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Lieborgate: Here Come The Arrests
For over four years, virtually everyone in the finance industry knew that Libor was manipulated. The stench of manipulation rose to the very top and thanks to a document release of formerly confidential information, we now know for a fact that even the Fed was in on it - recall that as part of production, the Fed provided a transcript of an April 2008 phone call between a Barclays trader in New York and Fed official Fabiola Ravazzolo, in which the unidentified trader said: "So, we know that we're not posting um, an honest LIBOR." And yet without any tangible, black on white evidence, there was no catalyst for pursuing legal action. That all changed when in a desperate attempt to protect its ass, Barclays decided to rat out everyone by settling with regulators, and "turn state" producing e-mail based evidence, most of it quite visual (after all what is more tangible to the common man that evil bankers sipping on Bollinger), which essentially threw years of quiet cartel cooperation under the bus. As a result, regulators, enforcers, and legal authorities, many of whom were in on this manipulation from the beginning, no longer had an excuse to not pursue civil and criminal charges against perpetrators, who until recently were footing the tabs at various gentlemen's venues and ultra expensive restaurants. And while the imminent waterfall of civil prosecution will force bank litigation reserves to go through the roof, here comes, with a very long delay, the criminal charges. As Reuters reports, here come the arrests.
But before we get into it, we wanted to share something mildly curious involving that British Bankers Association: the entity that until recently at least, was implicitly in charge of the Libor fixing, submission, and distribution process (also the entity that will quite soon be non-existent). It involves the BBA's self-professed Governance process and obligations. The extract below shows what it is currently.
All aspects of the operation and management of bbalibor as a benchmark are the responsibility of the independent Foreign Exchange and Money Markets Committee ('FX&MM Committee'). This includes design of the benchmark and the governance and scrutiny of all bbalibor data and all panel bank contributions. BBA LIBOR Ltd undertakes the day to day running of the benchmark under the supervision of the Foreign Exchange and Money Markets Committee. As of 1st January 2010, BBA LIBOR Ltd. has been governed by an independent Board.
Thomson Reuters - the 'Designated Distributor' of BBA LIBOR - is tasked with collecting the daily submissions that are inputs into the bbalibor process and submitting them to rigorous checks before publishing the resulting calculation to the market. If any bank submission falls outside a defined set of parameters, Thomson Reuters will consult the contributor and request confirmation that the rate provided is correct, thus allowing any simple typing errors to be amended promptly. These parameters are agreed by the FX&MM Committee and are regularly reviewed to ensure they reflect prevailing market conditions and maintain the highest level of scrutiny over the rates.
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.
The reason we have bolded the third paragraph is that if one had gone to the BBA's Governance section as recently as a few weeks ago, or prior to Liborgate becoming front page news, the paragraph read something totally different. However, courtesy of the Way Back Machine, we have a great idea of just what the BBA quietly and under the radar tried to change vis-a-vis its own obligations and responsibilities in the Libor scandal. This is what the third paragraph said before.
BBA LIBOR Ltd. receives the fixings and underlying contributor data at the same time as all other live data recipients and monitors all submissions into the fixing process. Any anomalous rates are queried with the submitting bank, and a log of these queries is kept and given to the FX&MM Committee on a periodic basis, who may choose at their discretion to follow up these queries in line with established governance and scrutiny procedures.
Up until literally minutes ago, the question to be asked was why was this change made on the page, on a governance page of all places, a change which shirks responsibility and accountability and begs the question, did BBA log any queries of anomalous rates, did the FX&MM Committee follow up on any queries, or are they simply trying to bury something here? Now, thanks to Reuters, we know.
With arrests on deck, the BBA is doing everything it can to distance itself from what it knows with absolute certainty is about to be a shitstorm of epic proportions:
U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rate-rigging scandal.
Federal prosecutors in Washington, D.C., have recently contacted lawyers representing some of the individuals under suspicion to notify them that criminal charges and arrests could be imminent, said two of those sources who asked not to be identified because the investigation is ongoing.
Defense lawyers, some of whom represent individuals under suspicion, said prosecutors have indicated they plan to begin making arrests and filing criminal charges in the next few weeks. In long-running financial investigations it is not uncommon for prosecutors to contact defense lawyers for individuals before filing charges to offer them a chance to cooperate or take a plea, these lawyer said.
The prospect of charges and arrests of individuals means that prosecutors are getting a fuller picture of how traders at major banks allegedly sought to influence the London Interbank Offered Rate, or Libor, and other global rates that underpin hundreds of trillions of dollars in assets. The criminal charges would come alongside efforts by regulators to punish major banks with fines, and could show that the alleged activity was not rampant in the banks.
Actually what it will show is that criminal activity was not only rampant, but everyone knew about it, certainly the regualtors, and most certainly the Fed and the BOE. After all how could they not: they are the ultimate entities who manipulate rates. But for them it is a matter of "policy." As such they are desperate to throw anyone under the bus, as long as public attention is redirected from them.
So where will the first arrests come? Why the world's biggest bank of course.
The source familiar with the regulatory investigation in Europe said two traders who have been suspended from Deutsche Bank were among those being investigated. A Deutsche Bank spokesman declined to comment.
Then, once DB is down and out, next it will be a turn to not only break up of the IR derivative trading cabal in Geneva, which Zero Hedge exposed first, but also extract a solid fee from the Swiss banks in the process.
