crisis is really  caused by elites siphoning as much as $20 trillion out of the Circular Money Flow, with the effect of literally hitting the brakes on the western economies!

This should be considered a National Security Threat!  The elites are economic terrorists!

The Tax Justice Network explains how the elites get away with their cash hording.   This latest report suggests that the true percentage of world elites is only 0.001%!!!

Here’s a list of the top 10 banks involved, see if you recognize any: UBS, Credit Suisse, HSBC, Deutche Bank, BNP Paribas, JP MorganChase, Morgan Stanely/SSB, Wells Fargo, Goldman Sachs and Pitchet.

Note that these banks are also being investigated for the international currency/interest rate fixing scandal involving LIBOR, TIBOR and EURIBOR!

It’s time the people of the western economies stand up and demand their crony capitalist lap dog politicians, and their crony capitalists leaders to “Show us the money!!!”

Business/Economics, International, U.S.

LIBOR: Barclays says order to rig rates came from Bank of England. Governments calling the shots!

“…unprecedented degree of government intervention in the financial system…..not the first time LIBOR had come up….It didn’t seem an inappropriate action given that it was coming from the Bank of England.”-Jerry del Missier, statements made to U.K. Parliament

16 July 2012, former chief operating officer of Barclays, Jerry del Missier, told a parliamentary committee that the ‘order’ to manipulate interest and currency rates came directly from the Bank of England!

The Bank of England (BoE) is the central bank of the United Kingdom, similar to the U.S. Federal Reserve Bank.  Missier referred to the “lowballing” order from central banks as “…a time when governments were tangibly calling the shots“.

Missier, from Canada, quit his job at Barclays just hours after chief executive, Bob Diamond, resigned.

The LIBOR scandal now involves dozens of Too Big to Fail banks around the western world, and Japan’s TIBOR and European Union’s EURIBOR. The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).

And don’t blame Obama, this started under the Bush Jr administration!

Check my blog for other LIBOR reports.

Business/Economics, International, U.S.

LIBOR: Geitner & Paulson knew of rate fixing! British banks confirm. More proof the Too Big to Fails destroyed the economy, and regulating officials went along with it!

“As much as $800 trillion in financial products are pegged to LIBOR, so any manipulation of this rate is of serious concern!”-U.S. Representative Randy Neugebauer, House Financial Services Subcommittee on Oversight and Investigations

14 July 2012, current United States Secretary of the Treasury, Timothy Franz Geithner, knew of illegal interest and currency manipulation by LIBOR while he was chairman of the Federal Reserve Bank of New York (a privately run bank).

According to recent reports, in 2008 a Barclays employee told Geitner “…we know that we’re not posting um, an honest…” rate. The unnamed employee then went on to explain that Barclays just wanted to “…fit in with the rest of the crowd.”

An interesting statement since Barclays is actually an international banking leader!

“I wish I could say I’m shocked, because it is shocking. But regulators have not been particularly effective or aggressive in the past two decades of finance.”-Frank Partnoy, University of San Diego School of Law

The latest reports say officials with the U.S. Federal Reserve Bank knew of such rate fixing back in 2007: “In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and e-mails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with LIBOR.”-New York Federal Reserve Bank statement

In April 2008, a Barclays employee told the New York Federal Reserve: “…where I would be able to borrow without question it would be higher than the rate that I’m actually putting in.”

Geitner notified government officials, including the U.S. Department of the Treasury (then run by Hank Merritt “Hank” Paulson Jr under President George Bush Jr). Seemingly no one was concerned, because nothing was done to stop it.

On 13 July 2012, the Bank of England (BoE) admitted to getting a letter from Geitner, back in June 2008. The letter kindly asks the British controlled LIBOR to “…eliminate incentive to misreport.”

BoE responded simply by saying Geitner’s request “seem sensible”.

Since last year, the number of Too Big to Fail banks being investigated has grown to several dozen! The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).

 

Business/Economics, International, U.S.

LIBOR: Too Big to Fail interest rate fixing investigation focusing on Japan’s TIBOR. EU officials been investigating quitely since last year! Bigger than first told, ever hear of EURIBOR? More proof the bad economy is the fault of the Too Big to Fails!

 “The story is quite shocking and brings us back to the banking industry’s most irresponsible behavior of the past!”– Joaquin Almunia, Vice-President of the European Commission, and Commissioner responsible for competition

14 July 2012, a top European Union official has admitted that the recent LIBOR scandal involving top British & U.S. banks, also involves top Japaneses and European banks, and government officials knew about it.

