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The British Bankers Association Is "Shocked", "Shocked" That Lie-Bor Manipulation Is Going On In Here
The British Bankers Association - the entity responsible for organizing and compiling the daily Lie-bor fixes, and which as Zero Hedge incidentally reported two weeks ago continues to report one absolutely meaningless and unchanged number in "Spirit Level... Or Li(e)bor?" has just opined on the topic of massive Lie-bor fixing collusion and manipulation. In short: they are absolutely "shocked."
"The British Bankers’ Association is shocked by yesterday’s report about LIBOR. The banks which contribute to the LIBOR rate must meet the necessary obligations to their regulators. The BBA has proactively co-operated with the authorities at every stage and will continue to work with the regulatory investigations into LIBOR, submitting information and making staff available for interview.
"The current LIBOR review, with which our authorities are fully engaged, has been underway since March this year and is considering all aspects including the setting process. As part of this review we will now be asking the authorities to consider in what manner the LIBOR setting mechanism should be regulated in the future."
Perhaps the BBA should have considered this... oh... years ago, when the media, well Zero Hedge, first brought up allegations of impropriety over 3 years ago?
One thing is certain: the BBA will be even more shocked when the lawsuits start flying.
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The british banksters are too busy circle jerking each other and laughing at the peasants to consider their actions bad. Rules apply only to the lower slave classes.
Where's Vlad the Impaler when you need him?
They are shocked after the conviction? Are you kidding me? I am waiting for them to express surprise over Nick Leeson's behavior. What a bunch of dildos. Now I KNOW that the rigging spans the banking industry (which was considered by CNBC this AM as a distinct possibility as they woke up from their morning comas.)
BTW-I am looking for that Zero Hedge article from a few days back describing all of JPM's convictiobs to rub in CNBC's face. Does anybody have it at their fingertips?
Yawn. The entire financial industry is corrupt from top to bottom, has been since it started. It's an elaborate confidence scheme. What I want to know is, who threw these guys under the bus?? Did someone have a score to settle, or is there a disgruntled employee involved? Or are the banksters finally turning on each other?
Inquiring minds want to know!
Perhaps the fraud became too big to be ignored.
50% of French IPO's in the 1930's were outright scams.
I agree... understanding.. WHY .. all of a sudden decades of corruption are coming out... that is the real intrigue..
are we preparing for a real reset? is there a glimmerof hope to believe the underground that speaks to over throw of the "system"?
or is this just the natural evolution... eventually.. the tribe must consume enough salts.. that they indeed turn non one another?
here is the new Vlad, next in line to the throne!
http://today.msnbc.msn.com/id/45063968/ns/today-today_news/t/prince-char...
Casablanca http://www.youtube.com/watch?v=SjbPi00k_ME
I have had several loans tied to Libor.......WTF
God save the Queen, but may God hang a few bankers off the lampposts!
I'm just a Yank and all, but you don't think she and Evelyn aren't part and parcel of the problem? Globalist elites and such?
youngman,
Just digest the fact that you and MILLIONS of others have been continuously robbed blind for decades by the criminal class.
They need to be shocked in an electric chair.
You are too kind. Hang the fuckers by their balls from the lampposts.
Yet this is reflected in the cost of SOVEREIGN credits is it not?
Of course they are.
Truth , it's stranger than fiction.
The Lie-Mes are shocked that the Lie-Bor is a joke? Blimey slimey Limey!
I vote for ZH as regulator, lets save some money and make all these people at the SEC/FSA etc redundant. After all we've got to close the budget deficit no ?
Come on over and drink Ballingers w me Bitchez
Expected. These fuckers should be first in line for the guillotine.
Watch, nothing will happen.
Just shows the unbelievable market manipulation that has infected (corrupted) all markets, worldwide. And then the talking heads wonder out loud why is the retail investor out of the markets!
and the beat goes on.......
...doing GOD's work...GS-DickinDaMuppets
What is it with banksters and total corruption. These guys just don't steal. Their greed is limitless, so should be their punishment.