The Financial Times reported on Wednesday that regulators were looking at suspected communication among four traders who had worked at Barclays, Credit Agricole, HSBC and Deutsche Bank.
And so the tide turns, as banks, all of which should have ended up as bailed out utilities in the aftermath of the Lehman collapse, will now be forced to fork over billions in cash to the same governments and administrations that bailed them out in the first place, under the guise of civil and criminal penalty disgorgement in what will almost certainly end up as the biggest financial settlement in history, one which will leave most of the world's banks sorely undercapitalized and force the Basel implementation of various capital requirements to be scrapped indefinitely.
But for now, the public will get its circus (if not corn bread: its price is about to shoot right to the moon courtesy of prayer not being a viable strategy when it comes to procuring rain... or central bank intervention) courtesy of an imminent procession of perp walks. We, for one, having waited nearly 4 years for just this, can't wait.
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But these are past crimes.
And Obama says we should look forward, not back.
War crimes, financial crimes. That's all in the past.
The Obama administration and its sponsors doubtless hope to be held to the same standard of accountability
as they hold to their predecessors.
How fucking rude of them not to give proper credit to ZH!
(if not corn bread: its price is about to shoot right to the moon courtesy of prayer not being a viable strategy when it comes to procuring rain... or central bank intervention)
FT reports: The U.S. is getting a corn bailout from Brazil http://tinyurl.com/bvzgf6w
http://www.vanityfair.com/online/daily/2012/07/seven-habits-highly-effective-bankers
"6) Establish Blame, But Never Accept Responsibility. Miraculously, the higher you rise in a banking organization, the less responsibility you will have for the misdeeds of your underlings. It’s the Jaime Dimon rule of world-class banking: Talk tough, be photogenic, and always blame someone else. In the world of “too big to fail,” you can’t possibly be responsible for everything. Or anything, for that matter. The buck always stops somewhere else—and it’s always outside the bonus pool."
#6) was obviously #1 for Corzine.
The folks at the very top are always careful to insulate themselves from the fires; it's an old Mafia tradition.
I upticked EVERYONE above for noting that the BIG PERPS will walk...
Bearing playing serial greener today!
http://capital3x.com/think-tank/against-all-odds/
Against all odds
Bullshit.
I too call Bullshit.
I call Cleavland steamer
I call
The Last Turkey in the Shop.
There's a floater in the footbath
"U.S. prosecutors and European regulators are close to arresting individual traders"
Those guys are just scapegoats. The authorities should arrest the whole BOD's of all the involved banks. This is the one and only measure which would change the behaviour of big finance, and pronto.
You start by arresting individual traders and apply enough pressure to get the BOSS. From my reading the coordinated manipulation between companies was encouraged from on high.
Unlikely, I know, but it sounded good.
Can someone please expalin why now? Why after all the years of collusion have "they" decided to give people and the racket up to the public? What's behind this?
Must be something really big in the background if they're willing to give up a few small fries. Of course no one has been actually thrown under ye olde proverbial bus yet. Stay tuned. Better still keep an eye on the other hand.
For years now the Pope, the Royal Families, the UN and EU leaders, and others have been calling for a global financial authority.
Voile'.
Obama's reelection. Bread and circuses. Mollify the masses with a little blood-letting.
This has to be a gig. Have to wander how these token arrest help cover grand fraud? The system depends of a working gig.
let's hope these libertarian TBTF tapeworms sing like canaries before they get Ken Lay'd
You don't know where Kenny boy is? He died of a "heart attack" so if the rest of these scumbags go the same route we'll never see them in prison or dead.
Does getting "Ken Lay'd" mean you go off to some remote island where the elite induldge?
Your comment makes no sense.
If the TBTF's are libertarian, why don't they support Ron Paul or the Libertarian party?
Oh yeah, I almost forgot that you are an idiot who has no idea what he is talking about.
This article sums it up pretty well...
Obama's Justice Department Rushes to the Rescue of LIBOR Criminals
The Obama Justice Department is in theater mode, again, pretending to threaten the bankster class with criminal penalties – prison time! – for their manipulation of the global economy’s benchmark interest rates. The Justice Department claims to be building criminal and civil casesin the LIBOR scandal, which in sheer scope is the biggest fraud by international capital in history. But that’s all a front, a farce. Barack Obama has spent his entire presidency protecting Wall Street, starting with his rescue of George Bush’s bank bailout bill after it’s initial defeat in Congress, in the last days of Obama’s candidacy. He packed his administration with banksters, passed his own bailout and, in collaboration with the Federal Reserve, channeled at least $16 trillion dollars into the accounts of U.S. and even European banks – by far the greatest transfer of capital in the history of the world. Obama has reminded the banksters that it was he who saved them from the “pitchforks” of an outraged public. He pushed through Congress so-called financial reform legislation that left derivatives – the deadly instruments of mass financial destruction that were at the heart of the meltdown – untouched.
Wall Street may or may not remain loyal to Obama, but Obama has been loyal to Wall Street, the guys who gave him the campaign cash to become a viable candidate. His Attorney General, Eric Holder, a corporate lawyer to the core, is busily staging a pre-emptive LIBOR prosecution of bankers in order to shield them from legal action by a host of other government agencies and, ultimately, from the global universe of parties that have been harmed by the bankster’s schemes – a list that stretches to infinity. Holder’s job is to monopolize the LIBOR case, to the extent legally and humanly possible, grabbing jurisdiction and consolidating the cases against the banks with the aim of reaching a settlement that does not further destabilize the financial system.
