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Barclays Chairman Is Lie-borgate's First Victim
Three weeks ago we mocked, rightfully so, the utter joke that is Liebor, which had been unchanged for just over 3 months. Nobody cared, certainly not the British Banker Association. This was not the first time: our first allegations of Liebor fraud and manipulation started over three years ago. There were others too. Nobody certainly cared back then. Now, in the aftermath of the Barclays lawsuit, and "those" e-mails, everyone suddenly cares. And a few days after the first public exposure of Lie-borgate, the first victim has been claimed: as numerous sources report, Barclays' Chairman Marcus Agius wil step down immediately. From the WSJ: "Political and investor pressure has mounted on the management of U.K.-based Barclays since the settlement was announced Wednesday. The announcement of Mr. Agius's departure could come as soon as Monday, said one of the people. Mr. Agius, 65 years old, a British-Maltese banker who formerly worked at Lazard Ltd., has led the bank since 2007, steering Barclays through the 2008 financial crisis and avoiding the direct state bailouts that were needed by many of its global peers." While the sacrifice of a scapegoat is expected, what we don't get is why the Chairman: after all by the time Agius became Chair of the British bank, the bulk of the Libor fixing alleged in the FSA lawsuit had already happened. And of course, with Bob Diamond having succeeded John Varley as CEO in 2010, one can easily claim that in this first (of many) confirmed Liebor transgression there really is nobody at fault who can be held accountable. Of course, Barclays is merely the first of many. We fully expect Lieborgate to spread not only to other British BBA member banks, but soon to jump across the Atlantic, where CEOs who have been with their banks for the duration of the entire Libor-fixing term will soon find themselves under the same microscope.
From WSJ:
Over the weekend, the U.K. government ordered an independent review of how Libor is set that is expected to be completed by the end of the summer.
"It's very important [the review] takes all of the actions necessary, holding bankers accountable... making sure there's proper transparency, making sure the criminal law can go wherever it needs to uncover wrongdoing," Prime Minister David Cameron told BBC television Saturday.
Business Secretary Vince Cable said there should also be a criminal investigation into the Libor-fixing scandal.
"[The public] just can't understand why people are thrown into jail for petty theft and these guys just walk away having perpetrated what looks like conspiracy," Mr. Cable said told Sky television Sunday.
"I've been told the [Serious Fraud Office] is having a fresh look at the evidence," Mr. Cable said.
Bank of England Gov. Mervyn King on Friday called for the current system for calculating Libor to be scrapped. Libor rates are calculated for different currencies each day under the auspices of the British Bankers' Association using quotes submitted by banks on a panel, based on the banks' estimated borrowing costs.
The biggest irony in all of this what nobody talks about: namely that Liebor has been completely irrelevant since 2009, when virtually all unsecured liquidity funding would come from central banks. In a world where Interbank lending has long been dead, Libor is merely the latest anachronism of free capital markets now that everything has been replaced by central planning.
Finally, if Barclays stock can tumble 20% in 3 days for the simple crime of interest rate rigging, we can only thank our lucky stars that the Federal Reserve has still not succumbed to the temptation to IPO itself.
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NYSE up 3.5% tomorrow on these news... somehow. Just don't ask me how or why.
T-R-A-N-S-I-T-O-R-Y.
One day, it will be a pleasure to see the facade ripped off the entire financial industry to see what is going on behind the scenes.
Like turning over a rock to see a mass of writhing, filthy maggots. Maybe it won't be until Judgment Day, but I'm sure my mind isn't able to comprehend the utterly filthy, stinking vile things that have gone on in the name of accumulation of wealth to a few great houses.
How many people have been destroyed in the process? How many lives ruined? There will be hell to pay for these guys - even though they get a slap on the wrist now, they will suffer in the longer term.
'... Libor is merely the latest anachronism of free capital markets now that everything has been replaced by central planning.'
and so is the gold price, but the gold price ain't going to disappear anytime soon....
It is sheer arrogance on the part of the banks to believe that they can in any way sustainably manage the interest cost of borrowing.
Like the gold spot, LIBOR needs to go...
Controlled by a child named Roth. (don't want my post deleted)
Puppetmasters. Nothing else matters, not even the rule of law.
Marcus Agius? Wasn't he a Roman Emperor who had sex with sheep?
Still waiting for those emails concerning PM manipulation to be released...hopefull it will bring down Jamie DEEEmon, as our French friends pronounce it.
