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Does Libor Manipulation Deserve The Death Penalty?

Tyler Durden's picture




 

Bloomberg's William Cohan released a provocative piece last night, headlined by the even more provocative "UBS Libor Manipulation Deserves the Death Penalty." We can only assume that Cohan is being metaphorical - after all, despite the rare occasional recent criminal charge no one has still gone to prison for the biggest coordinated manipulation of a benchmark fixed income market for years: something previously relegated to the fringes of crackpot conspiracy theories - after all, so many people were in on it, how can they possibly all keep their mouths shut - you know, the usual excuse against massive conspiracy theories, at least until they become conspiracy fact. Yet one wonders: will current and future ongoing market manipulations ever cease when there is no real deterrent: after all spending a few years in jail is certainly worth a few million in ill-gotten proceeds, even assuming the termination of a career in finance. Is Cohan being rhetorical? Or has the time for some true vigilante justice finally come? Because in a world increasingly best portrayed by the 2009 movie "The International" where one has to "go outside" a captured legal system to get real justice, is vigilantism eventually coming to every town near you, once the money illusion ends? And a bigger question - is this the main preemptive reason for the gun control push seen so vividly in recent days and months?

Via Bloomberg:

There is no point in mincing words: UBS AG (UBSN), the Swiss global bank, has been disgracing the banking profession for years and needs to be shut down.

 

... On Dec. 19, the bank paid $1.5 billion to global regulators -- including $700 million paid to the CFTC, the largest fine in the agency’s history -- to settle claims that for six years, the company’s traders and managers, specifically at its Japanese securities subsidiary, manipulated the London interbank offered rate and other borrowing standards.

 

...

 

The same day of UBS’s global settlement, which included the Japanese subsidiary pleading guilty to fraud, two former UBS traders, Tom Hayes and Roger Darin, were sued by the Justice Department and charged with “conspiring to manipulate” Libor.

 

Benchmark Manipulation

 

... “They defrauded the company’s counterparties of millions of dollars. And they did so primarily to reap increased profits, and secure bigger bonuses, for themselves.”

 

To see the level to which UBS employees descended, one need look no further than their written communications, as per U.S. prosecutors’ document dump. “Mate yur getting bloody good at this libor game,” one broker told a UBS derivatives trader. “Think of me when yur on yur yacht in monaco wont yu.”

 

But, then again, UBS and bad behavior have become nearly synonymous. During the financial crisis, UBS took writedowns totaling some $50 billion, prompting the company to produce a 76-page, single-spaced, Orwellian transparency report. ...

 

In February 2009, UBS entered into a deferred-prosecution agreement with the Justice Department and admitted to helping American taxpayers defraud the Internal Revenue Service. UBS agreed to provide the names of some clients whom it had helped to avoid U.S. taxes and to pay a fine of $780 million.

 

Then, last month, came the conviction of former UBS “rogue” trader, Kweku Adoboli, on charges that he hid trading losses totaling more than $2.3 billion. The U.K.’s Financial Services Authority fined UBS some $47 million and charged that its oversight of London traders was too trusting. The bank seems more than a little out of control.

 

...

 

‘Wash Trades’

 

It found that unidentified UBS traders entered into “wash trades” -- described as “risk-free trades that canceled each other out” and had no commercial rationale -- in order to “facilitate corrupt brokerage payments” to three individual brokers at two other firms.

 

In a Sept. 18, 2008, telephone conversation, Hayes promised that if one broker kept the six-month Japanese yen Libor unchanged for the day, he would in exchange “pay you, you know, 50,000 dollars, 100,000 dollars ... whatever you want ... I’m a man of my word.” Lovely.

 

...

 

Hayes repeated his request for a “low” submission on the three-month Japanese yen Libor. Darin messaged back: “as i said before - i dun mind helping on your fixings, but i’m not setting libor 7 [basis points] away from the truth i’ll get ubs banned if i do that, no interest in that.” Darin eventually submitted a Libor rate two basis points less than the “unbiased” figure of 0.69 percent.

 

In levying the record $700 million fine, David Meister, the CFTC’s director of enforcement, said that “when a major bank brazenly games some of the world’s most important financial benchmarks, the CFTC will respond with the full force of its authority.” That’s good as far as it goes, and the CFTC is to be commended for rooting out the global Libor manipulation scandal.

 

But an even more emphatic message needs to be sent to UBS by its prudential regulator in the U.S.: You are finished in this country. We are padlocking your Stamford, Connecticut, and Manhattan offices. You need to pack up and leave. Now.

 

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Mon, 12/24/2012 - 10:55 | 3092736 So Close
So Close's picture

Yes.

Mon, 12/24/2012 - 11:02 | 3092757 nugjuice
nugjuice's picture

The better question is what other banks also deserve this? If you think UBS is the only bank engaging in this kind of activity I have a $100mm derivative I can sell you that can't lose. It's net zero exposure with a guaranteed 10% return. Just send me a check.

Mon, 12/24/2012 - 11:24 | 3092805 Zer0head
Zer0head's picture

at the risk of repeating

 

They threw this old guy into jail for a year and a half just last week.

His crime

In the middle of fucking nowhere in the Mojave Desert of California, on land that he owned, he built himself a house out of old telephone poles.  His crime.. didn't get a building permit so now he's in jail.

 

http://www.latimes.com/news/local/la-me-phonehenge-jail-20121223,0,59281...

 

meanwhile a fifty three year old respectable member of California Highway Parol (CHP) just retired with a lump sum half million dollar payout and an annual pension of just under $200,000 per year

http://www.bloomberg.com/news/2012-12-17/highest-paid-california-trooper...

Mon, 12/24/2012 - 11:35 | 3092847 IamtheREALmario
IamtheREALmario's picture

As far as I can tell, governments always become drunk with power and get corrupt (governments are characterized by the people who make up the governments ... and so some easy assumptions can be made about the people and their nature). That is the way it has always been throughout history. A good question would be: "Why?"

As for this instance, my guess is that the governmental people in question made some deal with some cohorts to make sure the prison system is full so that they can share in the wealth they parasitically live off. This is the most rational of explanations, IMO.

Governments have always survived by dividing the people and hiring some and then overpaying them to work against what is perceived for humanity ... hence the CHP dude and most likely many other compromised minions who are parasites on society. The question is then: "Do we need these parasites to help us move along in our development or are they slowing us down?"

Mon, 12/24/2012 - 12:12 | 3092964 urwright
urwright's picture

better question might be if folks even want to evolve

and if they do not want to does it give them the right to choose what kind of devolvolution they get to participate in?

 

Mon, 12/24/2012 - 12:17 | 3092977 Stackers
Stackers's picture

We should do worse to a banker than kill them.

We should take all their money.

Like in the good old days when principals and officers of financial institutions were personally liabel in company bankruptcies.

End the bailouts and make em put some financial skin in the game

Problem solved.

Mon, 12/24/2012 - 12:27 | 3093009 Tortuga
Tortuga's picture

Hey, this is America, Land of Opportunity, do both.