Corrupt bankstering should be punishable by death. Make it law. That would clean things up quick smart.
http://www.bbalibor.com/
There is a named individual at each bank responsible for submitting the daily bbalibor rates to Thomson Reuters and this will be the person responsible for the bank's cash - usually their title is 'treasurer' or similar. There is written guidance on what information that person should take into account when calculating that day's rates for his or her bank. As all contributor banks are regulated, they are responsible to their regulators, rather than BBA LIBOR Ltd. or the FX&MM Committee, for maintaining appropriate procedures for contributing, including the maintenance of internal chinese walls.
http://www.bbalibor.com/news-releases/bba-libor-panels
http://www.bba.org.uk/about-us/contacts
There could be a fine class action built around this.
The sums involved are beyond even a tobacco lawyers' dreams.
However, I do not believe the UK has a class action law currently, so it will require a bit more ingenuity.
Do not the banks involved do have US subsidiaries and activities amenable tp US jurisdiction?
Barclays is a FED Primary Dealer.
Not only does the UK NOT have Class Action suits but Banks are ABOVE the law. Britain is one jurisdiction where White Collar Crime goes unpunished
http://tinyurl.com/72gg6sj
There are so many CCJs outstanding against Banks - they simply ignore them.
the funniest bit is that the Financial Services Authority (FSA) is funded by a levy on FIRE corporations but their Fines are used to offset their levies. I dream of having my speeding tickets used to discount my Tax Disc !
I think UK citizens could be claimants in a class action case brought in the US, but I haven't a clue as to whether a US court would have jurisdiction over a LIBOR-linked loan.
"Li(e)bor"---lol. +1 ZH
So we know that Greenspan and Bernanke were dorm mates in Winthrop House at Harvard, but did we know Mervyn King at BoE was an Asst Prof with Bernanke at Harvard ?
It is so amusing that Central Bankers provided liquidity in 2007-2008 to banks that screwed themselves up by fixing LIBOR so it failed to price risk and crashed the interbank market. Whatever political system emerges from the Post-Consumerist-Democracy Phase of History will bring banks to heel with a vengeance. Their power to oppress The State is time-limited because Political Power ultimately triumphs once the gloves are off and if Turkey continues to provoke the Russians in Syria who knows what will happen when Iran and Egypt make their diversionary moves on Israel as Lebanon and Kurdistan go up in flames ?
Are there really 12 Chinese ships in the Suze Canal for joint Iranian-Syrian-Chinese-Russian exercises ?
It didn't have to come to this. Oh well.
Shocked they got caught ...
Wow I feel SHOCKED!!
But can't we somehow sell derivatives of this anyway?
Kudos to ZH but even 3+ years ago this was hardly news to anyone who was paying attention.
Rate levels that form the basis for gazillions of loans in currencies all over the world are set by a handful of people/banks that waggle their hands from side to side and pick rate levels in their heads.
Exercise for the class: identify the weak link in this chain.
It's shocking, shocking how far ahead of the curve the Hedge is on issues.
Well, because they actually pay attention and have put in their desk time...
ZH is wide and deep. Plenty of people in this biz, even lower level, first years have a pretty good grip on their corner of the marketplace but it's very hard, even for the C suite, to have a comprehensive understanding of the corp bond market, currencies, central bank mechanics, structured products, CDS, equity market structure and the global financial plumbing/shadow banking that ties it all together. Plus, the MSM is set up to create these EZ, simple narratives (the market is up today because of x) which is usually less than helpful. There are a few other very good technical and focused finance sites out there but ZH is the most comprehensive and dot-connecting of the lot I think. They take a lot of flak for their caustic tone etc. and it's hard for bears to be heroes but at the end of the day being right is what matters.
well said Mercury
Great headline... I could visualize their multiple chins quivering with mock surprise and indignation.
What I visualize is the 'monacle chortle'....hmm hmmmh hmmmph yesssssss
How about this:
They can be "shocked" about this and I will be just as "shocked" when I walk past their stinking, decomposing corpses hanging from the light poles on main street?
pods
Barclays has something to hide
They've taken the world for a ride
By fixing the rates
Their profit inflates
All Banksters have cheated and lied
The Limerick King
I <3 The Limerick King.