That the LIBOR is a complete joke has been obvious for months, as Tyler has pointed out, but he really didn't need to since you only have to look at the rates for the last months to see it. Yet I am perplexed by a few questions that I can't grok the answer to:
Why didn't they continue faking the rates? During last fall's liquidity freeze you could have calibrated a ruler with week after week of regular climb in the rate. It was suspicious in it's regularity but it provided plausable deniability.
If the system is as bought off as I suspect why did the regulators take any action? They ignore silver shorts, HFT manipulations, MF Global's thefts and a host of other sins so what made them think they should even glance at the LIBOR? And Why Barclays?
The regulators and the MSM wouldn't touch this unless someone was pushing them to, Who and Why?
There are unseen forces at work here that are important to understand.
asking the right questions is more important than getting the right answers to the wrong questions. wish I could begin to answer them for you.
first, things are as bought and paid for as you suspect. though when fraud and criminality run rampant cannibalizing sets in sooner r later, this may be an event of internal struggle Bennett factions of the Anglo-American power structure
peAce
Citizen2084 perhaps this:
Barclays to Open London Precious Metals Vaulthttp://www.bloomberg.com/news/2011-09-16/barclays-to-open-london-preciou...
http://articles.economictimes.indiatimes.com/2011-09-22/news/30189577_1_...
Gold and silver vaults full but the real shift of investors into precious metals is still to comehttp://www.arabianmoney.net/gold-silver/2011/09/21/gold-and-silver-vault...
or
Barclays Global Investors International, Inc., the sponsor of the iShares® COMEX® Gold Trust
Barclays: Gold exchange-traded product holdings continue to sliphttp://www.scrapmonster.com/news/barclays-gold-exchange-traded-product-h...
Libor became irrelevant when the banks completely stopped trusting each other, even for an overnight loan. (I didn't realize it was as long ago as 2009.) Anyway, what matters now is that unimaginable trillions in derivative bets are positioned just downstream from Libor, and still dependant on it to calculate their value. Shaving or adding just one or two pips to the rate would cause huge shifts in those derivative positions.
In theory, of course, the senior bankers setting Libor should not be in contact with the boys at the trading desks, but the email record makes it pretty clear what happened. Friends were helped, favors were done, what else is new? I think the "unseen forces" you're looking for, Fred, are to be found in the corruptable nature of human beings when they get near big money.
Agius is free corzine is free see justice is blind..LOL
It shouldn't be up, shouldn't. If the LIBOR was essentially dead back in 2009, almost all the derivatives and financial instruments are suspect in being good.
Hopefully, we will get some prosecutions from this scandal, and not just the usual wrist slapping.
ya right
I wished for a flying carpet this Christmas, might get the latest model
you've set yourself up good here, enjoy the comments that follow....
That will be up to the People. The system is bought and paid for, and laws mean nothing to the owners. If one wants justice, one must go outside of the State and mercilessly slaughter the criminals his or her self.
"[The public] just can't understand why people are thrown into jail for petty theft and these guys just walk away having perpetrated what looks like conspiracy," Mr. Cable said told Sky television Sunday.
Uhhhhhh yeaaaa motherfucker!!!!
And.....no jail time. How big is his golden parachute?
Can someone please follow this rabbit trail?
British and Maltise? A Bilderburger/Rothschild and one of the original illuminati (the Knights Templar)? Damn!
The guy's resume reads like a conspiracy theorist's check list. Makes you wonder if he was in charge of placing the charges in the WTC. LOL
Nothing a little false flag attack at the London olympics can't fix to completely divert any attention away from all this...
http://www.thetruthbehindthescenes.org/2012/05/22/london-olympics-2012-g...
https://leaksource.wordpress.com/2012/06/30/false-flag-alert-undercover-...
Maybe the 2010 Rockefeller Foundation Report's musings of 13K dead will prove to be grossly conservative?
Hopefully nothing at all happens and these wonderful bankers get the laughable slap on the wrist they all deserve?
the police have been sidelined,the army will be waiting for orders in barracks.
the olympics security will be run by a private israeli firm.
fukishima had israeli security,911 had the dancing israeli security team.
let us not forget 7.7.
Verint Systems is the security firm that is responsible for the CCTV surveillance cameras, in the London Underground rail network, and it is an Israeli company, with approximately 1000 employees.
No CCTV footage of the four Muslims boarding the tube-trains has been released by Verint; who claim that their cameras were not working. Why? Because the four Muslims were not on the tube-trains that blew up.
Everything is rigged all the time. It is not merely Liebor which is irrelevant but rather the entire us/uk/eu market-apparatus. Hoisted by their own fraudulent zirpetard.