Mon, 12/24/2012 - 12:46 | 3093059 eatthebanksters
eatthebanksters's picture

Gethner first!

Mon, 12/24/2012 - 16:21 | 3093549 Urban Redneck
Urban Redneck's picture

The US is also the land of USELESS EATERS voting themselves more free iCrap (the symbiotic beneficiary of LIbor-rigging bankster greed).

Care to also install gas chambers for those who fall off the 99-week cliff?

Mon, 12/24/2012 - 17:35 | 3093715 Freddie
Freddie's picture

Anyone who testifies for LieBor scandal will have their kid drugged and turned into a mass murderer.  So they can murder more innocents to get guns banned.

F TV and F Hollywood are backing it.

Mon, 12/24/2012 - 12:19 | 3092984 Banksters
Banksters's picture

This country is fucked.   

Mon, 12/24/2012 - 11:21 | 3092807 urwright
urwright's picture

typical article here.

describe a serious problem in all seriousness.

and come up with a T.I.N.A. solution.

why the fuk is no one talking about interest rates in anything any government does as illegal and making it illegal for any government to borrow?

stolkholmsyndrome if you ask me as everyone here is a gitdamnedmutherfukinnaggerslave to their $

get what you deserve and never like it? look in the mirror and say "i am a nagger"

feel better?

Mon, 12/24/2012 - 11:38 | 3092852 IamtheREALmario
IamtheREALmario's picture

People here understand that money is the newest version of slavery. It works better than a whip when people "think" they are free or that they can earn their freedom, if only they had some more money.

People may not be smart enough or developed enough yet to "understand" ... and mass slaughtering intellectuals every purge does not help.

Mon, 12/24/2012 - 11:59 | 3092915 urwright
urwright's picture

when i, the dogs, or the drunk pukes - it is a good thing

when old growth burns violently to the ground and blackens a forest - years later it is strongest as seeds there back then were on most fertile soil

purge and burn - good things in nature

just would you seed the results with a GMO seed created with viruses to "protect" it from certain aspects of mother nature?

that is what you naggers and your naggers before you have ever done - protect yourself from that which gives you everything

fuk everyone of US as that is all we will do to all else until there is the ability to see FAIL for what it is

it is the ultimate success in finding what does not work - all Tyler and most here do is nag for a different GMO seed that will shift the problems instead of just allowi g problems

Mon, 12/24/2012 - 13:32 | 3093208 viahj
viahj's picture

talk is cheap, so are matches

Mon, 12/24/2012 - 12:24 | 3092995 Tortuga
Tortuga's picture

Based on previous revelations, it's all of the TBTF banks and the FED.

Mon, 12/24/2012 - 15:15 | 3093489 A Nanny Moose
A Nanny Moose's picture

This is essentially the manipulation of the price of money, yes? Why isn't Shouldn't central banks be charged as well?

Mon, 12/24/2012 - 12:48 | 3093064 JustObserving
JustObserving's picture

Does Libor Manipulation Deserve The Death Penalty?

Along with gold and silver price manipulation.  

Mon, 12/24/2012 - 14:11 | 3093302 toady
toady's picture

We were just debating crime & punishment yesterday. I'm evolving around to an eye for an eye, since this arbitrary death penalty stuff isn't working.

Sandusky & pedifiles? Strap them into that 'burn before reading' fucking machine and let it run till they are dead. These mass shooters? Shoot off their fingers, toes, wrists, ankles, etc. Have doctors keep them alive as long as possible.

Bankers? I don't know... death by 1000 paper cuts?

It's looking like that is the only way to deter these criminals

Mon, 12/24/2012 - 15:39 | 3093537 Radical Marijuana
Radical Marijuana's picture

THe original gold and silver standard money, both in ancient Greece, and in earliest America, had the death penalty as the punishment for corrupting that money.

Mon, 12/24/2012 - 16:52 | 3093653 Shigure
Shigure's picture

During Sir Isaac Newton's time as warden of the Royal Mint, counterfeiting the currency was high treason.  Offenders were hanged, drawn and quartered.

http://en.wikipedia.org/wiki/Isaac_Newton

Under the heading "Counterfeiters"

Mon, 12/24/2012 - 16:29 | 3093614 HowardBeale
HowardBeale's picture

If I had nothing left to lose and I weren't afraid to go to jail I would be one of those vigilantes; and I'm relatively sane (as near as I can tell from my normal life among friends and family) other than my wish for a sudden wave of dead Wall Street Bankers to wash away every other headline on every publication with the joyous, shouting-out-with-glee- notification that bankers are, indeed, dead. I can't see any way that with all the people who have nothing left to lose, the number of "insane" people out there, the fact that most vigilantes would be justified--and heroes! in the eyes of a few billion people around the planet--yes, I can't see one single way that it doesn't happen. Matter of time before the headline reads: "99 Wall Street CEOs Slaughtered at Private Confrence."

Mon, 12/24/2012 - 22:56 | 3094108 ball-and-chain
ball-and-chain's picture

Nothing deserves the death penalty.

What we need to do is just follow the laws that are on the books.

We don't need another French Revolution.

http://www.angrysinner.blogspot.kr/2012/12/yesterday-i-hiked-five-miles-...

Mon, 12/24/2012 - 10:56 | 3092737 a growing concern
a growing concern's picture

At least they haven't outlawed rope and lamp posts. Yet.

Mon, 12/24/2012 - 11:07 | 3092768 CPL
CPL's picture

No clue why you were junked.

 

Historically it's the technology of choice for the mob.  The french got all fancy with the guillotine, but the process was the same.

 

Round up every man, woman and child tied to the family name.  Then it's a short drop with a quick stop, usually in a public forum to allow witnesses.  Head on a pike is the decoration after the fact.

Mon, 12/24/2012 - 11:43 | 3092856 Ignatius
Ignatius's picture

"The French got all fancy with the guillotine..."

I have a theory that this is one of the reasons why there's an ongoing meme against the French  as 'cheese eating', 'surrender monkeys', etc..  The elites are fully aware that the French people rose up en mass and killed the elites (bankers, aristocrats, et al) during the 'Reign of Terror'.  The French were there with their navy for the US when we were declaring our independence from the Brits.

Of course, the other part of the theory is that the French can be insufferably rude and self-righteous snobs but, hey, no one's perfect, right?

The US has been taken control of by the Wall Street crime syndicate among others.  See HSBC money laundering settlement for the details.

Mon, 12/24/2012 - 12:14 | 3092950 CPL
CPL's picture

The french are pretty easy going.  

Entire culture built on fine wine, cheese, fantastic breads, afternoon naps and having extra-martial's to have a bit of fun on the side.  

Now ask yourself, what it took to piss off an entire population of typically relaxed people to construct a tool to twist the passing for all the elite and the bankers class (they were bricked as well along with high courts and high rank military that were replaced).  It was a doctor, a man of healing that invented it.

