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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHelpful overview of Libor investigations
Found this overview of Libor investigations and thought it might be helpful in understanding what is occurring. It's fairly concise with links to additional information.
Beyond Barclays: Laying out the Libor Investigations
http://www.propublica.org/article/beyond-barclays-laying-out-the-libor-investigations
Last week, the British bank Barclays was slapped with $450 million in fines and penalties for manipulating information used to set a critical interest rate.
Settlements filed by government regulators in the U.S. and the U.K. show this manipulation happened in two ways: first, Barclays traders attempted to steer rates up or down in order to benefit trades they had made to profit off of those rates. Separately, the filings show that during the financial crisis, Barclays tried to counter reports that it had financial troubles by changing the interest rate it reported.
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In his testimony, Diamond stuck by the line that everybody was doing it. And indeed, the revelation that banks might have tried to keep their rates artificially low during the crisis isnt altogether newin 2008, the Wall Street Journal reported that banks were submitting much lower rate estimates than other market measures would have suggested. In 2008, the British Bankers Association said it had received suggestions that banks were exhibiting herd behavior in setting low rates.
The Washington Post notes that a manipulated Libor doesnt just have repercussions for investors and borrowers, but also for regulatory efforts; by keeping rates low during the financial crisis, the banks were trying to quell concerns about the health of the banking system and stave off calls for additional regulation.
More at article, including a list and links to the investigations of additional banks being investigated.
Cartaphelius
(868 posts)There only remains a few serious questions.
1) How many Quadrillion Dollars has been stolen from the 90% (estimates of One Quadrillion at least in 2008 crisis).
2) When will the 90% receive the restitution for the endless thefts they so deserve?
3) When will the criminals be prosecuted for all of their many Crimes Against Humanity?
4) When will their "beards", (politicians far and wide), be held accountable for their willingness to support the out-right theft from the
people that pay their wages.
I cannot recall ever reading about how the regular Global theft of the accumulated wealth, formerly held by the 90%, that has been intricate, inescapable part of our collective history is viewed as "just how the way things work", while the "victims", alone, are held accountable for the devastation.
The 10%, the decider's for the 90% have set the example that theft from the 90% is o.k. However, if the 90% attempt it, it is called "class warfare"? Or if a hungry family "steals" for food they are jailed?
The tipping point of being slaves to the 10% is upon us.
Where do you stand?
suffragette
(12,232 posts)Welcome to DU!
sabrina 1
(62,325 posts)bailed out the banks, over and over again, moving the cost to the people, people who had nothing to do with the Financial Meltdown, yet were subjected over and over again to this 'Austerity' policy. And worse, scape-goated and blamed, laughably, for the crisis.
And now we find, that the Global Meltdown was only the tip of the iceberg and that it is conceivable that every one of us has had, as someone said this week, 'our pockets picked' by these criminals.
But who is going to hold them accountable? That should have happened several years ago, instead they were bailed out, and continued to steal from the people.
What entity is NOT corrupted, after all they've been working on this for a long time and seem to be in control of Governments and all the entities that could start the ball rolling to begin the process of holding them accountable?
Can you name any entity with the power to begin this way overdue process?
Last week, eg, we were treated to the embarrassing picture of the US Senate falling all over itself in deference to Jamie Dimon, there ostensibly, to answer questions. Instead, it looked like many of those charged with representing US, were applying for a job at Goldman Sachs.
WillyT
(72,631 posts)suffragette
(12,232 posts)interesting. Other articles have written about this aspect, but this one lays it out so clearly and in connection to the 2008 meltdown.
I've found some additional info about energy price manipulation going on at the same time that I posted in my journal.
So much corruption, so little prosecution.
onethatcares
(16,178 posts)it just gotta be ok.
remember what your mom used to say about everyone jumping off a bridge?
sabrina 1
(62,325 posts)When they say 'everyone' they mean those in their club. And since no one has been willing to even try to get to the bottom of what they were up to, they rightfully assumed no one ever would. So business, it seems, has proceeded as if the Global Meltdown never occurred.
The money keeps moving up, and the people are still getting screwed. So what now?
suffragette
(12,232 posts)I've already seen it floating around DU - though worded somewhat differently.
Of course in this case, it was more like the financiers pushing the rest of us off the bridge and then blaming us for lacking balance (that would be the austerity measures they imposed and/or pushed governments to impose).