So, 'ol Agius gets to pack himself off to some warm, beachey clime, carouse at the good bars and restaurants, pay for the grandkid's top private schools, and fill his days in with golf and consulting assignments. Sure, he might have to pay for his own first-class airfare, but not everyone gets the Gulfstream.
So, how is this guy "lieborgate's first victim?"
Yeah, it's easy to say "Jump, you Fuckers!" without realizing what's actually going on.
Namely, getting as much as you can from the system and then exiting before it comes down.
And, to be honest, I'm guilty as charged.
Is Jaime gonna be crying?
Probably not.
The people with variable rate loans based on LiEbor must be cringing about now; assuming they have a clue.
Eurocide-Der Tag
lol
Why are we in such a "Bizzaro" world? Everything that is right, is never done. Is the corruption really this deep? Our govrnment runs drugs, perpetuates wars, and causes deaths world wide. If you work hard, and do well, you are taxed to oblivion. If you make all of the wrong choices, you get free food, healthcare and are rewarded for your bad decisions. Our food, air, and water are contaminated by corporations, and the truth is always hidden until a whistleblower leaks a small piece of the puzzle. All of us demand the truth, but yet we can never get a clear answer from anyone. Romney and Obama are the best we can offer from the two parties...really? Gentlemen.....we need the "Reset" now. Do you ever wish you didn't take the red pill? Sometimes I sure do. I sure feel like this clip...
http://www.youtube.com/watch?v=3Mu_8w6db5M
it'd be nice if they didn't call me crazy,
but vindications just too far away.
they don't care for the workings of the game,
just so long as they can still play.
once they all realize their preparations,
are solutions patched and hammered on.
to a ship no longer even fit to sink,
built for a sea that's now gone.
there will be no tools left with which to build,
all the nails have been used.
even the hammers were hammered in,
after they ran out of screws.
but it will sit, on it's dry dock,
in a dry sea bed.
the rain has forever shifted course,
the sea is truly dead.
pail by pail they saw it taken,
watched the foreman shouting orders.
saw it carried off to who knows where,
into unknown borders.
in vain hope they built their ship,
to deal with the dropping tide.
instead of shouting to the foreman,
to tell his men to stand aside.
This is a really old story. People think of ways to scam the system first then evaluate later, it's built into our monkey brains. I like the Bible story of Joseph in Egypt. He's suffering in prison after being unjustly accused when Pharoah brings him in to interpret a disturbing dream. God gives Joseph the understanding that the dream is a warning that the country will have seven good years then seven years of devastating drought. Joseph, fresh out of bondage and who is considered one of the "good guys" uses this devine information to devise a plan to tax the peasants 20% for the good years then sell the grain back to them in the next years in exchange for ALL of their land. Everyone was a serf at the end of the fourteen years except the priests. Dude, this is one of the good guys? Nothing the banksters are doing is new, they just want to take every last thing you own.
The Great Britain:
1. The first known drug lord: Queen of the Great Britain, selling drugs under Gunboat to China
2. The first known Grand Banking heist of the world: The LiEbor of London
The Civilized people of the Great Britain...... Well done, indeed. Drug lord plus thief.... what more can you ask?
Talked to someone yesterday about Stockton's bankruptcy. He thought the solution was to get revenue from the their primary industry, meth labs, by legalizing them and exporting to China. Opium Wars writ new. I think he was kidding but the Brits weren't.
Who's deep throat??!!!
Max Keiser and Stacey Herbert cover the Barclay's story and ZH's Mike Krieger:
http://www.youtube.com/watch?feature=player_embedded&v=mDbbrjxbJXc
Euro zone: the centralization battle rages on-On the Edge with Max Keiser-06-29-2012
(On the Edge with Catherine Austin Fitts)
http://www.youtube.com/watch?v=uFHuzf8li0k (23:21)
who is Mike Krieger of ZH??
Correction he is not ZH!
http://www.zerohedge.com/news/mike-krieger-where-food-stamps-go-die-0
BEHIND CLOSED DOORS:-
HEADS TO ROLL NEXT
JAPAN -> MIZUHO AND UFG
UK -> RBS, LLOYDS, HSBC AND BOE (MERVIN KING)
US -> JPM (TOP OF THE LIST) MS, GS AND BofA
FRANCE -> PARIBA, SOC GEN AND CREDIT AGRICOLE
GERMANY -> DB
SWITZERLAND -> CREDIT SUISSE AND UBS
Hey Ted no offense but has anything that you constantly blast in all caps actually happened?