 

That's how angry people were.  A man of medicine (although the term medicine is more of a abstract in the 1700's).  It took a pissed off doctor that lost everything, his family to starvation, his family home, the land he grew his food taken for some frivolous nonsense.  Somehow the good doctor could not bring himself to say "C'est la vie" once more and invented a perfect machine to kill.

 

The blade removes the head so fast that the nervous system doesn't shut down the head.  So for three minutes every head on the basket got to hear, see and taste the final minutes of their lives.  Men, women and children.  Some people took pity on the children and would brain them with a blacksmith's hammer to save them the terror of it.

That's how pissed the good doctor Joseph Gullotine was.  He built a machine and wanted them to feel and see everything before their brains died from a lack of oxygen.  He built three minutes of terror, then eight minutes of insanity while the brain starved for oxygen starts misfiring synapses.  All the meanwhile being aware of what's happening because the lack of signals from the body to shut down the brain to avoid just that.

 

Personally I don't think we should have statues of founding members of any sovereign nation surrounding a government building.  A guilotine should be erectd in front of every court house, parliment, congress, places of political decision making just to remind those given the power what happens when they fuck up badly.  It puts things in perspective for those that wish to rule that trust is a very thin thread and broken easily one the line is crossed.

Mon, 12/24/2012 - 12:26 | 3092986 Ignatius
Ignatius's picture

Thanks for the History lesson.

Horrifying, but I up-voted nonetheless.

 

 

Mon, 12/24/2012 - 14:34 | 3093364 CPL
CPL's picture

lol, thanks bud.

 

 

Mon, 12/24/2012 - 12:23 | 3092989 Tortuga
Tortuga's picture

Wow. That sounds like it would be, justifiable, after all the misery caused by the banksters, lawyers and their ho politicians. It would give them time to reflect on their Cayman Islands hidden funds that they will not be spending or inheriting.

Mon, 12/24/2012 - 12:59 | 3093094 spinone
spinone's picture

Unfortunately, there would be insufficient blood pressure to preserve consciousness in a decapitated head, just like fainting. More likely, the impact of the blade on the spine would cause unconsciousness on its own.
Any expressions or eye movements mistaken for consiousness were involuntary twitches.

Mon, 12/24/2012 - 13:33 | 3093204 CPL
CPL's picture

One of the many clerks of the revolution, which were also clergy attempting to obtain last confessions; noted that most of the heads were conscious, eyes moving, focusing and reacting to movement and light stimulation, ears wiggling.  Some would attempt to speak, but with no vocal cords or air the french invented a term.  

 

Gaping.  Jaw moves, nothing comes out.  One women was to have said to be screaming before during and after because the weight came down wrong and only cut most of her neck off.  The head collectors though knew when the head was dead though. Qui Louche.  Or french for cockeyed.  

 

Of course the crime of being spoiled royalty was nothing to what was done to bankers that enabled the country to ruin and the introduction of Napoleon.  The bankers were skewered with a white hot poker and trotted around in parades when they caught one.  Their wives, children, cousins, anyone that profited by their family banking name, got the pear which is slightly more menacing than it sounds.  The military commanders were spindled (guts pulled to length) then tied to horses along with rope and quartered.  The quartered bodies would be buried in separate locations so what family that managed to escape never knew where there dead were buried.  

How's that for a "fuck you".  Honoring dead warriors is something we've always done in all cultures in all societies as humans.  Offer homage and a place to honour warriors in our society.  That's how pissed they were.  They gave those running the military like their piggy bank no home for rest.

All punishments given out were as described in Dante's Inferno.  Every caste had their own ring of hell of punishment to be delivered as described by a religious, wacked out, long dead Italian Catholic.

Again...it got so bad a country renowned for it's love of love and the good things in life, they stopped what they were doing.  Then relearned the art of torture and destruction for a single focused purpose.  The complete removal of an entire social cast.  The french weren't the only ones either.  Hundreds of examples in history.  The theme is fairly consistent though.  Couple of missed meals is all it takes.

 

Mon, 12/24/2012 - 21:59 | 3094036 Anusocracy
Anusocracy's picture

Rhesus macaque monkeys have a similar behavior, suggesting a genetic basis.

The hunter-gatherer behavior is the earliest in man and liberals seem to be more inclined towards violent overthrow.

Mon, 12/24/2012 - 23:13 | 3094126 CPL
CPL's picture

The answer is Futue Te?

 

You don't seem to understand that these weren't "liberals" or "conservatives".  They were mostly chatle, peasants or family vassals.  A "free" man was not possible at all unless earning it by service in some way and procuring a title and land.  If someone managed to get one and live past their 40th birthday.  We couldn't begin to imagine the foul shit they would have to get to it.  Most common method was joining the army btw and pray you didn't die of disease, food poisoning, starvation, elements.  If you managed to stand out as the biggest psychopath (we are talking men that used swords mostly and their kills were in the hundreds up close) AND kept your limbs, then played the political court games, you might get to grab at the gold ring.  But during Louis's reign, nobody got the golden ring, more like the lead ring.

They were living a life that was slightly harder than being a refugee in Sub-sahara without some fruit loop begging for money on infomercials for them.  If they died, too bad.  The idea that you and I were granted a heritage of kings is laughable, maybe our ancestor acted as a spunk recepticle for a passing nobel, as was common enough.  Our ancestors were little more than cattle to these people.  Liberia would have been a fun summer spot to hang out on a toxic beach to escape the human effluent that flowed in the streets along with disease and bodies.

So current conventions don't apply at all.  If they ever did.  Politics is closer to the sale and consumption of soda pop than it is about maintaining any type of fundemental philosophy.  I am skeptical of any offered platform.  Liberal ideology to sell tshirts of che guevra and further drive the attempt to collapse society faster with more debt.  Conservative ideology to sell colouring books of flags to settle dull minds but everyone is going to pay their debts...in money that is backed with nothing but another IOU.

This isn't a left or right problem, it's well and beyond that point.   This is now a question of balance.  Not control.  Control is an illusion and a lie.  Regardless if you are TPTB or the mob settling in for a violent overthrow.  The sense of control in the situation of either party is an illusion and a lie.    

You can only be in balance.   Philosophers have discussed the point in all languages through out time.  

Tue, 12/25/2012 - 15:11 | 3095009 Anusocracy
Anusocracy's picture

There are reasonably large differences between the morality of liberals, conservatives, and libertarians.

The development of differing moralities is what allows people to sort themselves into different political factions. The current conventions are names that basically apply to different concepts of survival.

The indignation some posters express here is moral high dudgeon - someone stepped on their moral toes.

If the threat to their morality (concepts promoting survival) becomes severe enough, they will attack, much like a cornered rat would.

Mon, 12/24/2012 - 15:05 | 3093461 Mesquite
Mesquite's picture

Worth re-logging in for...Thanks..

Mon, 12/24/2012 - 15:51 | 3093558 WillyGroper
WillyGroper's picture

May I order some "Freedom Fries" with that?

