Europe's Largest Insurer Allianz Not Amused That Central Banks Are Involved In Liborgate

Tyler Durden's picture

What a difference a revisionist market rally makes. Remember when everyone was involved in Libor manipulation? No? Curious what a few hundred DJIA points will do especially when the corporate revenues and supporting them simply are not there, and one goes all in on multiple expansion. One entity which, however, has not forgotten about Lieborgate is Pimco parent and Europe's largest insurance firm, Allianz. And they are not happy: "Europe's biggest insurer, Allianz, is worried about the role central banks may have played in an interest rate rigging scandal that has enveloped some leading international lenders, the insurer's chief financial officer said on Friday. "We do not find it funny, what has happened, in particular the arising implication that it is not just the banks but central banks being involved in this," Oliver Baete told a conference call with analysts. "That really gives us cause for concern," Baete added." Of course, neither the ECB nor the FED could care much, considering that Allianz would be immediately insolvent if the same central banks who manipulated Libor stopped manipulating interest rates... which is implicitly what Allianz is unhappy about.

From Reuters:

An Allianz spokeswoman said Baete was speaking generally and declined to specify which central banks Baete had in mind.


More than a dozen global lenders, including Citigroup, JPMorgan and Deutsche Bank, are under investigation over whether they manipulated a benchmark interest rate called Libor in an attempt to make profits or hide weaknesses.


Royal Bank of Scotland on Friday said it had dismissed staff in the scandal, while rival Barclays was fined $453 million by U.S. and UK regulators last month.


But banking regulators, too, have come under scrutiny.


The Bank of England's deputy governor, Paul Tucker, was ensnared in the scandal when Barclays released notes suggesting Tucker may have condoned the rigging. Tucker has denied the allegations.

Sadly in a world hijacked by central bankers, statements such as this one which reflect the occasional disillusionment with the ubiquitous Stockholm Syndrome will not be allowed and for all intents and purposes will soon disappear, as the central banks make it very clear that those who are benefiting from central planning should not bite the hands that feed them. This certainly includes Bill Gross who has been rather vocal in calling the global capital market a Ponzi scheme for nearly as long as Zero Hedge itself has.

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Jlmadyson's picture

Libor, whether anyone wants to believe or not is the biggest scam of them all from the financial crises.

TARP didn't save them in 08. Libor did.

It goes all the way to the top and yes they should question it all.

JustObserving's picture

"the biggest scam of them all"

That is why NBC and ABC have not spent a minute covering it.  We have the best free press that money can buy.

AldousHuxley's picture

Allianz....parent company of Pimco

benefitted from nazi slave labor


probably the driver behind WW1 and WW2 for germany to extend their tentacles. Failure resulted in misery for German people.

dark pools of soros's picture

No failure without America getting dragged into both wars. The same double cross will happen to America when it is time for the rats to jump ship

anonnn's picture

And don't leave out the Japanese:


Timeline, hat-tip to  


 Department of What Goes Around, Comes Around ?

May, 1942 Bataan Death March begins, [est. 7,500-12,000 Amer soldiers and 70,000 Philippine Army] set out from Corregidor/Mariveles to Camp O'Donnell, abt 60-80 miles.

mid-1943 US Gov claims first learns of BDM murder/torture [incl beheading, skull crushing, bayonneting, starvation/no water/no medical attentioin, crushing under trucks, water torture, boxcar suffocation, "Hellships" death transports of POWs to slave work areas,]

January, 1944 Knowledge of BDM suppressed in US news media until Jan, 1944

1946-1948 Gen McArthur personally offers BDM-survivor SGT "Abi" Abraham task of exhuming remains of US personnel who died enroute to Camp O'Donnell by retracing the entire route of BDM. Taks Abraham and his Filipino crews over 2 years. [The many death pits at Camp O'Donnell separately exhumed for bural of remains].

1951 US-Japan sign San Francisco Peace Treaty includes waiver of all POW claims due to importance of Japan as US ally in suppressing Communism in Asia.

1999 State of California passes law that any slave labor victim put into forced slavery at Japanese corporations has right to sue those corporations who enslaved them. Lawyers declared that nothing in S F Peace Treaty cancels right to sue for slavery and forced labor.

2001 Three former US ambassadors to Japan argue against Congressional legislation to support POW lawsuits. ["...undermine our relations with Japan, a key ally...national security..."]

2004 The California law found unconstitutional. Thus, the US POWs own government blocked their path to court.

2006  "Hellships Memorial" dedicated at Subic Bay in Philippines.

2007 BDM survivors still alive the resolve to seek only an Official Apology, drop demands for slave-labor compensation. Japan government and their US embassy refuse any meeting with them to receive their request for apology.

2009 The few survivors still alive attempt a last effort to get apology. Japanese government refuses.

March 11, 2012 Nuclear Power Plants at Fukushima Daichi are damaged by earthquake and then hit with tsunami, yielding explosions at Units 1,2,3 and 4 along with severe continuous leaks of radioactive particles into air and Pacific Ocean that will be on-going for likely 100s of years.

 [This was written in response to a personal communication regarding the further exhuming activity, long after WW2,  of US POW bodies at Camp O'Donnell, a former US Army Air Force Base, which activity was kept quiet as a military secret so as not to offend our ally, Japan, by again bringing the subject  to the public view. The remains were reported first-hand as not being properly disposed of, but conveniently dumped.]


Fish Gone Bad's picture

"conveniently dumped" is the new definition of properly buried.

CH1's picture

Thanks for posting.

There's an important truth here: The morality of states is FAR WORSE than that of the average guy.

What's amazing is that otherwise sane people will do anything to avoid seeing it.