“The Justice Department has already given immunity to Barclay’s Bank, of Britain, and to the Swiss banking giant UBS.”
Holder and his boss already pulled that trick earlier this year with settlement of the bank “robo-signing” scandal – a scheme that would have ranked as the “crime of the century” until LIBOR came along. A small group of state attorney generals were holding up an administration-brokered settlement that effectively gave the banksters immunity from prosecution, in return for a measly $25 billion payout. Obama used every power of his office to pressure the state law officers into line. The last one capitulated with a promise from Obama that a “special unit of prosecutors” would expand the investigation into abusive mortgages practices. You haven’t heard a peep about it, since.
Now Obama and Holder are playing the same diversionary game, making tough noises about criminal investigations of the LIBOR conspirators. But the Justice Department has already given immunity to Barclay’s Bank, of Britain, and to the Swiss banking giant UBS. More immunities will follow. The reason Eric Holder is staging criminal investigations is because that’s the only way he can protect the bankers, through immunities and by gradually narrowing the scope of the case. In the end, there will be settlements all around, and the banksters will move on to even more fantastic heights of criminality – thanks to the loyal, protective hands of President Obama.
what do you think his motivation is?
Potlatch I think his motivation is Money & Power and Connections the Global Bankers are Fabian Socialists
For UBS, a Record of Averting Prosecution
Wall Street still giving to Obama
JPMorgan Employees Join Goldman Sachs Among Top Obama Donors
Barack’s Wall Street Problem is Now America’s
"...the Global Bankers are Fabian Socialists"
Yes they are...spot on.
They have also never really renounced (or atoned for) eugenics as "a science", something I suspect is still in the back of their twisted little heads.
Yes my children, that Big Gulp will kill you, have a little less, pay a little more and die little more slowly from it, so that we can retain our tenure and grants throughout our lifetimes.
TIA
His motivation at this point is drawing a retirement check. Wheres my check?
You mean the "war on drugs" didn't end drug use, but rather increased drug supply and drug addiction? Wow! I'm shocked!
When are the arrests coming for the rigging of gold ?
I beleive there is an expression that has something to do with pigs and aviation you may need to look in to.
Cool! It IS possible!
Let's throw some pigmen offa cliff, or reasonable facsimile thereof.
In the greater scheme of things, there's nothing gravity can't cure.
Very refreshing. +1 cause optimism is such a scarce commodity now a days.
Oh, about the same time as Andrew McGuire about got run over by a car in broad daylight on Oxford Street in front of a bazillion witnesses at midday which was thoroughly investigated by the Metropolitan police and written off as due to the poor fellow's stressful mental state...
....or some such bullshit.
BTW.
Under most laws in the City (cough) and the US, banks are exempted from just about every last regulation possible concerning the gold and silver markets.
Ever wonder why, folks?
It's called official sanction.
I knew you could spell it.
As Treasury, Fed and BoE would say; "Pull my finger"
LOL! "Pull my finger."
Regulators SUCK!!!!! Federal regs in the US cost $1.75 TRILLION. Dodd-frank is 30% complete and stands at 8,800 pages ALREAADY!
And they let banks voluntarily report LIBOR? How stupid are the US and UK regulators?????????
You can blame the banks all you want. I blame the Fed and Bank of England
Now watch them add thousands of pages of LIBOR regulations.
http://confoundedinterest.wordpress.com/2012/07/19/jobless-claims-rise-d...
Pretty sure that 90% of the 1.75 trillion is, if you can believe it, just the vast, vast legal fees that galactic assholes do tend to amass, no?
My wife calls me a galactic asshole, but I don't have any legal fees.
Should I bill her?
What - you don't get conjugal visits?
Its OK everyone, Carney is on the case. He will make sure everything will be OK.
http://www.ottawacitizen.com/Business/Money/Carney+says+will+take+issue+...
/sarc
From the Reuters article: ""But banks are hoping that at least regulators will see that the scandal was mainly due to individual misbehavior of a gang of traders.""
Yeah sure. I doubt those really responsible will be arrested. Just some small logs being thrown into the fire to protect the forest.
Scandal thats fascist propaganda for fraud and theft .
http://www.zerohedge.com/news/lieborgate-escalates-barclays-implicates-rest#comment-2616532
As I said few days ago, the Gov must have targetted Barclays as the next one to go excrement in order to temporarily unclog the system.
I'm re-posting part of it.
Same as with Lehman, the system is so much clogged that they had to throw Lehman to the wolves on purpose to unclogg the system. It was a setup. Three days later they found money to bail out AIG. Why couldn't they bail out Lehman 3 days earlier?
I remember Tyler wrote once few months ago: Barclays are the Lehman of UK.
My take: The system has been so much clogged since November 2011 when european banks stopped lending to each other, that only throwing the weakest link to the wolved would unclogg the system, even temporarily. Barclays is the weakest link. It's going to the wolves, very very very soon.
Once that happens, let's wait for Benny and Timmy to pull the same trick as Benny and Hank in 2008, beg congress for money. I love this show, I adore it.
Sat, 07/14/2012 - 20:21 | 2616557pvzh
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Could you elaborate on that? How throwing anybody to the wolves can "unclog" the system? All other criminals will be still in place continuing doing whatever they were doing before.
Sat, 07/14/2012 - 20:33 | 2616567ekm Vote up!
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Money destruction.
