waza Posted July 15, 2012 Share Posted July 15, 2012 Bankers are just crooks fiddling rates to make extra profit ..... Everybody knew about it but turned a blind eye .. ' blowing up ' you can't get much more 'up ' than the Fed . Why was it accepted .. New York Fed Knew of False Barclays Reports on Rates http://dealbook.nyti.../?smid=tw-share The Libor Scandal Explained http://www.accountin...mbers/libor.php Sure, right, quotes from those experts at Rolling Stone Magazine. Cool Man. The Federal Reserve Bank of New York has released documents that show it learned five years ago that the big banks were understating their borrowing costs to manipulate a key interest rate. The documents also show Treasury Secretary Timothy Geithner, who was then president of the New York Fed, urged the Bank of England to make the rate-setting process more transparent. A congressional panel requested the documents and is investigating manipulation of the London interbank offered rate (LIBOR) rate, which affects the interest people pay on loans................ The documents show correspondence from Barclays Bank to the New York Fed in 2007 indicated some major banks may have been trying to rig the rate. Then in April 2008, an employee of Britain's Barclays told the New York Fed the bank had underreported its borrowing costs to keep the key interest rate low. The employee explained that Barclays was understating its borrowing costs because other big banks were doing the same....... It isn't clear why Geithner didn't make his concerns public after he sent the email in 2008. Treasury spokeswoman Natalie Wyeth declined to comment on the subject on Friday. http://finance.ninemsn.com.au/newsbusiness/aap/8499151/fed-knew-of-barclays-rate-manipulation Link to comment Share on other sites More sharing options...
churchill Posted July 15, 2012 Share Posted July 15, 2012 Bankers are just crooks fiddling rates to make extra profit ..... Everybody knew about it but turned a blind eye .. ' blowing up ' you can't get much more 'up ' than the Fed . Why was it accepted .. New York Fed Knew of False Barclays Reports on Rates http://dealbook.nyti.../?smid=tw-share The Libor Scandal Explained http://www.accountin...mbers/libor.php Sure, right, quotes from those experts at Rolling Stone Magazine. Cool Man. and Why not ... anything to add ? What is your trusted !!!! news source Link to comment Share on other sites More sharing options...
churchill Posted July 15, 2012 Share Posted July 15, 2012 Bankers are just crooks fiddling rates to make extra profit ..... Everybody knew about it but turned a blind eye .. ' blowing up ' you can't get much more 'up ' than the Fed . Why was it accepted .. New York Fed Knew of False Barclays Reports on Rates http://dealbook.nyti.../?smid=tw-share The Libor Scandal Explained http://www.accountin...mbers/libor.php Sure, right, quotes from those experts at Rolling Stone Magazine. Cool Man. does it matter where the story , quotes come from .... U.S. Is Building Criminal Cases in Rate-Fixing http://dealbook.nytimes.com/2012/07/14/u-s-is-building-criminal-cases-in-rate-fixing/ Link to comment Share on other sites More sharing options...
yoshiwara Posted July 15, 2012 Share Posted July 15, 2012 Bankers are just crooks fiddling rates to make extra profit ..... Everybody knew about it but turned a blind eye .. ' blowing up ' you can't get much more 'up ' than the Fed . Why was it accepted .. New York Fed Knew of False Barclays Reports on Rates http://dealbook.nyti.../?smid=tw-share The Libor Scandal Explained http://www.accountin...mbers/libor.php Sure, right, quotes from those experts at Rolling Stone Magazine. Cool Man. and Why not ... anything to add ? What is your trusted !!!! news source Wish I could remember but just tore it up for a supply of roaches dude. Link to comment Share on other sites More sharing options...