Tue, 12/25/2012 - 05:33 | 3094357 resurger
resurger's picture

Fuck CPL!!+1

Mon, 12/24/2012 - 13:47 | 3093243 jackinrichmond
jackinrichmond's picture

as a non-amerikan, i often wonder why the french are tagged as such by the msm..  the french supplied guns & ammo for the american revolution against the british.  now, the british are the good guys and the french are losers?   i don't get it.   

Mon, 12/24/2012 - 14:28 | 3093336 CPL
CPL's picture

See the weird thing about France and the French is they never apologise for who they are.  Ever.  For good and for bad.  They are French, that is that.

To be French as far as the french are concerned is the way to live.  And are happy enough with it that they don't get pushy with it (that's why a super nationalistic France scares the crap out of me, it means that model is very broken and France is in big trouble).  The term Bon Vivant.  Or 'one who lives well' is how people aim to live their lives.  It sounds odd.  But enough is enough.  Don't need to make more, when enough is enough.

Since the French have great wine, great liquors from the orchards that still cover France, great cheeses, fantastic breads, Amazing food, culturally accepted extra-marital affairs, some awesome writers and some great art to look at.  I would think everyone else outside of France was a complete moron as well.  

The french have the secret to their happiness.  Take it easy and enjoy it while you are here, hence the french fatalistic fixations in poems/art/tv/comics.  If you are French, it is very sad for you if you die because you don't get to live well anymore.  They are dark optimists.  The Gaelic/Gaulish tradition sharing the harvest that is bred to the bone for millenia.

It doesn't translate well in English because English is a minestrone of about thirty languages today (that however is another topic altogether, which is super interesting).  

Mon, 12/24/2012 - 16:34 | 3093625 Freddie
Freddie's picture

Thanks for the info.  I do not dislike the French.  Their intelligence agencies call London - Londonistan. I never knew the gullotine was designed for that reason.  Beyond horrifying.  like you said - they were pissed off.

The only thing I don't understand is the French's love for Jerry Lewis.

http://www.youtube.com/watch?v=I8NCvn8LtCc

Mon, 12/24/2012 - 17:10 | 3093666 CPL
CPL's picture

It's been described in books I've read, as the most awful love letter built for a doctors wife.  

 

The french love double meaning in language and in life.  Jerry Lewis always played the tragic optimist.  Life threw lemons at him in movies, and he made the best of it with a smile and friends.  If you notice in his movies, he always got the girl and life carried on to live it well.  lol  He is also a quirky guy in real life.  He's an inventor and most of the modern TV, Radio and INternet can thank him for all the processes and equipment that makes making TV easy today.  He didn't get rich from movies, he got rich by engineering better solutions where there was a demand.  Like Graham Bell, Jerry Lewis is a genius level master of hundreds of engineering patents. 

 

Personally I'm a marx brothers guy.  Harpo is the master there, the guy that doesn't talk at all and won't shut up about everything.

Mon, 12/24/2012 - 15:03 | 3093457 hawk nation
hawk nation's picture

Its the line from unforgiven. im going to kill you and all your family and all the friends of your family

Mon, 12/24/2012 - 23:17 | 3093578 CPL
CPL's picture

It's also Biblical.

 

Saul didn't fuck around with dealing with problems.

Mon, 12/24/2012 - 11:40 | 3092851 Pegasus Muse
Pegasus Muse's picture

Doesn't one of Amerika's Great Political Traitors work for UBS?  Went there after leading the charge in the senate to gut Glass-Steagall Act. 

It is a good thing that Treason is a hanging offense without a statute of limitation.    

====

As of 2009, Gramm is employed by UBS AG as a Vice Chairman of the Investment Bank division. UBS.com states that a Vice Chairman of a UBS division is "...appointed to support the business in their relationships with key clients."[34] He joined UBS in 2002 immediately after retiring from the Senate.[35]

http://en.wikipedia.org/wiki/Phil_Gramm 

Mon, 12/24/2012 - 14:30 | 3093352 CPL
CPL's picture

For a reason.  Someone placed a society in harms way it should not be forgotten or forgiven.  The story is repeated too often in history with the outcome costing everyone something.

Mon, 12/24/2012 - 17:34 | 3093713 11b40
11b40's picture

Yes.  A bigger scum bag would be hard to find in normal times, but we had 3 from Texas all at once.  Tom Delay, Phil Gramm, and Dick Armey.  These fools did untold harm to America, and only one was ever prosecuted.

Oh, and that extended family thing in "off with theri heads" would help rid the world of Gramm's wife Wendy.  Another good thing.  If you are not familiar with her, Google Wendy Gramm Enron for your reading pleasure.  Here is just a small sampling of what you will find:

"Dr. Wendy Gramm, in her capacity as chairwoman of the Commodity Futures Trading Commission (CFTC), exempted Enron’s trading of futures contracts in response to a  request for such an action by Enron in 1992. At the time, Enron was a significant source of campaign financing for Wendy Gramm’s husband, U.S. Senator Phil Gramm.

 Six days after she provided Enron the exemption it wanted, Wendy Gramm resigned her position at the CFTC. Five weeks after her resignation, Enron appointed her to its Board of Directors, where she served on the Board’s Audit Committee. Her service on the Audit Committee made her responsible for verifying Enron’s accounting procedures and other detailed financial information not available to outside analysts or shareholders.

 Following Wendy Gramm’s appointment to Enron’s board, the company became a significant source of personal income for the Gramms. Enron paid her between $915,000 and $1.85 million in salary, attendance fees, stock option sales and dividends from 1993 to 2001.  The value of Wendy Gramm’s Enron stock options swelled from no more than $15,000 in 1995 to as much as $500,000 by 2000."

 

Mon, 12/24/2012 - 18:38 | 3093802 Freddie
Freddie's picture

Don't forget that Paul Krugman was on Enron's payroll.  Wendy/Phil Gramm are evil scum like Krugman.

Mon, 12/24/2012 - 12:06 | 3092945 Winston Churchill
Winston Churchill's picture

I would prefer piano wire and lamposts,and a two inch drop.

Mon, 12/24/2012 - 10:56 | 3092738 mrktwtch2
mrktwtch2's picture

no since the public was not hurt by this..when are you guys going to wake up and realize how the game is really played "now your not dumb enough to beleive we live in a democracy"  gordon geko to bud fox 1987 wall street..

Mon, 12/24/2012 - 10:56 | 3092740 lakecity55
lakecity55's picture
Does Libor Manipulation Deserve The Death Penalty?

yes.

Mon, 12/24/2012 - 13:32 | 3093207 eatthebanksters
eatthebanksters's picture

Why do you think TPTB want gun control?

Mon, 12/24/2012 - 14:25 | 3093338 AE911Truth
AE911Truth's picture

The FED devaluing the currency, supressing the price of money is also a crime per the US Constitution, wherein the punishment is also specified.

Yet, supressing the price of Silver has been public policy of the US Government since 1965.

Quote from President Johnson remarks while signing Coinage Act 1965:

"If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content. "

Source:
http://www.presidency.ucsb.edu/ws/index.php?pid=27108

Thank you GATA for finding and presenting this fact.