Eliminating one or two players could temporarily create a false feeling that the parties HIDING toxic securities are out, so let's start business as normal lending to each other.
That's what happened with Lehman. The fallout destroyed about $50 trillions of toxic assets including swaps and derivatives. The hope was to TRICK the pension plans and world banks into believing that the toxic stuff was gone forever with Bear Stearns and Barclays.
It's like cleaning up the street from flooding. It doesn't mean that the street can handle the next torrencial rain. There's too much money lying around as toxic that nobody trusts anybody.
Destruction is mandatory.
Plus 1 on that.
I need a really good long rest. Somebody wake me when Timmy, Ben, and John are dressed in orange doing the perp walk. Yep me and ol' Rip Van know how to relax.
At least Rip gets to wake up eventually. If you do this, you may never wake up.
Reuters is owned by the Rothschild family, so the report can be taken with a grain of salt.
Don't ya just love that "Way Back Machine"?
Arrest Bernanke and the sissy Krugman too.
If only "Talking while stupid" were a crime...
PLZ PLZ PLZ can we call the traders "The Gang of Four"? PLEASE??
Lawyers of the criminals were warned of possible arrest. More proof of an unconstitutional fascist government when politically connected criminals get a warning and the citizens often accused of minor crimes get their doors kicked in and a shotgun stuck in their face.
geee...all those youtube conspiracy stories keep coming out to be true. are aliens landing at the olympics next
it's nice to see that after all of the robosigning, mf global fraud, peregrine fraud, sec fraud, cftc fraud (and porn), illegal foreclosures, tarp fraud, mbs fraud, and too much to mention fraud, that someone is going to be arrested - maybe.....
but as in all other instances of faux law enforcement, there will be a fabrice tourre to roll under the bus and the real criminals - the ceos, chief regulators, and other scum - will walk free to their nearest bollinger dealer to plan a decompression bubble bath with said beverage....and life will go on as normal....
but arrests are just shows - perpretrators will be pardoned, juries rigged, and judges bought as the cheap ass whores which they are....
Fabrice Tourre is stil free and living the high life from stolen billions and so is Paulson . That requires corruption all way to the POTUS.
Has there ever been any doubt?
yep... What tony said. Short sweet and right to the real point.
I would change the title to: LIEBORGATE: Here comes the coverup
I had speculated when the LIBOR story first broke that some patsies, like Lee Harvey Oswald in the Kennedy case would be thrown to the wolves to give the impression that Justice had prevailed. The exact scenarios as I had visualized is now playing out with a FEW ROGUE TRADERS being singled out for Criminal charges not the executives of these banks or of the Central banks like the Bank of England or politicians such as the Treasury Secretary of The US or the Exchequer of the UK. As this quote from the Reuters story proves, the charges are going to be for MISBEHAVIOR (not criminal murderous Fraud); and against a handful or traders, not the CEOs of banks or heads of Central Bank. Another whitewash is in progress; pay close attention how attention is diverted from CEO's like Bob Diamond of Barclays and Central bankers like Mervyn King of the Bank of England!
Quote from article linked below: "But banks are hoping that at least regulators will see that the scandal was mainly due to individual misbehavior of a gang of traders."
Look at the Terminology in this article that has been written to start the coverup process; Shame on you REUTERS:
http://apocalypse2010.blogspot.ca/2012/07/libor-fraud-arrests-coming-here-comes.html
Prosecute Fed, Geithner & BOE period
in what will almost certainly end up as the biggest financial settlement in history,
I think that is a little optimistic. More likely, it will be another mortgage fraud settlement where credit is obtained for normal business practices.
Yeah it is. Lets see, the total settlement for GlaxoSmithKline, Pfizer,and Abbott was a total of 5.4B dollars in Criminal cases where admissions of Criminal wrongdoing were finally coughed up in exchange for paying huge fines mainly for aggressively selling drugs as off-label treatments for people and diseases it was never approved by the FDA to treat. No, no one went to jail. Apparently selling billions of dollars worth of drugs for things or people they were never meant to treat is only worth a Misdemeanor as in 1 Misdemeanor.
The financial firms have gotten off with hundreds of millions in fines for civil wrongs in which the admitted no guilt or claimed no innocence. Knowing what we know now, isn't it quite possible with the financial firms especially, that announcements of record fines will be made and never paid? Has anyone examined the public filings of any of the financial firms that have seen large civil fines and seen where they have made payments or even booked liabilities? I've seen where the the Pharmaceutical companies actually paid. Maybe PHARMA , it's lobbying arm, was too quick in firing Billy Tauzin who probably could have twisted arms to get those fines "down baby down". Maybe it was a warning..."don't fire any of ours and we won't fuck with any of yours" .
At any rate, I predict announcements of fines but not large enough to check public filings to see if they have been paid. That's the only way their co-conspirators in congress and the rest of .gov will be able to keep this scam going without the financial firms saying "if we go down, your going down with us Motherfuckers". Mob on Mob action. No it's not popcorn time.
Taking this a bit lower because this has been like a large smelly onion with a decomposing body in the middle where each layer that has been peeled off makes it so smelly one can't believe it could get any worse until the next layer is peeled off... ( which rightfully should be named the DBurn metaphor of financial fraud)... I predict the following
1. Fines will be announced and never paid but none cash charges will be taken off income statements and balance sheet's Bullshit equity.
2. Congress will attach a bill to another Ronald Reagan street naming billapalooza that gives tax credits in the amount of three times the fines to each of the US firms that get named.
