----------------------------------------------------------------------
The criminal bankers are starting to turn on each other. We now know for certain that the Federal Reserve, the Bank of England and other Central Bankers have criminally manipulated the interest rate markets in collusion with the biggest banks in the world. They have kept up a united front for years, but the facade is starting to crumble. Fingers are being pointed. Accusations are being made. The banking cabal is scrambling. They will have their MSM minions begin the obfuscation and misinformation campaign, just as they did when Corzine and Jamie Dimon stole $1.2 billion from farmers.
The fact is the game is rigged. The interest rate market is rigged. The stock market is rigged. The commodities market is rigged. The whole fucking sytem is rigged. And guess what? It isn’t rigged in your favor. It is rigged to fuck you. It is rigged to benefit the few.
The saddest part is that nobody cares. 99.9% of the world’s population doesn’t know what LIBOR even stands for, let alone care about its manipulation. How long will we accept the corruption and remain subservient to bankers and politicans? When will we have our Howard Beale moment?
Barclays says BOE, Fed knew of Libor concerns
Bank’s CEO, COO quit as interest-rate-fixing scandal grows
By Steve Goldstein, MarketWatch
WASHINGTON (MarketWatch) — On a day when
both the chief executive and chief operating officer of Barclays PLC
resigned over an interest-rate fixing scandal, the U.K. bank released
its own version of events and suggested Tuesday that Bank of England and
Federal Reserve officials were well aware of the issue.
The document, released ahead of
Wednesday’s appearance by now ex-Barclays (NYSE:BCS) (LSS:UK:BARC)
CEO Bob Diamond’s testimony in front of the British parliament,
effectively throws part of the blame back onto the Bank of England, the Financial Services Authority,
the British Bankers’ Association and the U.S. Federal Reserve, as well
as rival banks whose submissions determine the London Interbank Offered
Rate, or Libor. See external link to Barclays testimony.
Barclays was fined roughly $450 million for fixing Libor. Other banks also are being probed.
Barclays released a memo by Diamond
written after a phone call with Paul Tucker, the Bank of England deputy
governor. The memo, from October 2008, states that “Tucker reiterated
that he had received calls from a number of senior figures within
Whitehall to question why Barclays was always toward the top end of the
Libor pricing. His response was ‘you have to pay what you have to pay.’ I
asked if he could relay the reality, that not all banks were providing
quotes at the levels that represented real transactions, his response,
‘oh, that would be worse.’”
Whitehall is shorthand for the British government, as it’s a street with several key government ministries.
Later, the memo reads: “Tucker stated
the levels of calls he was receiving from Whitehall were ‘senior’ and
that while he was certain we did not need advice, that it did not always
need to be the case that we appeared as high as we have recently.”
That instruction was then taken by Jerry
del Missier, who resigned Tuesday as chief operating officer and then
was president of Barclays Capital, as an instruction from the Bank of
England not to keep Libor so high, the bank said. Del Missier relayed
that view to the bank’s Libor submitters.
Barclays also said in the document that
the lender believed other banks were making Libor submissions that were
too low during the credit crunch. “The evidence shows that the intent
was to protect Barclays from the unfounded negative perceptions by
bringing Barclays Libor quotes closer to the pack but not to affect the
ultimate rate,” the bank said.
Barclays also cited subsequent research
by the New York Federal Reserve staff members that, according to the
lender, concluded that banks’ Libor quotes were systematically below
their borrowing rates by 39 basis points after the Lehman bankruptcy.
“Barclays own submissions for tenors of 1 month to 1 year Libor were
higher than actual Barclays trades on 97% of the occasions when Barclays
had actual trades during the financial crisis,” the lender said.
Separately, British newspaper The
Independent reported that the parliamentary committee investigating
Diamond may call on Tucker to give evidence.
The Barclays documents, however, don’t
suggest regulatory knowledge of the other half of the Libor scandal,
involving trader requests to manipulate Libor submissions for their own
positions. Barclays said those activities were “promptly disclosed” and
that there was no knowledge by anyone above desk supervisor level.
Libor is enormously important to the
financial system — the notional value of three-month eurodollar futures
which are based on it was $564 trillion in 2011, and swaps of $350
trillion and interest-rate derivatives based on the related Euribor had a
notional value of $220 trillion, according to data from the Commodity Futures Trading Commission.
Original Source: http://www.theburningplatform.com/?p=36745
No comments:
Post a Comment