Stepping down is not nearly enough. He needs to have all of his assets seized and to rot in prison for the next ten years.
both the Non-Executive Board of Barclays and tri-partheid Regulators (British Govt Treasury, Bank of England and fucking worthless British Regulator) all need to step down for their incompetence
..quits in a bid to stop the bleeding...
Does this guy think he is Richard Nixon in Watergate?
This is much bigger than him. He is more like the first of the king's horsemen to fall in the Watergate analogy : Jeb MAgruder. There will be others, if there is a special prosecutor named like then by the House Judiciary Committee. Archibold Cox was his name...
Hey Bankster wankers, Ever read the Bible? You should.
Be sure your sin will find you out! Numbers 32 23
There must be a special place in hell reserved for these Fuckers.
Bible:) you still belive teh easter bunny is real?
So what's the grand scheme?
Little can TPTB do while the internet is not censored. But then again, I underestimate the power of the false flag.
I Ching Hexagram 23, Breaking Apart
Beware of deceitful people who undermine organizations, damage character, and spread evil rumors and ill feeling. Be honest and sincere with them but do not use their methods. It may seem that these people succeed and there is no way to stop them. It will take courage, perseverance, and renewed dedication to better principles. You also need all the help you can get from able people you can trust. There is no easy way out of this situation. You will get little support and the situation will seem hopeless. The negative forces will weaken, however, influenced by what is right and good. Know that evil carries within itself the means of its own destruction. Remain on the side of truth and right and you cannot be destroyed.
The current difficulties will end in the natural cycle of regeneration. Be patient, and continue to work hard in preparation for the good times to follow.
VIVA ZEROHEDGE !!!!!!!!
"the first victim has been claimed"
"victim"...NOT UNTIL I SEE THAT POUND OF FLESH AND BUCKET OF BLOOD!!
goes for all CRIMINALS, responsible for the demise of "the american dream"!...Right?
Oh, just in case you missed it the first time...NO PRISONERS!!
calling the uk a banana republic is an insult to banana republics.
bananas taste very nice and give some women pleasure.
the uk will havemore foreign investigated scoop horror stories to come.
stories will not come from the uk's rotten corrupt managed media.
methinks the only way out is a massive false flag olympics mi6 event followed by tanks on the streets.
then a blame game syria iranian war.
the brits like the yanks so love blaming brown people for bestial home grown crimes.
Tyler, between your "Grexit & Libor-Gate" Themes, Might I inject ? Fast and / Issa ? narrated By Eric the "Nut Sac" Holder...
"...our first allegations of Liebor fraud and manipulation started over three years ago.... Nobody certainly cared back then. Now, in the aftermath of the Barclays lawsuit, and "those" e-mails, everyone suddenly cares."
Well done ZH
in a sea of crap croney journalism you're a breath of fresh mountain air
in this recent piece
Outline on Collapse End Game
By: Jim Willie CB, Hat Trick Letter
jim points to the great "rumor" that someone has hired 600 CPA-type BiCheZ recently which explains the "fact" that you can't find one but they might be on vacation or closing out june on the moon
he thinks they are trying to plumb the depraved depths of morgan stanley's derivatives
he is pretty funny as he claims they need to find out basically, whether they are dead or not [Paste} The better question is who ordered the accounting to be done, to determine if a Wall Street firm was dead? And why?
i confess! tyler did it!
the stuff around the lie-bor damages~~they may need slewie to re-join the work force to make up something real...
It beggars belief,
Go talk to any average Joe and he has no fucking idea the damage these fuckers have caused to all of our collective lives. Until people wake up and realise just what these filthy bastards have done to all of us, because in the end we are all effected by this, every last one of us, how many jobs have been lost? How many are struggling to get by? How many are now homeless?
And these bastards get the scot free treatment?? Fuck that, I dont want jail time neither, I want violence, they deserve nothing but extreme prejudice for what we are going through and what is yet to come.
Fuck your golden hand shake, fuck a slap on the wrist. I hope you never sleep sound again till your time is up.
Cut Throats
"Barclays Chairman Is Lie-borgate's First Victim"
NO, DOLT!!!!!!!!!
THE WORLD'S INVESTORS, VOLUNTARY (TRADERS) AND INVOLUNTARY (THOSE ON OR WHO WOULD BE ON PENSIONS), ARE THE VICTIMS!!!!!!!!!!!!!!!!!!
Inthemix96
... WHAT YOU SAID TIMES INFINITY.