3. Congress will later amend the bill in a voice vote at midnight and state that the credits should be paid as refunds.
Which means ( bend over now) taxpayers will pay the banks for criminal actions.
If you think this is going too low, you haven't been paying much attention.
Bankers do not go to jail because all crime is commercial under the Uniform Commercial Code which is the law of the land in de facto America. If you have the money to pay, you don't go to jail, regardless of the crime.
Now HOLD ON A DAMN MINUTE. The President hisself said "no laws were broken" just 6 months ago....
Obama's Greatest Legacy: A firm foundation for the growing Fraudocracy.
I bet some poor cleaning woman or janitor is going to take the blame and do the time.
But, but who is the lone gunman here?!?
Well, the shooter was completely disguised from head to toe.
I say it was Butch Napolitano with lifts in her boots.
Apparently the gunman from Batman had a degree in neuroscience and couldnt find a job after graduating so was forced to work at Mc Donalds. In the meantime, the banksters living it high and partying in Europe like there is no worries while everyone else is unemployed making very little. It is time for this to end. I will say that had there been a functioning economy , the massacre would probably not have happened had this guy been able to get a normal job and get a foot into the middle class. However, we have just this utter and nauseating corruption at the top where banks which should have gone bust have enriched a class of morally repellent individuals who have no problem working with bad organizations to enrich themselves. I predict more and more of such tragedies. They should be squarely laid at the feet of OBAMA, HOLDER and CONgress
I green-arrowed you because you make a good point about the moral divide and the resulting lack of opportunities for those of us outside the circle of influence; but, I think time will show that this shooter is clinically insane - most likely paranoid schizophrenia gone way wrong.
Good theory. He is at the age it sets in and it would explain why a guy who was functioning great as a teen loses it so bad that he fails his candidacy exams.
Not to mention that an awful lot of kids now days can't deal with disappointments and setbacks.
The last couple of generations have been protected from the evil, self-esteem destroying, setbacks and disappointments.
The bubbly unicorn wrap has served them well, they are survivors now.
Cc.
You think a young guy who had a psychotic break could spend 4 months secretly accumulating that much armament? If he went nuts he could not set this up effectively. The timing is just too convenient to use this event to press Hilary Rasputin's immediate campaign to overturn the Constitution and leave us defenseless and helpless. Maybe her masters needed this drama to remove this less favorable incident from the public psyche:
http://www.huffingtonpost.com/2012/01/05/okla-mom-shoots-intruder-no-cha...
For all we know this whole story is bullshit. We know the liars have bent the laws to make their lying, propaganda, extortion & murder legal. Recall Hinckley family ties and the way Theodore Roosevelt first became President.
If the Joker had gone into politics like Barry, he could be wantonly killing men, women and children with drones all over the world!
And get paid for it by taxpayers!
The Joker did not Think Big.
Dewey LeBoeuf must be kicking themselves...
"When you're in a hole you should stop digging".
These bastards don't even know when they are in a hole.
"If you always tell the truth, you don't need to remember anything".
The bastards are bound to forget something which will bury them in that hole.
"All good things must come to an end!"
"Good" for you S.o.B's. We little people will get your miserable ass in the end. We do not forgive, we do not forget. Expect us!
Sounds to me like a strategy for Government to clawback some taxpayer funds that currently sit in reserve at said banks.
This is theatre as is the presidential election. The proles need another Madoff to demonstrate to themselves that all is well.
I call BS.
The only remote hope is that the snake will begin consuming its tail and in that crossfire some truth might be revealed.
Sarbanes-Oxley was a government hoax.
Made possible by government "regulation" and "planning". Next move: create a security crisis and roll the banks up under consolidated governments. Or vice versa, whichever you prefer. Wealth will have to be rationed explicitly and population will have to be... downsized.
Let the cover ups begin is more like it these days!
So, Geithner (one of the key players in this scam) went from the NY FED to the Treasury. This was very convenient for the scamsters, an outsider coming in there might have raised a stink at the time. The scam was going to blow up sooner or later, it was obviously best for the scamsters that it be later, for maximum profitability and better control of the eventual blowup.
NEWS UPDATE ON LIBOR SCANDAL:
Reuters News Service International Headlines;.......
It is now believed that Martha Stewart may have been the leader of the mischievous gang of traders thought to be manipulating the LIBOR ! Eric Holder to hold presser to explain this new evidence against Ms. Stewart and her house maid, that answered her phone, when the Justice Department called for a baked ham recipe.....
...doing GOD's work...GS-DickinDaMuppets
Arrests, fooey. If ANY biggies get serious jail time in anything but Club Fed, well I'll know the world will soon end.
This section reminded me of this Dave Chappelle skit.
How come none of this info came from Wikileaks?
This Intel came from all the major news networks. You just have to watch closely during the Batman theater killing segments. Subliminally, you can find this breaking news in great detail.
/sarc
http://vimeo.com/25491676 they are all thiefs they can not even show up for interviews. Everyone is on this. These guys are sociopaths no feelings, no remorse, no conscience nothing. They are not humans. They always look for liars and sociopaths to hire.
The government, the central banks, IMF, IBS, the banksters, drug dealers are all in on this. Time for a reset.
Reset button can be found here:
http://republicoftheunitedstates.org
Returning America to the rule of law.
it does not work.
Ths is what you get
NOTICE: This domain name expired on 07/21/2012 and is pending renewal or deletion
How fitting.