MJP Posted July 15, 2012 Share Posted July 15, 2012 Bankers are just crooks fiddling rates to make extra profit ..... Everybody knew about it but turned a blind eye .. ' blowing up ' you can't get much more 'up ' than the Fed . Why was it accepted .. New York Fed Knew of False Barclays Reports on Rates http://dealbook.nyti.../?smid=tw-share The Libor Scandal Explained http://www.accountin...mbers/libor.php Sure, right, quotes from those experts at Rolling Stone Magazine. Cool Man. does it matter where the story , quotes come from .... U.S. Is Building Criminal Cases in Rate-Fixing http://dealbook.nyti...in-rate-fixing/ Oh, oooo . . . good! Remember that one way extradition treaty they have with the UK? You know, the one where they can take any British citizen, kidnap them and put them in some Texan jail. Expect many to be hauled out of London, place will be like a ghost town soon. Link to comment Share on other sites More sharing options...
yoshiwara Posted July 15, 2012 Share Posted July 15, 2012 Bankers are just crooks fiddling rates to make extra profit ..... Everybody knew about it but turned a blind eye .. ' blowing up ' you can't get much more 'up ' than the Fed . Why was it accepted .. New York Fed Knew of False Barclays Reports on Rates http://dealbook.nyti.../?smid=tw-share The Libor Scandal Explained http://www.accountin...mbers/libor.php Sure, right, quotes from those experts at Rolling Stone Magazine. Cool Man. does it matter where the story , quotes come from .... U.S. Is Building Criminal Cases in Rate-Fixing http://dealbook.nyti...in-rate-fixing/ Oh, oooo . . . good! Remember that one way extradition treaty they have with the UK? You know, the one where they can take any British citizen, kidnap them and put them in some Texan jail. Expect many to be hauled out of London, place will be like a ghost town soon. Once one realises the Libor process the more it is clear that the whole thing was archaic and liable to distortion. Link to comment Share on other sites More sharing options...
churchill Posted July 15, 2012 Share Posted July 15, 2012 'Once one realises the Libor process the more it is clear that the whole thing was archaic and liable to distortion. ' http://en.wikipedia.org/wiki/Libor http://en.wikipedia.org/wiki/Gold_fixing Link to comment Share on other sites More sharing options...
yoshiwara Posted July 15, 2012 Share Posted July 15, 2012 'Once one realises the Libor process the more it is clear that the whole thing was archaic and liable to distortion. ' http://en.wikipedia.org/wiki/Libor http://en.wikipedia....iki/Gold_fixing Quite different. The weirdness of Libor is that it is based on a 11am question based on an estimation that has no reference to settling at 0 after going round the houses. It is an average of the middle bunch within the 16. Barclays was considered to be in big shit in 2008 because their figures were high. The problem was not the setting of Libor but rather that Barclays were seen as being out on a limb. Most of the hoo-ha is a political bank-bashing exercise. Link to comment Share on other sites More sharing options...
flying Posted July 16, 2012 Share Posted July 16, 2012 Predator Nation by Charles Ferguson Link to comment Share on other sites More sharing options...
mccw Posted July 16, 2012 Share Posted July 16, 2012 "Mark Kleinman, City Editor of Sky News. The banks under investigation in the Libor rate-fixing scandal face combined losses of up to $42bn (27bn), far more than previous estimates, according to one of the City's leading equity research houses. I have obtained a confidential note sent to clients by Autonomous Research today which suggests that 16 banks face a financial hit that would potentially alter the economics of investing in the global banking sector. In its note, Autonomous (which is chaired by the former City minister, Lord Myners) warns that if Libor was under-reported (in other words, that banks' submissions were too low) by 2.2 basis points, it could trigger fines and litigation costs of as much as 27bn. Key Players In The Libor Email Trail "We estimate $37bn of potential damages for rates derivatives (across all currencies)... We estimate adding bank loan and money market fund lawsuits could add a further 14%, or $5bn to the overall damages, bringing the possible total to $42bn," its note said."" (From the sky news app so can't link I'm afraid) Link to comment Share on other sites More sharing options...
Naam Posted July 17, 2012 Share Posted July 17, 2012 this will blow up... the FED knew... involved banks face godzillion losses... CEOs hard labour 25 years to life or perhaps the gallows... yada yada cross-eyed Jesse i told you so... zero Dyler Turd hedge the end is nigh... world gold council fasten your seatbelts... Dorothy in Kansas in a month or two "Bubba! what the eff was that lyber thing some time ago?" Link to comment Share on other sites More sharing options...
mccw Posted July 17, 2012 Share Posted July 17, 2012 http://m.bbc.co.uk/news/business-18862393 Bare with it, the last couple paragraphs is the reason I post this. Link to comment Share on other sites More sharing options...
churchill Posted July 17, 2012 Share Posted July 17, 2012 I much prefer the Peugeot-Citroën designs to the boring Germans .... but if they are not selling then I think Hollande is going down the wrong route supporting jobs in a failing industry .. better to spend that money in creating jobs in new industries ... Link to comment Share on other sites More sharing options...
