Video & Multimedia
Related: About this forumIt's over for the banking cabal. 4.jul.2012
Watch this video to understand the largest banking corruption scandal in history. These large banks have stolen money from every single human on the planet. Not one person was left out. Not even YOU! Now that it is exposed there is no going back. We will ALL support the "NO MORE BAILOUT" mantra...
RKP5637
(67,111 posts)OverseaVisitor
(296 posts)Try listening to the entire video below
To temporary prevent a financial crisis the central bank bailout the bank with cheap money.( 2008 )
patrice
(47,992 posts)- When the reporting entity calls these 16 banks to acquire the rates at which each lends to other banks, in order to determine the London Inter-Bank Offering Rate (LIBOR), they lie.
- They not only lie, but they collude in their lies. They lie systematically.
- They usually under-report the rate at which they are lending money to other banks.
- So, they are making more money off of the money that is being loaned than the banks who lend to us know (or do they?).
- And those banks are lending that money at rates that do not reflect its true costs to the whole system.
Or something like that.
truth2power
(8,219 posts)I hate to nag, but, read "Predator Nation". One of the most recent books trying to get the masses to wake up. It will make you sick to your stomach.
RAMPANT CRIMINALITY!
And no one in our government is doing anything about it. I wonder why?
ancianita
(36,095 posts)But an important problem of 'doing anything about it' is amassing evidence.
Charles Ferguson, in Predator Nation, (2012) writes that "...One major antitrust investigation, under way as of this writing and being conducted by U.S., European and Japanese regulators and prosecutors, is focused on price-fixing of interest, particularly the London Interbank Offered Rate (LIBOR), the interbank lending rate used to set many short-term interest rates...(p 203)
...The top five investment banks who control 95% of all derivatives trading worldwide, and two -- Goldman Sachs and JPMorgan Chase -- control nearly half... The top five investment banks dominate the market for initial public offerings, frequently share portions of such offerings with each other, and charge exactly the same fees. Joint ventures established collectively by all the major investment banks dominate several markets related to the bubble; for example, the indexes of mortgage securities used as references in constructing many synthetic CDOs...As a result, many important markets are subject to cartelistic behavior, which can also destabilize them...." (p 223-4)
It's obvious that investigations started a while back and will continue, while politicians who grease the legal loopholes are creating theater or staying silent in their attempts to run for cover.
patrice
(47,992 posts)jerseyjack
(1,361 posts)was used to cover up the actual financial condition of these banks, keep the stock prices artificially high and head off further regulation.
patrice
(47,992 posts)Reserve Lending, so that's another layer of "cost" per dollar loaned, which all got gambled away in derivatives?
ancianita
(36,095 posts)who exploit various jurisdictions' laws for the global few. We're in the middle of global corporate lawyer wars while the elites who hire them are running the media to block any clear view of it all by publics all over the globe who are considered 'collateral damage.'
Any layperson's searching for factual information and clear explanations is an arduous job. No wonder most people give up and retreat to their local worlds. The world of the rich think that their activities are really none of our business, anyway. Like Exxon's CEO has said, "Humans will adapt. That's what they've always done." It's a whole new level of the banality of evil that would shock even Hannah Arendt.
patrice
(47,992 posts)(You could search my user name, but you'd have to go back to DU 2.0)
I don't know really very much, specifically, but I had been thinking about what my second husband, a corporate attorney, said about this kind of stuff; it's all PRIVATE business contracts, many with similarities (so you can guess what's going on) and variations (so guessing can destroy whatever you try to do) and other contracts that are completely unique each and every one.
Ever since '08 those attorneys have been out there doing what attorneys do to gain advantage on one another. Now, there will be these global attorney wars. The outcomes could even lead to actual violence.
This has been the President's problem from the start and why, though I would have preferred Liberals, I have completely understood some of his more problematic staff-picks.
patrice
(47,992 posts)"Obama should set aside the entire body of contract law that runs American business, so that he can get at these thieves."
People seem surprised when you point that out to them.
There's some very mistaken notions about what the Presidency is out there. He is supposed to be somekind of king when people want that and somekind of empty suit when they want that.
patrice
(47,992 posts)and such, were lies.
There were economists on Thom Hartmann early when the Derivative Crash broke in '08 who were saying the actual losses are MUCH higher than any other estimate that I've ever heard since. And you DON'T hear/see anyone hardly ever talking about that topic, you know, i.e. how big of a hole is this?