So, is she the federally appointed defense counsel of the CO shooter yet?
http://www.time.com/time/specials/packages/article/0,28804,2041535_20423...
Clarke's clients have included Timothy McVeigh, so-called "20th Hijacker" Zacarias Moussaoui, Eric Rudolph, the Unabomber and Jared Loughner. She seems to be a specialist in quietly ushering lone nuts off the stage.
WB7..Where is the MF Global Waldo?
President Bill Clinton visits Little Falls with Jon Corzine | 2009
Is 'Too Big to Fail' Now 'Too Big to Jail'?
http://www.newsmax.com/Koch/barclays-fraud-corzine/2012/07/19/id/445830
So..... the to be arrested did not contribute to O'Bama's coffers?
They should have bundled in with Corzine Inc
As mentioned before, market intervention has only postponed the inevitable.
Despite short and medium term market vacillation - the following remains a constant :
>> USDX monthly indicators [ie big picture] continue to warn of significant long term USD upside. (thus EURUSD & AUDUSD etc bearish)
>> SPX monthly indicators [ie big picture] continue to warn of significant long term downside for equities which will be worse than 2008.
http://www.zerohedge.com/news/2012-12-24/market-analysis
The scramble is on to aquire a pair of Presidential cufflinks.
here comes the arrests : )
maybe a couple of small time non jewish fellas.
here comes the cavalry to save us.
not
smoke and mirrors
some idiot senator was talking to bernanke on tuesday and compared libor to big tobacco.
i think he was unknowingly correct in that the outcome will be the same-----a couple of heads roll, massive 'fines' and profiteering by the platintiff's bar at the expense of actually changing anything of substance to how the tobacco business operates.
when all this libor nonsense is over----it won't change a godamn thing. the way this is handled is smoke and mirrors ===even james grant pointed this out in a recent interview he said it is more important to focus one's anger on the bigger picture of how interest rates are established generally by the the fed and banks generally. libor is just one of these rates and it would be outright deceptive to 'punish' people for libor just to provide smokescreen for continued rate manipulation and support for the TBTF system as a whole.
beware of the witchhunt . look at he who is organizing it and what their goals are.
Wake me up when Dimon and Blankfein are hanged in front of the public.
I guess next you're going to tell me Corzine got arrested.....
WHAAAAAAAAAAAAAAAAHHHH!!!
We all kn ow how this turns out. The banks will settle with the government for 15% of their profits with no criminal charges filed. The banks will be happy, the government will declare victory and everyone else will be screwed.
Already in recession:
http://www.hussman.net/wmc/wmc120723b.gif
The trillion dollar question is: Will the arrest of the, ultimate manipulator of interest- Ben Bernanke, happen?
Nay, that won't happen unless a total debacle of the system.
Nay, arrest won't happen even if a total catastrophe of the system and the resultant revolution....
The quadrillion dollar question is: Will the Rothschild banking slime and the chairwoman of the Committee of 300 be arrested?
You forgot the queen and her lovely princes.
Apparently mi6 have issued warnings to all uk politicians about disassociation with bankers as massive amounts of arrests are currently planned. Since 2008 the intelligence community have been all over the banks like a. Rash...the first warning shot was the disabling of their disinformation machinery known as Murdoch. Rupert...
Lying bastard bankers are being led to the slaughter by the lying bastard politicians who are being told by national security to put up some "no longer for sale signs"
You simply could not make this shit up....but I just did...
In a world saturated with lie-ocratic bastardry it is hard to know just what to believe.....
Throw them all in the Hunger Games.
LIBORgate in a nutshell: The Big Dogs are clearing out their deadwood in the middle ranks. No Big Dog will get what's coming to them.
The man with the briefcase can steal more than the man with the gun. Don Vito Corleone
...and people have been laughing at me and others for years, when we tried to tell them, not only is 911 an inside job, but, the usual suspects are blowing up the global market. So what is next? LMAO. BOOM! A city hit with a WMD?
http://www.youtube.com/watch?v=CdRo7okHCAc
The fact is, all you dipshits in uniform, no matter what country, you morons are useless. At this point, there is absolutley no cause to defend the leaders of the nations. They have been corrupted beyond redemption. The only thing you dipshits are defending is a global new world order drive to secure the Earth under the will of criminals hellbent on their sick and twisted agenda, and their cause is not freedom and independence, it's fascism and a new global socialist order like the Great Wal Mart of China. So, you keep on following the Suicide Vampire Squid(s New World Orders and perish without mercy, you evil silly fools.
If you are still fighting the fact that this is prophetic and a revelation of the mark of the beast global system effort to use Israel and Jerusalem as the final nail in the coffin for the false peace with the mark of the beast, it's only because you are a chickenshit and you will accept what ever the scumbags offer when they seal their deal. You are already a souless Citizen United Killer Robot Drone.
In advance, to you fools and evil bastards, the black hole is aaaah wait'n.
Fuck you. Asshole. You need to back the fuck off our brothers and sisters in arms. The problem was/has been/is the .001%. Focus.
...no, the problem is dipshit kids playing soldier with real weapons and killing our fellow humans because they are following orders issued by evil people that do not believe in freedom and independence, much less the Constitution, and you know that. If you still disagree, I'd tell you to take your borderless criminal gang of gay pride and shove it where the Sun don't shine but, that would be pointless now wouldn't it. Go ahead and perish in contempt, if you will, dipshit. Your Suicide Vampire Squid orders you. Moron.