yoshiwara Posted July 17, 2012 Share Posted July 17, 2012 I much prefer the Peugeot-Citroën designs to the boring Germans .... but if they are not selling then I think Hollande is going down the wrong route supporting jobs in a failing industry .. better to spend that money in creating jobs in new industries ... The downside is that Hollande's policy will inhibit companies recruiting new staff. It will be self-defeating and in the grand Napoleonic tradition of digging holes and then filling them in. Link to comment Share on other sites More sharing options...
mccw Posted July 17, 2012 Share Posted July 17, 2012 Any chance a domino effect like pundits warn of on an eu level could happen on a regional level within itally I wonder? http://m.bbc.co.uk/news/world-europe-18874759 Eventually culminating in a national default /and, or bail out? Link to comment Share on other sites More sharing options...
mccw Posted July 17, 2012 Share Posted July 17, 2012 (edited) I much prefer the Peugeot-Citro뮠designs to the boring Germans .... but if they are not selling then I think Hollande is going down the wrong route supporting jobs in a failing industry .. better to spend that money in creating jobs in new industries ... Disagree on the cars but agree on the economics. However a little national favouritism, like awarding an infrastructure contract of marginally higher up front cost but for the incalculable boost in tax return and employment etc by using your own workforce and extended supply chain. But Hollande is too far for sure; will back fire horribly costing the tax payer a fortune. Surely anyone who wants a German motor can just drive it over the boarder. Targeted taxes, import duties, re established boarder points and customs? It's a slippery slope or useless and unenforceable money pit. Edited July 17, 2012 by mccw Link to comment Share on other sites More sharing options...
mccw Posted July 17, 2012 Share Posted July 17, 2012 http://m.bbc.co.uk/news/business-18857765 Some say speculators don't push up or affect prices much at all. But to my mind the extra "demand" of money in play by open market trading must have a huge affect of price. Why not stabilise things and find true price by only allowing trade by sellers and those taking actual delivery of the commodity? I guess because it would cut out the parasites. Global meltdown maybe short term exceedingly painful but could be a great opportunity also. Link to comment Share on other sites More sharing options...
yoshiwara Posted July 18, 2012 Share Posted July 18, 2012 http://m.bbc.co.uk/n...siness-18857765 Some say speculators don't push up or affect prices much at all. But to my mind the extra "demand" of money in play by open market trading must have a huge affect of price. Why not stabilise things and find true price by only allowing trade by sellers and those taking actual delivery of the commodity? I guess because it would cut out the parasites. Global meltdown maybe short term exceedingly painful but could be a great opportunity also. Ridiculous. Link to comment Share on other sites More sharing options...
khaan Posted July 18, 2012 Share Posted July 18, 2012 http://m.bbc.co.uk/n...siness-18857765 Some say speculators don't push up or affect prices much at all. But to my mind the extra "demand" of money in play by open market trading must have a huge affect of price. Why not stabilise things and find true price by only allowing trade by sellers and those taking actual delivery of the commodity? I guess because it would cut out the parasites. Global meltdown maybe short term exceedingly painful but could be a great opportunity also. Ridiculous. sensible Link to comment Share on other sites More sharing options...
yoshiwara Posted July 18, 2012 Share Posted July 18, 2012 http://m.bbc.co.uk/n...siness-18857765 Some say speculators don't push up or affect prices much at all. But to my mind the extra "demand" of money in play by open market trading must have a huge affect of price. Why not stabilise things and find true price by only allowing trade by sellers and those taking actual delivery of the commodity? I guess because it would cut out the parasites. Global meltdown maybe short term exceedingly painful but could be a great opportunity also. Ridiculous. sensible It is ridiculous primarily because it is never going to happen. Maybe in a Mad Max end of the world scenario so attracts the usual dreamers. Link to comment Share on other sites More sharing options...
ajarnpot Posted July 19, 2012 Share Posted July 19, 2012 If a depression in Europe truly brings the rest of the world down into it I want England to lead it. So move over Greece, I'll be having a word with the pm , I still beleive the rest of the world rotates around England, after all we invented time Link to comment Share on other sites More sharing options...
yoshiwara Posted July 19, 2012 Share Posted July 19, 2012 (edited) If a depression in Europe truly brings the rest of the world down into it I want England to lead it. So move over Greece, I'll be having a word with the pm , I still beleive the rest of the world rotates around England, after all we invented time That would be Dr Who, correct? No HG Wells The Time Machine precedes. Edited July 19, 2012 by yoshiwara Link to comment Share on other sites More sharing options...