Mon, 12/24/2012 - 17:03 | 3093662 Freddie
Freddie's picture

LBJ - the same evil f***** who gave us the Vietnam War so he could get even richer.  Also gave us the parasite class who voted for the islamic.   hopefully LBJ and McNamara are burning in hell like Dante's Inferno.

Mon, 12/24/2012 - 17:37 | 3093718 11b40
11b40's picture

Along with Nixon, and holding a place for Kissinger, right Freddie?

Mon, 12/24/2012 - 18:48 | 3093807 Freddie
Freddie's picture

Kissenger no doubt.  Nixon maybe gets purgatory.   No he sucked but he did not get very very rich of the Vietnam War like LBJ.  Nixon left office broke.  LBJ was the second wealthiest ex-President after G Washington.  Washington owned huge tracts of land in VA.  Inflation adjusted, Washington would be a billionaire.

Nixon probably deserve it for taking us off the gold standard.  BTW - LBJ and his cronies whacked JFK.  Vietnam was just too much damn money for LBJ to pass up and the Kennedys were in the way.

Mon, 12/24/2012 - 10:58 | 3092742 Cognitive Dissonance
Cognitive Dissonance's picture

"Yet one wonders: will current and future ongoing market manipulations ever cease when there is no real deterrent:...."

Not only is there no deterrent, but the economic system is now entirely dependent upon exponentially increasing manipulation. The addict is thoroughly hooked.

Cold turkey is the only solution here and the ugly truth is that the vast majority don't want "it", regardless of how angry they become with the oftentimes blatant corruption.

Mon, 12/24/2012 - 11:03 | 3092761 malikai
malikai's picture

With some advanced addictions and degraded health, cold turkey means death.

Mon, 12/24/2012 - 11:16 | 3092783 Cognitive Dissonance
Cognitive Dissonance's picture

Then so be it.

I find it interesting that this is precisely the excuse used for the increasingly terrible acts perpetrated by the US (to name just one) government, corporations and shadow controllers. Get the person hooked on economic crack and then carefully explain that to force the addict to withdraw from the crack is life threatening, thus to do so is effectively a cruel and unusual punishment. This explanation serves to justify and rationalize keeping the addict hooked AND enslaving the following generations.

This is evil incarnate.

Mon, 12/24/2012 - 11:29 | 3092828 malikai
malikai's picture

Indeed.

I just hope the coroner correctly attributes COD.

Mon, 12/24/2012 - 11:53 | 3092904 Salon
Salon's picture

Bush did it.

Uhhhh..... And free markets.

Forward!

Mon, 12/24/2012 - 11:47 | 3092858 DaveyJones
DaveyJones's picture

You remind me of that scene from THe Bad Lieutenant with Harvey Keitel where the aging corrupt cop is snorting crack at an elephant's pace and the young kid says man slow down that shit will kill you, Keitel snaps around and says what are you? a fucking drug counsellor? no you're a fucking drug dealer, so shut the fuck up.

That's what this Christmas is all about Charlie Brown

and again, happy holidays 

Mon, 12/24/2012 - 12:31 | 3093018 Ignatius
Ignatius's picture

Dependent classes divided in two = control mechanism.

Thanks, CD, always insightful.

Mon, 12/24/2012 - 11:17 | 3092784 jayman21
jayman21's picture

With some advanced addictions and degraded health, cold turkey means death.

 

Then let the creative destruction begin....

Mon, 12/24/2012 - 11:20 | 3092800 GMadScientist
GMadScientist's picture

Also not cold turkey means death.

 

Mon, 12/24/2012 - 10:58 | 3092743 williambanzai7
williambanzai7's picture

Phil Gramm's gangsta homeboys in the TBTF Hood.

Mon, 12/24/2012 - 11:00 | 3092749 Seasmoke
Seasmoke's picture

People are already being killed because of it.

Mon, 12/24/2012 - 11:01 | 3092750 fuu
fuu's picture

I heard that this isn't really a good example of market manipulation since the bank hurt itself while hurting others, it's an easy fix, and no one is responsible for their behavior because they are foxes.

What we really need is a Manipulation Caesar.

Mon, 12/24/2012 - 11:01 | 3092755 Racer
Racer's picture

When the banksters get away with massive criminality against a huge number of people, yet the full force of the law comes down on the sheeple for very minor infringements, then YES the banksters must be punishished to the maximum.

Mon, 12/24/2012 - 11:05 | 3092764 Silver Garbage Man
Silver Garbage Man's picture

They are going after the guns because the entire system is going to crash by design and you can't let the slaves have guns.
Got Silver?

Mon, 12/24/2012 - 11:56 | 3092913 Salon
Salon's picture

Too late.

Mon, 12/24/2012 - 11:06 | 3092767 MyBrothersKeeper
MyBrothersKeeper's picture

I saw "The International" a few months ago.  It is scary how many parralells (Sp) there are with what ius going on in the world today.  Add the fact that the UN wants to regulate small arms trade and it makes you believe the movie is more thruth than fiction.  Rent it.

Mon, 12/24/2012 - 11:12 | 3092779 williambanzai7
williambanzai7's picture

Those fuckers ALL think they are above the law.

"Initiative comes to thems that wait"--Clockwork Orange

Mon, 12/24/2012 - 11:23 | 3092806 DaveyJones
DaveyJones's picture

William, it is weird how every Kubrick film is playing out before our eyes

All I want for Christmas is a return on my savings

Merry Christmas everyone

Remember to shop responsibly

and avoid anyone named Cliff 

Mon, 12/24/2012 - 11:13 | 3092781 zanez
zanez's picture

Does anybody have Charles Bronson's phone #?

Mon, 12/24/2012 - 11:41 | 3092867 urwright
urwright's picture

why wait?

look in tbe mirror and say "i am charles bronson" and then go do what he would

like you are any smaller or can do less physically than he could then?

or is your comment a joke about how much of a joke you and your perspective is?

Mon, 12/24/2012 - 12:12 | 3092965 Tortuga
Tortuga's picture

If they do, they are better than Houdini. He's gone to his reward already.

Mon, 12/24/2012 - 13:52 | 3093258 Pseudo Anonym
Pseudo Anonym's picture

right,

Does anybody have Charles Bronson's phone #?

why should you do anything about it when there's always somebody else to do it for you, right?

"they", not you, but "they" should do it.  not you.

Mon, 12/24/2012 - 11:18 | 3092782 q99x2
q99x2's picture

International corporate vigilantism is the natural progression as the system collapses. Unprosecuted fraud by paying off Holder, Obama and others leads to forced justice. Whoever thinks that by buying the US Attorney General they can stop justice is fooling themselves. Justice will be served more and more independently of the justice system. Gang warfare on a global scale bitchez. I imagine soon nationalists will be going after the Rockefellers and Rothchilds families directly.