Barclays ON YOUR BIKE!
Obviously been photoshopped so you cant see the banker on the back with his feet up drinking bollinger and blackberrying his coke dealer to meet him at his favourite whore house!!!
When money is meaningless and plentiful, this is what happens. LIBOR is meaningless in a world where banks borrow from central banks and not each other. LIBOR is a useless appendage of a bygone free market era. Fortunately, free markets are nature and nature wins in the end.
"Libor is meaningless"
Tell that to the thousands of mortgage and credit card customers!
So what did we think the changes in the rate were actually based on? Consulting the Urim and Thummim?
I'll be "shocked" when something of a real punishment is imposed on any banker for their generations of raw fucking on the people.
wake me up when regulators are carrying chainsaws.
These bankers must be CHARGED or laws should be terminated! If I created a program that could skim $0.01 per bank transaction from every bank account, If I got caught, the regulators would fine me civilly for $500 million and tell the world justice is done as I party with my $10 billion.
Hells Bells, even Bernie and Peter Madoff deal is not bad. They spent decades living the life of the elite and get a government paid retirement plan in a minimum security prison. This equal justice is crimminal!
Correct. The underlying moral hazard and utter lack of any real consequences for bad behavior is the real issue that will bring us all down and destroy what is left of the publically traded "markets". All paper promises going to zero. I also laugh when I hear CEOs talk of how they are "suffering" because their bonus was cut from 50 million to 25 million after they drive a company into the ditch. This is not a real consequence and their fucking head should be on a god damn pike, or at a minimum they should be paying back the creditors with their own private wealth instead of the taxpayer having to bail them out. Yeah, fuck you GM.
This should be the basis for the biggest class action suit of all time, after drawing and quartering everyone even remotely involved. The sums stolen have to be staggering.
Here, Here, I will bring the carving knives and do the carving, SLOWLY.
May we remember our manhood as scene from Braveheart depicts so well....
http://www.youtube.com/watch?v=LedR-ILK18U&feature=related
---
one of my kids bought a house just less than a decade ago; metroplolitan CA
it has been an adventure watching the poor degenerate bilge rat go thru this nonsense!
i won't go into all the incredible edible details, but at one point, prob ~'06, i started watching "the" lie-bor b/c the big loan was adj to this rate, as was about 50% of the global vig, it seemed...
this was like the C0LA for commercial credit from ag to whorehouses; and there were dozens of different lie-bors, but only one mofo uber alles, ...as any certainty as to who held the fuking paper on the house faded slowly into the sunset...
May be they are trying to extricate themselves from the fallout. In fact, I am shocked if they are innocent.
"come over for a bottle of Bollinger's tonight". and then later that evening the 2 English Public school boys/Barclays employees gently sodomized one another as is the English way.
Traders are rarely public schoolboys Otto
actually- "public" schools in England are where the elite send their kids-Cambridge,Eton etc.- kind of like our Wall St/Ivy League inbreeding. so-my post was "spot on"
Yes Otto, exactly that. Public Schools educate 7% England's population and are more likely to produce Corporate Financiers and Judges than Traders. Your post was spot-off and completely 180 degrees off target. That you for taking the moniker of an Obersturmbannfuehrer in the Waffen-SS to tell me about The City and English education.......perhaps you can now move on to discussing the role of Silly Mid-On in Cricket ?
I am awed.......that anyone could be shocked.....put together a roomful of thieves and they conspire to commit a crime.......hardly surprising.
I hope the fine didn't hurt them too much. :handjob:
The conversations in those emails are basically the same as the ENRON energy traders.
What does anyone expect from a country whose biggest "product" is financial services?
To top it off, the UK doesn't have a law against it!
Although I don't see how the deliberate manipulation of a market is not criminal, even in the UK.
And they're shocked bond prices, gold and silver prices, stock prices, and commodity prices are being manipulated. It's quite amazing what you can't see when your eyes are closed.
Release the Lawyer Hounds!
Does Libor rhyme with weimar?, history wants to know