OpenThePodBayDoorHAL's picture

Biggest fraud in the history of the world and not a single indictment. If that doesn't tell you something, nothing will.

MrBoompi's picture

"Who gives a fuck if you're not amused?"

--- The Cartel

Dr. Engali's picture

Insurance companies are fucked when it comes to hedging in ths ZIRP soon to be NIRP environment.

Joshua_D's picture

It's all fun and games until someone wakes up with concrete around their feet.

The trend is your friend's picture

I have been broken.  I can't take this shit anymore.  The central banks, banks, politicians are too crooked and are winning and will continue to win.  covering all shorts and calling it quits

El Oregonian's picture

Welcome to the Matrix... Red Pill, or Blue?...

sabra1's picture

when you americans quit watching "Parking Wars" and take to the streets, maybe, just maybe things would change! 

Raymond Reason's picture

But that wouldn't be good for you sabra.

MeelionDollerBogus's picture

There's precious little to cover while still being short if you used various Put options without using any margin. It's a lot safer than actually shorting with margin. Your only serious risk is time (% chance of loss) while the $ total to lose is very small for the same $ gain on target.

In these highly correlated markets it's never been easier.

Have one of these to help.

dow price prediction ivars zerohedge and tfmetals, adjusted by goldpricemodel

but don't forget ... casino bernanke - goldpricemodel

ciscokid's picture

Market...!!! What market?????

SgtShaftoe's picture

Allianz should demonstrate their displeasure by taking a large and substantial position in the gold and silver market.  A big FUCK YOU! to the CBs and corrupt governments.  A proverbial 10 Megaton position in physical should do the trick, blow it up! DO IT! DO IT!

Jumbotron's picture

Here's how the elites really think about you and the insurance companies


One of the greatest monologues ever......Bill Shakespeare would even be envious !

Arnold Ziffel's picture

Turkey may be on to something -- now allows gold deposit accounts. Here from Reuters:


The country's commercial banks are pouring their technical expertise and marketing resources into offering their customers gold deposit accounts. Customers hand their gold to a bank and can make withdrawals from their accounts in gold bars or the lira currency; the accounts offer interest rates that are substantially lower than those on normal time deposits.


Gold deposit accounts have been growing around the world, but Turkey's boom has made it a leader in the trend.



Itch's picture

Its interesting that they "dont find it funny". Funnily enough, that wouldn’t be the turn of phrase i would somehow use...if, i was actually sincere. I mean WTF? Who ever said it was meant to be funny? Someone tell me this isnt happening. Its not funny? Thats something you would say when someone puts a toy spider in your sock drawer.

Jumbotron's picture

This is the second best monologue and in some ways better than the first......and from the same movie.


And just to top it is the late, great George Carlin.......



Peter Pan's picture

Shock and horror at the exstence of Liborgate but no shock and horror at ZIRP. Shock and horror at NotHaus making silver coins but not a peep when AIG was given 185 billion of new printed dollars. Shock and horror when some British teller steals 70,000 dollars for a boob job but Corzine is on the loose.

As long as the people do not own their justice system and the politicians who make the appointments, nothing will change.

SheepDog-One's picture

James Holmes, the Batman Shooters dad was set to spill the beans and testify on isnt that convenient?

Its a small, small world, at the very least.

Dr. Engali's picture

There is a lot that is too convenient about that shooting. It's too bad the government will kill innocent people to advance their agenda. But hey I'm just a crack pot ,that's never happened before....

Benjamin Glutton's picture

Suck it up bitchez!!!

q99x2's picture

Well then lets get rid of central bankers. There are enough light poles along Ventura Blvd that would both be sufficient and look esthetically appealing (we would leave them in their mafiaso suits.) Plus the street sweepers could provide an automated form of cleanup as the hot summer days passed by.

MeelionDollerBogus's picture

Just toss down day-old MCD fries from wherever there's seagulls to the light poles, if need be, and they along with vultures will take care of the mess when we're done being entertained.

css1971's picture

Ooh. this should be interesting. How many trillions are Allianz managing? Last I heard it was an unimaginably large number. €20 Trillion? €30 Trillion? That's a mountain the politicians and central bankers don't want to get up and start moving.

SgtShaftoe's picture

Exactly, if anyone has the capability beyond a soverign to make an impact on the currencies / gold market, it's Allianz.  They need to make a huge buy of metals and blow the market out of the water.  That should wake these fuckers up.

silverserfer's picture

its a doggy style financial fuckfest and everyones invited. what else is new.

El Gordo's picture

While Liebor may be a big scam, perhaps the largest yet announced, it pales in comparison to the scam the US has pulled on China by getting them to accept all those dollars in exchange for goods and services.  This is even bigger than what the Europeans did to the Native Americans when trading for Manhattan Island.

MeelionDollerBogus's picture

What? Rig the markets? SAY IT AIN'T SO

damn libertarian scare-mongering!

casino bernanke - goldpricemodel

Anthony Migchels's picture

Could it really be true that Allianz is 'surprised' by Liebor?

Everybody knew. Allianz has a trillion plus balance sheet. Their traders were not aware??

I'll buy unlimited Mortgage Backed Securities if Allianz was really 'surprised'.

How big is Allianz?
It is number 28 on the list of top Financial Institutions that own each other. 

all the big banks and insurers are one massive cartel. They all own each other. This is just a silly make believe story: don't watch the few idiots behind the curtain.

fiddy pence haff pound's picture

I guess the derivatives based on libor were the reason that insurance

was increasing at an above-inflation rate and not sky-rocketing like

it is now.

So we know why insurers are complaining now. They were benefitting

from the shadow banking until the bankers took the insurers down

a dark alley.