BEENTHEREDONETHAT Posted July 19, 2012 Share Posted July 19, 2012 If a depression in Europe truly brings the rest of the world down into it I want England to lead it. So move over Greece, I'll be having a word with the pm , I still beleive the rest of the world rotates around England, after all we invented time If England is leading the world, they are doing a lousy job of it, when you look at the condition it is in. So when you talk with the PM let him know they have made a terrible mess of a nice place! Link to comment Share on other sites More sharing options...
ajarnpot Posted July 20, 2012 Share Posted July 20, 2012 This is my point exactly, we are letting the smelly greeks lead the way, when traditionally it should be the English. Time to nuke germany I beleive. Then we make the euro as valuable as a human hair. ta da, pioneered the way to global depression, no more germans, smelly greeks not tyhe focus of attention. German thing is important though, having lost 2 WW its about time someone attacked the buggers pulled them up short and said not so fast sonny ( since it is a young place) 2 world wars now a sneaky attempt to rule the continent. Also the English Must have invented time, that wouldbe why the whole world is using a time based on Greenwich mean time, the whole world is either behind or in front of England time. + 7 hours GMT etc. Well thats my pennies worth, any more wisdom from me and I will charge Link to comment Share on other sites More sharing options...
Naam Posted July 20, 2012 Share Posted July 20, 2012 This is my point exactly, we are letting the smelly greeks lead the way, when traditionally it should be the English. Time to nuke germany I beleive. Then we make the euro as valuable as a human hair. ta da, pioneered the way to global depression, no more germans, smelly greeks not tyhe focus of attention. German thing is important though, having lost 2 WW its about time someone attacked the buggers pulled them up short and said not so fast sonny ( since it is a young place) 2 world wars now a sneaky attempt to rule the continent. Also the English Must have invented time, that wouldbe why the whole world is using a time based on Greenwich mean time, the whole world is either behind or in front of England time. + 7 hours GMT etc. Well thats my pennies worth, any more wisdom from me and I will charge who'd give pennies (plural) for your kind of "wisdom"? Link to comment Share on other sites More sharing options...
lannarebirth Posted July 20, 2012 Share Posted July 20, 2012 You know, he makes a good point: http://edition.cnn.com/2012/07/19/business/imf-economist-letter/index.html?hpt=ibu_c1 Link to comment Share on other sites More sharing options...
mccw Posted July 20, 2012 Share Posted July 20, 2012 http://m.bbc.co.uk/news/business-18858444 Nestl頣hief sights the "financialisation" of food markets as one of the major contributing factors sustaining higher prices and especially their greater volatility. Link to comment Share on other sites More sharing options...
Naam Posted July 20, 2012 Share Posted July 20, 2012 You know, he makes a good point: http://edition.cnn.c...html?hpt=ibu_c1 what's new that any IMF, Worldbank et al position with high responsibility is a result of political horsetrading without any regard as far as the qualifications of any political appointee are concerned? but that does not mean that Lagarde, the former French minister for economics and finance is not qualified and it does not mean that the IMF could have or can save the €UR without involving the European Union. i therefore totally disagree with The institution's lack of decisive action, Doyle says, has left "the second global reserve currency (the euro) on the brink." Link to comment Share on other sites More sharing options...
Naam Posted July 20, 2012 Share Posted July 20, 2012 http://m.bbc.co.uk/n...siness-18858444 Nestl頣hief sights the "financialisation" of food markets as one of the major contributing factors sustaining higher prices and especially their greater volatility. using grains to produce bio fuel is a crime! Link to comment Share on other sites More sharing options...
mccw Posted July 21, 2012 Share Posted July 21, 2012 ^ I agree. On the crises: http://mobile.bloomberg.com/news/2012-07-20/european-bailout-bid-gets-vote-of-no-confidence-as-markets-drop.html Can kicking no longer working. Beginning of the end? Link to comment Share on other sites More sharing options...
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