Mon, 12/24/2012 - 11:37 | 3092850 urwright
urwright's picture

there will always be stories disney will lead you to believe are obvious and altruistic.

there will always be a master and there will always be the majority who will be considered slaves

but there was only one Jesus, Mohammad, Ghandi...

yet no one here is capable of seeing beyond the eternal struggle as they really want to be blind as it it the life of least resistance that makes ordinary men and the path of the obvious and altruistic for real heros

dont be a hero as no one in this life will care anymore

Mon, 12/24/2012 - 12:11 | 3092962 Tortuga
Tortuga's picture

IMHO, the crimes have been going on much longer than the current administration. Hanging all lawyers, banksters and their ho politicians, past and present, would be a magnificent beginning.

Mon, 12/24/2012 - 11:17 | 3092795 Bicycle Repairman
Bicycle Repairman's picture

Why don't we just fire some people?  Baby steps that don't require the whole litany of philosophical baggage that goes with death.  Just send up security and escort them out.  Yes, give them boxes to put their stuff in.

Mon, 12/24/2012 - 11:21 | 3092804 GMadScientist
GMadScientist's picture

Because shuffling the deck chairs doesn't address the problem of a self-regulated industry.

Mon, 12/24/2012 - 11:42 | 3092870 Bicycle Repairman
Bicycle Repairman's picture

I'm just looking for a start.  An admission that something must change. A little disincentive in the system.

Mon, 12/24/2012 - 12:00 | 3092927 Salon
Salon's picture

You cant fire peoPle who know too much.

You give them bonuses.

You can only fire the most peripheral least connected player

Mon, 12/24/2012 - 12:36 | 3093031 Winston Churchill
Winston Churchill's picture

The time for tinkering at the edges has long gone.A lot of blood is going to be spilled.

The best defense is offense.

Mon, 12/24/2012 - 13:32 | 3093211 Bicycle Repairman
Bicycle Repairman's picture

If you insist on blood, nothing will happen.

Mon, 12/24/2012 - 22:27 | 3094065 Anusocracy
Anusocracy's picture

A designed by government self-regulated industry.

Government being the operative word.

Mon, 12/24/2012 - 11:24 | 3092799 IamtheREALmario
IamtheREALmario's picture

I have a more complete solution. Return personal responsibility as well as civil law to the world. There should be no hiding behind a corporate veil ... develop and encourage dragon slayers ... and if that means that fewer people are willing to be CEOs and CFOs because of the crimes that their companies commit then so be it. It is a "fair" solution and there will be greater diversity of offerings, with less mega-controllers who cheat.

There is so much fraud in the world, much of it created by bankers, their masters and puppet politicians that it is hard for me to single out libor as a greater crime than any other.

Think on "this" for a second ... human beings always seem to be at their best and make their greatest strides forward when faced with adversity or a challenge of some kind. Too little adversity and we are fallow, too great and we perish. It is a delicate balance to keep us moving along. Consider today, we have a global population which is growing rapidly, which would indicate too little adversity. And yet, we are faced with the corruption of our governments, wars, the parasitic nature of banks, the removal of our means of subsistence and mass mind programming... but the more history I read, the more I understand that we have always been faced with this corruption from within and without.(Why, is the more important question?)

If my understanding of the above is correct then it may provide some clues of the nature of "satan" who is the adversary and how the concept plays a vital role in the development of man... by providing the adversity required to move us along. Recall that his number is "666" and I forget how the phrase goes, but it says that 666 is also the number of man (you see, using some not so esoteric numerological equivalents: 6+6+6= 18; 1+8=9 and nine is the number of man). You may also recall that 144000 will survive. and you guessed it 1+4+4+0+0+0=9 ... once again man. We are our own enemy, and maybe there are some who believe that they have been assigned the role of the adversary or worship the adversary (possibly those such as Lloyd Blankfein, who claims to do "gods' work"). But, in our infantile state as a species, IMO we may need an adversary to keep developing, especially with a world of plenty... and maybe that is a key to understanding the "grand experiement".

Mon, 12/24/2012 - 11:21 | 3092803 DOT
DOT's picture

Padlock the doors.

Seize US holdings,and liquidate.

Forbid doing business with any company or country that does business with UBS.

www.youtube.com/watch?v=3OOF0FpKiYk

Cross the streams.

Mon, 12/24/2012 - 11:25 | 3092809 Ignorance is bliss
Ignorance is bliss's picture

People work to enrich themselves, and they avoid actions that cause financial or physical harm to themselves. By not prosecuting Liebor manipulation, housing manipulation, unjustifiable wars, war crimes, fraud, metals manipulation etc.. TPTB have created a system where the top 1% are permitted to steal from the other 99%. They pillage with no fear of reprisals or repercussions.  This situation has created a systemic fear of the system. It is growing and has reached a tipping point. This tipping point has manifested itself in the form of consistent stock market withdrawals, gun sales, hoarding, increased criminal activity, gangs, drugs, suicides, increased debt, dog food sales among the elderly,  etc...

Mon, 12/24/2012 - 11:26 | 3092818 espirit
espirit's picture

And a bigger question - is this the main preemptive reason for the gun control push seen so vividly in recent days and months?

Can't have the Oligarchs security forces armed with the same weaponry as the 99%, now can we?

Just sayin'.

Mon, 12/24/2012 - 11:30 | 3092832 Eally Ucked
Eally Ucked's picture

All banks outside US are fraudulent enterprises, what about US ones? I bet they're angels.

 

Mon, 12/24/2012 - 14:01 | 3093278 TPTB_r_TBTF
TPTB_r_TBTF's picture

The US banks are fully under the control of the European Oligarchs. Does that answer your question?

Mon, 12/24/2012 - 11:42 | 3092871 Itch
Itch's picture

Happy christmas you fucking lunatics.

Mon, 12/24/2012 - 12:08 | 3092951 Tortuga
Tortuga's picture

Merry Christmas to you, also. Magnificent sentiment.

Mon, 12/24/2012 - 11:52 | 3092900 Schmuck Raker
Schmuck Raker's picture

The problem I have with giving bankers the death penalty is that you only get to do it once.

Mon, 12/24/2012 - 12:03 | 3092936 Salon
Salon's picture

I regret that you have but one life to give to your country

Mon, 12/24/2012 - 12:02 | 3092935 loveyajimbo
loveyajimbo's picture

The ones who really have to worry about the little people rising up and taking direct, violent action are the elected politicians who betray them every day by allowing the Constitution to be shit on, the financial criminal asslicks to plunder without punishment, the Supremes to allow the purchasing of our elections by corrupt corporations, abortions like the TSA, domestic drones, the murder of our representitives in benghazi, and the insane, intentional bankrupting of our nation through massive spending and money printing... may their worst nightmares come true... and soonest.

Mon, 12/24/2012 - 12:06 | 3092944 Tortuga
Tortuga's picture

I went to a criminal court with a friend of mine that is a legal office courier and sat in on a criminal court case while waiting for him to get through. The case was a piss ant case, I thought, because the young man on trial, with a court appointed attorney, was charged with drunk and disorderly and busting into a soda machine and stealing $5.85 from the machine. He was given 5 yrs hard time at Huntsville state prison by the judge. Death penalty should be given to banksters, all lawyers and the ho politicians, both parties, in DC. It's only fair.