LIBOR, or London Interbank Offered Rate, is an interest rate charged to other banks, and is done on behalf of the British Bankers’ Association in London, England, U.K.

As of 2008 there were 60 international banks, including U.S. banks, beholden to the LIBOR.

Japan has their own version called TIBOR (Tokyo Interbank Offered Rate). The European Union has their version called EURIBOR (Euro Interbank Offered Rate).

EURIBOR is based in Belgium and involves at least 43 international banks.

EU Vice President, Joaquin Almunia, says his investigation into international interest rate fixing, as well as currency value fixing, began last year. It’s starting to look like the Too Big to Fails formed illegal cartels to favor a few and screw over the rest of us: “The alleged rate rigging is a major competition concern. This is why we started investigating a number of banks last year for their possible concerted manipulation of (interest rate) benchmarks such as LIBOR, EURIBOR and TIBOR, the Tokyo rate, for several currencies. The investigations have top priority because this sort of collusion can seriously harm competition worldwide and on our continent, in particular.”

In Japan the TIBOR scandal is making waves.  On 06 July 2012, it was revealed that in June the Royal Bank of Scotland (RBS) pulled out of TIBOR.  RBS is one of the banks under investigation.

UBS and Citigroup also withdrew from TIBOR earlier this year. They are also suspects.  As of 06 July there were three non-Japanese banks still involved with TIBOR; JP Morgan, BNP Paribas and Deutsche Bank.

On 13 July, it was reported in the Japanese news media that the Japanese Bankers Association began investigating how interest rates and currency manipulations are arrived at by TIBOR.

It was also revealed that Japan’s Financial Services Agency fined Citigroup and UBS for such manipulations, last year!  Japanese officials are saying that there’s no proof (so far) that Japanese banks were directly involved in illegal activities.

However, a top Japanese bank has put their London, U.K., employees on notice.  Bank of Tokyo-Mitsubishi UFJ has essentially put its two currency traders in London under house arrest!  The reason is that they are suspected of involvement in the British based LIBOR scandal.

Since last year, the number of Too Big to Fail banks being investigated has grown to several dozen! The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).

Check my blog for other LIBOR reports.

 

 

Business/Economics, International, U.S.

LIBOR: U.K. orders new investigation! Top three Japanese banks involved in international rate fixing! Bank governor admits banks are “deceitful”! More proof of Trilateral policies, & that the Too Big to Fails caused the economic mess!

“Your working hypothesis should be that every bank in the industry did some version of this same thing. There will be more to come.”-unnamed banking official in letter to British news media

02 July 2012, Marcus Agius, a chairman of evil British Empire’s Barclays has resigned.  Barclays recently settled with U.S. and U.K. regulators over the LIBOR scandal. The settlement was a pittance compared to the damage Barclays, and other banks caused.

The general public in Britain has been calling for Barclays boss, Bob Diamond, to resign as well.  Public officials are calling for criminal charges: “…when we’re setting up the National Crime Agency we should look at the record of the Serious Fraud Office. I suspect financial crime is easier to get away with in this country than practically any other sort of crime.”-Ken Clarke, Justice Secretary of United Kingdom

Barclays “systematically” falsified data to set the London Interbank Offered Rate, or LIBOR.  Regulators from Switzerland and U.K., are investigating at least 20 banks, including the top three banks in Japan (for fraudulent Tokyo Interbank Offered Rate or TIBOR), banks in Canada, U.S. and European Union!  Elites from Japan, North America and Europe are members of the private organization Trilateral Commission.

Mervyn King, Governor of the Bank of England, said LIBOR “is now dead”, and even called the very banking system he represents “deceitful”!  Now the British government is calling for a new independent investigation into the British banking system and LIBOR.

The amount of money manipulated by the LIBOR (and now TIBOR) scandal is estimated at more than $361 trillion USD!!!

Business/Economics, International, U.S.

LIBOR: Evil British Empire banks forced businesses to take on loan insurance, while they jacked up international interst rates! More proof the Too Big To Fails caused the economic crisis! More proof of Trilateral Commission operations!

29 June 2012, British news media reporting the LIBOR scandal isn’t over.  Not only was Barclays (and other British and U.S. banks) involved with manipulating international interest rates, but they also forced smaller businesses to buy loan insurance, “mis-selling” it as a way of protecting themselves from those high LIBOR interest rates!

Recently Barclays settled with the U.S. government over manipulation charges.  Barclays is the tip of the British banking empire LIBOR scandal iceberg, which dominates western economies.

Investigators say the LIBOR fixing took place from 2005 to 2009.  The scandal involved too big to fail banks in North America, Europe and Japan (the regional members of the Trilateral Commission).