P.S. If you remain standing fast in agreement with this new world order, now upon this generation, you are the enemy of not only all of us, you are an enemy of Heaven's Mercy. Don't be a fool.
Shortly after the Aurora shooting a van containing six Jewish looking men stopped at the 7-11 store near the interstate .... customers said they saw the occupants disembark, dance and shout and give each other "high fives" .... they donned skull caps and sped away ! Monedas 1929 Comedy Jihad Sometimes I Make Shit Up .... you decide !
Some small fish will be arrested and sent to prison, then there will be a investigation where all the big fish are white washed or get slapped on the wrist.
The Gods in heaven dont do prison, rules dont apply to them, they are the ones that make the rules.
The only member of the elite who is in prison is the former Permanent Secretary of the ministry of finance in Iceland.
Everyone else that has gone to prison in the western world, are small fish.
Beautiful news. FINALLY-- Perpwalks!
Knowing how thin-skinned and craven Bankers are, I cannot wait to see how many of them start squealing like the filthy pigs that they are, throwing every one they can get their fingers on under the bus in their efforts to avoidproper imprisonment.
Circular firing squads are often the best kind!
Happy, happy times!
Arrests? Ridiculous! This is a system wide event that will doubtless be investigated by people that are involved. Get a bulldozer.
Time will tell if your cynicism is justified.
The Age of kali yuga has to end sometime.
Does someone have the "balls" to arrest Greenspan and Bernake? Probably only Sheriff Joe Arpaio in Arizona has the "Political Balls" to do anything about this huge FRAUD. Hopefully the Euro folks will press this because our "Washington Boys" won't touch it since they are "Bought and Paid For"!
"We" would be "for two or more." But Ma and me—we, for two, can't wait either.
Although I b'lieve that the only walking the real perps <SPITTOON!> will do is to walk away rich.
Here is my new conspiracy theory:
- JPM has the Whale problem, holding 70% of the tranches market, thus nobody to sell to.
- Interbank lending does not exist.
- How to solve the problem?
- Force Barclays to buy JPM positions.
- Barclays board refuses.
- Gov threatens to send them to jail.
- Barclays board accepts
- Barclays buys JPM losing positions.
- Barclays goes poooooooopy
- JPM is safe. The puppet called Jamie Dimon is considered the emperor of Wall Street and the best chairman the planet ever had via a well organized media blitz.
Probability: 80% in my opinion.
I take bets.
How did you come up with this theory?
Each time somebody collapses, JPM seems to be one or the of the beneficiary, starting with LTCM in 1998 and ending up with Bear Sterns, MFG, PFG.
Probably JPM is pissed they couldn't buy Lehman's business with pennies and now want to devour both Barclays and Lehman.
Until I see Dimon, Bernanke, Geithner, Corzine, Blankfein etc., swinging at the end of a rope it is all just bullshit.
All this took place with the full knowledge of Presidents Clinton, Bush and Obama
They need to be strung up too , after a trial by the people's court.
All other courts appear to be bought and sold.
We just saw Obama care being called a tax. Governments exist to serve the people . Not vice versa
Bankers are my homies still.
http://www.youtube.com/watch?v=E_yVRZMFbLc
I've said it before:
God Bless America. RICO all banksters and their ho politicians and IMPEACH that LIAR, Eric Holder.
New TV game show this fall: Bankster Musical Chairs. The object of the game is to find someone to blame for the things you have done all your life. Points are scored by the amount of money you abscond with, divided by the length of your sentence. To keep it interesting prizes will be awarded weekly for ruthlessness, efficiency and cleanliness. 3 pardons will be randomly awarded at unscheduled intervals. Nothing is off the table: testifying to reduce sentences, disappearing squealers, disappearing witnesses, disappearing relatives or disappearing yourself, buying judges, buying armies, buying nukes & buying countries and starting WW3 are all legal. If the ratings are high enough to produce adequate catatonic stupor, everyone walks. Barring total devastation, there could be a series.
Remember, the final stage of the grief process is amnesia. Remember.
well, governments will get the desired effect when they arrest some no name to take the total blame for this BS! Give the people what they want,Some BIG NAMES sent to jail with some room mates named big bubba and leroy.
Perhaps it's high time...
for the good and decent to arrive at a concensus of sorts,
and choose an event such as this, and the response/non-response,
to be the bellwether of things to come,
IOW, in the madness,
is there an inkling of that good and decent left in the innards of this beast to salvage anything at all,
or will there be required an intervention (creative and peaceful, of course), rather than simply enjoying the scum-eating-scum show
that is destroying us all?
Too connected to be arrested. TCTBA
Any arrests will be for show (unless they have been bonking a higher-ups wife/mistress)
The core function of the international financial community is to preserve itself.
The rest of the world is just the host.
Wake me up when they start parading are colonial masters the Rothschild's in leg irons. Then we will know they are serious about ending the syndicate.
First Liborgate and then, hopefully, really f*cking soon, it will be Silvergate.
I guess the banks involved in Lieborgate too will get the third degree punishment for fraud which includes a slap on the wrist with a 100 dollar bundle, will be asked to stand in the corner for 5 minutes and then will be given a few billion dollars for their inconvenience to go and gamble in the stock, commodity and currency markets. After all they are too big to fail till they become too big to bail.