Mon, 12/24/2012 - 14:05 | 3093289 TPTB_r_TBTF
TPTB_r_TBTF's picture

That young man is now manufacturing something.  Not all manufacturing jobs were exported.  Cheap labor can be had in the US as well.

Mon, 12/24/2012 - 12:09 | 3092958 Apeman
Apeman's picture

Jailtime would be preferable because it's more civilized. However, if the justice department won't punish the ones responsible, then yes, they should be killed.

Mon, 12/24/2012 - 12:14 | 3092966 Kastorsky
Kastorsky's picture

...helping American taxpayers defraud the Internal Revenue Service.

for that they deserve a round of applause

Mon, 12/24/2012 - 12:33 | 3093022 Snakeeyes
Snakeeyes's picture

What a tool.

I mark my books every night. I have to call around and get "levels" or "marks." Am I rigging my books?

Mon, 12/24/2012 - 13:24 | 3093186 e_goldstein
e_goldstein's picture

I can think of a couple of banksters who deserve death by internal burning. Molten silver would be the appropriate metal.

Mon, 12/24/2012 - 17:54 | 3093756 mercenaryomics
mercenaryomics's picture

+1

I like it except that then you have to clean the silver up.

I'll take my bankers burned with faggots of bundled fiat.  
Bernanke-bucks used like the 1930s retro Dmarks; only this time we can use them to heat the banksters.  

Mon, 12/24/2012 - 13:51 | 3093254 Bastiat009
Bastiat009's picture

All of a sudden, an American news organization wants to rid the US of a foreign bank. I am not going to shed a tear for UBS, but where was Bloomberg when NY banks manage to take over the US government in the 2008 coup? (if you don't bail us out we kill the us economy!!!)

Mon, 12/24/2012 - 14:14 | 3093308 Joebloinvestor
Joebloinvestor's picture

Brought to you by that world financial hub, the UK, which (since it doesn't manufacture jack shit anymore except "super cannons") now manufactures SCAMS.

Notice how the UK regulators were right on top of this one?

Notice how none of them are fired?

 

Mon, 12/24/2012 - 15:02 | 3093452 Drachma
Drachma's picture

From Law360 (Evan Weinberger):

"New York (December 21, 2012, 5:12 PM ET) -- A U.K. parliamentary committee said Friday that regulators should have the power to split up banks if they violate the so-called ring-fence meant to separate a bank's commercial and investment banking units, saying the fence should be “electrified.”

In light of the still-burgeoning scandal over rigging of the London Interbank Offer Rate, the Parliamentary Commission on Banking Standards said the current proposal for putting a wall between a banks' operations was not strong enough to withstand intense lobbying from banks..."

 

Go figure.

Mon, 12/24/2012 - 15:05 | 3093462 ILikeBoats
ILikeBoats's picture

Rip off goyim, no problem, ha-ha laughs all around.  See Bernanke make all the goyim chumps for saving, while handing out ZIRP cash to Self-Chosen cronies.

Rip off the Self-Chosen, they take it upon themselves to be all Mosaic-medieval on your @%%.

Mon, 12/24/2012 - 22:57 | 3094109 Notarocketscientist
Notarocketscientist's picture

Was trying to understand why Hitler murdered millions..... this is what I came up with

 

http://www.scribd.com/doc/8634450/Germany-and-the-Jews-by-Benjamin-H-Fre...

Tue, 12/25/2012 - 07:24 | 3094383 Tango in the Blight
Tango in the Blight's picture

That' why Bernie Maddof is in jail. He ripped off the likes of Elie Weasel and other rich well connected Jews.

Mon, 12/24/2012 - 15:33 | 3093526 Radical Marijuana
Radical Marijuana's picture

This is all a grossly over-simplistic understanding of the paradigm shifts which are necessary.

There is a combined money/murder system, where the debt controls depend on the death controls. The international bankers became the supreme organized criminals, the biggest gangsters, the banksters, that were able to take control of governments. Through that process sovereign powers were effectively privatized, and therefore, the banksters are collectively a group of trillionaire mass murderers, which are controlling the world, because they control the money supply, which power they gained by controlling governments. Thus, the sovereign powers of the people to be able to rob and to kill were captured and controlled by the banksters, and most of the biggest countries in the world are effectively directed to work for those international banksters, to advance the banksters global agenda.

That is the forest, and copping down a few big trees would be the wrong idea. What is needed are radical changes in the paradigms regarding militarism and the monetary system. What is needed is a process whereby the death controls are democratized, through a greater use of information and higher consciousness. What is needed is for the 99% plus of the population that acted like Zombie Sheeple, that do not understand and do not want to understand, and therefore, have allowed a tiny minority of less than 1% to use the power of the people, in the people's name, to rum amok, to want to understand, and to understand, the realities of human ecology. What is needed is a higher consciousness of human ecology, wherein the roles of the murder systems and death controls are recognized to be the central features. In fact, the money system does pay for the murder system, and then the murder system backs up the money system in return. Metaphorically speaking, We should all be better Wolves, not better Sheep.

The problem with these kinds of goofy articles, and suggestioned "solutions" such as this article, and most of the comments above, is that they do not understand any of that, and do not want to understand any of that There is practically zero understanding of human ecology as a whole, but only adherence to one faction or another within that overall system. We should all do what the banksters did better than they did that. Picking on a few scapegoats will only make things worse. It is not useful to blame a few people operating within the system, when it is the whole system itself that is the bigger problem. I tend to blame the masses of Zombie Sheeple more than I blame the Vicious Wolves. First of all, from a practical point of view, the Zombie Sheeple are mostly too incompetent to take out the Vicious Wolves. Secondly, from a theoretical point of view, IF the People were able to wake up enough, and become effectively active, then they should understand their whole system better, and, in that context, punishing a few who exploited the system is nowhere remotely close to what should be done to change the fundamental structure of the system as a whole.

Mon, 12/24/2012 - 22:41 | 3094083 Anusocracy
Anusocracy's picture

The problem is government, not how various groups use government.

To think otherwise is like being one of the blind men examining an elephant.

Tue, 12/25/2012 - 01:10 | 3094237 Radical Marijuana
Radical Marijuana's picture

"THE" problem is the nature of life, of which government is indeed the elephant in the room! Sovereignty is based on the power to rob, with the ultimate form of robbery being the power to kill. Everyone has some degree of power to rob and to kill. In that sense, power is always distributed. However, that power can be assembled and channelled. The history of militarism was the way that states, and their governments, developed. States, and their governments, were generated in the crucible of conflicts. Selection pressures created the best organized groups, which could rob and kill better than other groups. Governments ARE the concentrations of the power to rob and to kill, which are self-organizing and self-justifying. They are theoretically supposed to be restrained by a democratic republican system, or something else like that, however, as President George Washington stated, government is like fire. Government can get out of control and burn down everything, which is what appears to be happening at the present time! Two recent articles, reposted on Zero Hedge, also by someone named George Washington, have done an excellent job of summarizing the numerous ways in which the Federal govenment of the USA has obviously gone out of control, and jumped the rails of the "rule of law," and therefore, that is rapidly turning into a conflagation!

The Lie that Prosecuting Bank Fraud Will Destabilize the Economy Is What Is REALLY Destroying the Economy


It’s Not a “Fiscal Cliff” … It’s the Descent Into Lawlessness


Both those articles provide a good summary of the background context for the particular questions about rigging something as important LIBOR deserve drastic punishments, as a deterrent. However, as my comment stated above, the bigger picture is the fundamental fact that people can rob and kill other people, and that some do, and those who do force everyone else to adapt to that fact. Moreover, those who were the best at being dishonest, and backing that up with violence, tended to be the ones that won the wars, and therefore, civilizations developed to make War King, which then developed further to make Fraud King.

The BASIC PROBLEM is how to assemble and channel the power to rob and to kill. Those who suggest stopping the robbery, and stopping the killing, are proposing impossible things. The only realistic solutions are developing systems of checks and balances, in dynamic equilibria of the rates of robberies and murders. ... However, what we are watching today is the historical systems which sort of did that in the past degenerating, due to too much "success" by the best professional liars and immaculate hypocrites being able to fool enough of the people, enough of the time, to have enabled the biggest gangsters, the banksters, effectively take control of the powers of government, and to more and more use those powers against the people as whole.

The deeper problem, in my opinion, is that the massess of muppets, the Zombie Sheeple, have been so brainwashed to believe in bullshit, and to bleat the "morality" taught to them by the deceitful Wolf-People, that the vast majority of people are way too clueless, and therefore, are being overwhelmed by the dominant predators. Indeed, that has become so extremely unbalanced that the top carnivores in the human ecology, the predators, are degenerating more and more into merely parasites, which has bad longer term consequences for everyone, including them too!

Anyway, OF COURSE, I agree with you Anusocracy, that the basic problem is government. As I said, in my view the basic problem is that people live as gangs of robbers and killers. Governments are the direct expression of those basic facts, and the degenerations of the rule of law, so that the biggest banksters, effectively controlling governments, are able to legalized their own lies, and have those lies backed up by the legalized violence of governments, is now running OUT OF CONTROL ... BUT, BUT, BUT, the idea that killing a few banksters would make things better is a gross over-simplification, and quite mistaken!

As an aside, it is an obvious truism that "everything is connected," and therefore, I tend to believe that it is NOT a coincidence that natural events appear to be doing unprecedented things, at the same time as man made events do! Here is a LINK to two and a half hours of wild predictions, which indicate the basic theme that as our society goes insane, nature goes nuts, and indeed, as civilization is becoming so crazy, that could be trumped by nature going nuts to an even greater degree! Besides that LINK providing a lot of discussion of the world's financial affairs, and the struggles between the major players in that arena, this podcast audio recording discussed the prediction of major earthquake and tsunami on the West Coast of North America in the Spring of 2013. Of course, I have no way to verify any of that, except to say that it is entirely possible that there could be such events ...  I would say that IF such events wiped out the ability of the current system of government to function, one of the first priorities would be to develop some new system of government, given those new conditions.

http://www.youtube.com/watch?v=PCwzNdbhBKs#!

Clif High ~ TMRN 2012 12 ~ 21 Time Monk Radio Interviews

Mon, 12/24/2012 - 15:34 | 3093532 debtor of last ...
debtor of last resort's picture

In this casino, profits will go to the elites, losses to the taxpayer. The same with rewards like the Nobel peace, it goes to the elites, the punishments are to be socialized. But this time WILL be different.

Mon, 12/24/2012 - 16:13 | 3093593 Bogdog
Bogdog's picture

bullish on rope!

Mon, 12/24/2012 - 17:20 | 3093689 ZFiNX
ZFiNX's picture

Any fraud over $100 million warrants the death penalty - that's 2,000 people (average salary 50k) who just got their lives ruined.

Mon, 12/24/2012 - 17:48 | 3093743 Never One Roach
Never One Roach's picture

Slap them with a financial penalty (that shareholders will pay) and then reward the Wrongdoers with ultra high bonuses.

 

That's the New Paradigm.

Mon, 12/24/2012 - 17:59 | 3093765 Toobigtofoil
Toobigtofoil's picture

 

Its not the first time Mr. Cohan has put his balls on the line for the cause of free markets. To the amazement of silver market observers almost 2 years ago on March 2, 2011 Cohans Conspiracy with a Silver Lining called the CFTC to account on LIBORS much smaller but infinitely more manipulated cousin:

It’s getting harder and harder to continue to brush off Andrew Maguire’s claims as the rantings of a rogue trader with a nutty online following. The Commodities Futures Trading Commission should immediately release the files from its investigation into the supposed manipulation of the silver market so the public can determine whether JPMorganChase and HSBC did anything illegal, with or without the help of the Fed. In addition, the commission should start enforcing the 10 percent threshold on silver positions it has proposed to comply with Dodd-Frank law. Basically, the other commissioners must join with Bart Chilton to do the job they are required to do: Protecting the sanctity of the markets and preventing the sorts of manipulation we’ve seen all too often.

One wonders at Cohans determination to see bodies dangling on Boot Hill. A very long twenty two months after his silver investigation urging, there is nothing from the CFTC but confirmation of the longest market investigation in history, a crushing loss in the position limit reform, repeated bull-dozing of the silver markets, a sidelined Chilton, and no retraction or repeat of his op-ed. One wonders if in 2 years time when everything is back to 'business as usual' in the world of central/ commercial bank interest rate rigging, whether the LIBOR scandal was indeed scandalous enough for Cohan to follow up or quietly fold and move on, as he and the outspoken blonde regulator seem to have done on silver?

 

Mon, 12/24/2012 - 18:12 | 3093778 BanjoDoug
BanjoDoug's picture

Hanging - ABSOLUTELY NOT.......    First take their wealth, then CRUCIFY EVERY ONE OF THEM,  just like the Romans did....

Mon, 12/24/2012 - 22:55 | 3094106 Notarocketscientist
Notarocketscientist's picture

Water Board the BASTARDS!

Mon, 12/24/2012 - 18:16 | 3093787 Papasmurf
Papasmurf's picture

http://www.youtube.com/watch?v=j_fI0hm1dqY

 

pay attention starting 6:00

Mon, 12/24/2012 - 22:16 | 3094049 seataka
seataka's picture

OFF WITH THIER HEADS!

Tue, 12/25/2012 - 20:14 | 3095420 suckerfishzilla
suckerfishzilla's picture

Put them in the FEMA camps that they built.  Feed them the GMO foods that they designed for US.  Let them break rocks.  

Tue, 12/25/2012 - 20:13 | 3095424 vachon
vachon's picture

Yeah, I'd go there.  Give them 1 year to unwind their business, pay every American employee $25k all in return for not kicking the officers and board into Rikers.

 

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