The most likely outcome of this would be that the banks will be fined a few million dollars for their crime without admitting to any wrongdoing. The too big to fail bunch of banksters can get away with murder, fraud, coercian, harrassment of the general public and any other illegal activity under the sun because they have a lot of influence on the political class, the rule makers and the rule enforcers due to their enormous purchasing power. So irrespective of the position in the government, everyone works for their benefit.
www.letstalkmoney2012.in
They can sweep all those scams under the carpet but this is both reckless and dangerous because confidence in the financial system is being eroded. Obviously every confidence game is based on maintaining, not eroding confidence. Once confidence is lost the game is up. Then there is the question of rate of erosion, is it happening slowly and gradually or is it maybe tanking right now? It´s difficult to tell but in any event unresolved scams lead to very unhealthy overhangs both in the financial and political system. To make matters worse, both these systems are reactive rather than proactive. They react years after it´s evident that a crisis is ahead instead of taking steps to prevent the crisis in the first place. In fact they encourage if anything the creation of crises. Strangely the psychiatric profession is silent about this dysfunctional behavior. What will happen when confidence in these unstable system is lost? How will they react? Well, how do cornered rats react? I guess we´ll have to stay tuned and hope for the best.
"And so the tide turns, as banks, all of which should have ended up as bailed out utilities in the aftermath of the Lehman collapse, will now be forced to fork over billions in cash to the same governments and administrations that bailed them out in the first place, under the guise of civil and criminal penalty disgorgement in what will almost certainly end up as the biggest financial settlement in history, one which will leave most of the world's banks sorely undercapitalized and force the Basel implementation of various capital requirements to be scrapped indefinitely. "
So, in effect, the money is in a perpetual state of Ping Pong. The game, I suppose, is siphoning off as much as possible while the ball is in your court.
Eventually the game will be up.
"The Keynesian welfare state is best described as the mild-mannered alter ego of the totalitarian welfare state. The official alchemists responsible for transmuting debt into political power eventually find it impossible to siphon wealth out of the productive class in amounts sufficient to meet the needs of the political class. When this happens, the ruling elite will inevitably turn to bloodshed as a source of economic "stimulus."
-- William Norman Grigg
Spot on Bill - "killing and robbery and coercion" carried out in the name of "state authority" isn't terrorism; it's public policy.
-------------------------------------------------------------------------------
FP: The Cold War lasted about 40 years. Do you see this current struggle we are having with extremism, whatever you want to call it, the war on terror, do you see that lasting as long, or do you see that changing in some way over the next decade?
BC: How long it lasts depends on whether the places out of which really big, effective terrorist groups are operating remain essentially stateless. The territories in Pakistan and the border area with Afghanistan are not part of a centralized state. Robert Kaplan has written tons of books about what's going on in the modern world, and if you read The Ends of the Earth and these books that say we are de facto, no matter what the laws say, becoming nations of mega-city-states full of really poor, angry, uneducated, and highly vulnerable people, all over the world, we would have a lot of slumdog millionaires. If that's right, then terror -- meaning killing and robbery and coercion by people who do not have state authority and go beyond national borders -- could be around for a very long time. On the other hand, terrorism needs both anxiety and opportunity to flourish. So one of the things that the United States and others ought to be doing is trying to help the nation-state adjust to the realities of the 21st century and then succeed.
Bill Clinton's World The former president tells Foreign Policy what to read, who to watch, and why there really is a chance of Middle East peace in 2010.http://www.foreignpolicy.com/articles/2009/11/19/bill_clintons_world?pag...
Emphasis added.
I'm certain they will be arresting the intern who stapled the paper reports.
oil BELOW $90
and on Thursday the shoe shine boys and girls from cbs-mw (STUPID "REPORTERS") were cheeEEEERING the pump in oil @ $92...i said the idiots are calling the TOP @ $92 and change...LOL !!!!!!!
http://www.zerohedge.com/news/its-official-t1-not-t2-tilson-liquidates-buy-more-same#comment-2633573
if u check a few comments before that i said that they were also calling the TOP of the casino stock "market" @ 1380 = shooooOOOORT !!! and RIDE til spx below 1100.
Sooner or later these bastards are going to be convicted and get some ass pounding for the rest of their lives.
Sooner or later these bastards are going to be convicted and get some ass pounding for the rest of their lives.
Sooner or later these crooked bastards will end up in jail as their associates will drop a dime on them. There is no honor among theieves.
Sooner or later these crooked bastards will end up in jail as their associates will drop a dime on them. There is no honor among theieves.
Silvergate!
Of course this scandal 'breaks' now...the central banks need tighter control of the reigns! bubble, bubble everywhere....toil and trouble...times tough ahead.
sacrifice a few millionaires to keep the billionaires in control....everyone wins, except us.
take away of an alternative investment finance rate to the central bank investment rate and you have a single investment rate driving the free market...
luckily the drought is driving up the food bubble prices...so more printing will be tricky...
Near the top of Kilimanjaro there is a dessicated carcass of a snow leopard .... nearby are the corpses of Bill and Hillary .... holding hands ! What was the snow leopard looking for so far from his habitat ? Nobody was curious about the Clintons ! Monedas 1929 Comedy Jihad Oxygen Deprived Liberal Minds
Arrests are fine and dandy, but they need to lead to prosecutions and jail time.
Large fines where no one is implicated and the banks neither admit or deny any wrong doing should not be allowed to happen on this.
Anything less than prosecutions and jail time is a white wash.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. It is it’s natural manure."
Those banksters would make real good manure.
Jamie's investors decide to clean up