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Thu Jul 5, 2012, 04:45 AM

Banks across the world were fixing interest rates- screwing the world

Banks across the world were fixing interest rates in the run-up to the financial crisis but regulators failed to take action to stop it, the former head of Barclays claimed yesterday.

Giving evidence to Parliament Bob Diamond said Barclays had raised the issue of banks ‘under-reporting’ the true amount they were having to pay to borrow money but were ignored.

He declined to say that the regulators “were asleep at the wheel” but added: “There was an issue out there. (It) should have been dealt with”.

But Mr Diamond denied that the Bank of England told him specifically to ‘fix’ interest rates during a phone conversation during October 2008.

He told the Treasury Select Committee he “didn't believe” he had “received an instruction” from Deputy Governor Paul Tucker about the fixing of interest rates.



Read more: http://www.belfasttelegraph.co.uk/news/local-national/uk/bob-diamond-banks-across-the-world-were-fixing-interest-rates-in-runup-to-the-financial-crisis-16181211.html#ixzz1zjgNdUcn


&feature=player_embedded#!

Matt Taibbi explains how the banking cartel is manipulating global interest rates.

13 replies, 2518 views

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Reply Banks across the world were fixing interest rates- screwing the world (Original post)
Ichingcarpenter Jul 2012 OP
Sherman A1 Jul 2012 #1
customerserviceguy Jul 2012 #2
Ichingcarpenter Jul 2012 #4
tsuki Jul 2012 #3
MrMickeysMom Jul 2012 #5
tsuki Jul 2012 #12
BumRushDaShow Jul 2012 #6
FarCenter Jul 2012 #11
fasttense Jul 2012 #7
BumRushDaShow Jul 2012 #8
econoclast Jul 2012 #9
Ichingcarpenter Jul 2012 #10
Nuclear Unicorn Jul 2012 #13

Response to Ichingcarpenter (Original post)

Thu Jul 5, 2012, 06:12 AM

1. Yes, we the people were pretty much

screwed by these guys, but that's okay because the financial meltdown was really our fault.......... They the grand wizards of all things monetary are all seeing and all knowing.

Maybe, just maybe there will be some prosecutions coming from this... one can only hope.

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Response to Ichingcarpenter (Original post)

Thu Jul 5, 2012, 07:16 AM

2. Diamond's statements

amount to, "Well, everybody else was running that red light, and when I told a cop, he didn't care, so I decided to run the light, too."

The whole financial system is a house of cards, run by crooks.

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Response to customerserviceguy (Reply #2)

Thu Jul 5, 2012, 07:32 AM

4. Its Racketeering Plain and Simple

Organized Crime but sanctioned by the governments.

The Rico Act

Under RICO, a person who is a member of an enterprise that has committed any two of 35 crimes—27 federal crimes and 8 state crimes—within a 10-year period can be charged with racketeering.

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Response to Ichingcarpenter (Original post)

Thu Jul 5, 2012, 07:25 AM

3. I have been watching the Aluminatti try to spin

this scandal. It is huge in Europe. Here, not so much.

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Response to tsuki (Reply #3)

Thu Jul 5, 2012, 07:46 AM

5. "Here, not so much..."

Isn't this something?

Grossly under-reported, "Lie More" was a good explanation. Current TV has tried to explain, Amy Goodman has tried to explain...

Max Keiser Report has been screaming about this for years.

It should be HUGE here, but.... crickets!!!

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Response to MrMickeysMom (Reply #5)

Thu Jul 5, 2012, 06:31 PM

12. I watch that Blow-Dried

Animatronic conception of a journalist on CBS. I don't think he can understand it. So, how can he report on it.

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Response to Ichingcarpenter (Original post)

Thu Jul 5, 2012, 07:54 AM

6. All roads lead back to Alan Greenspan.

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Response to BumRushDaShow (Reply #6)

Thu Jul 5, 2012, 10:46 AM

11. In the US the Federal Reserve fiddles the rates directly

 

No need for a wink, wink, nudge, nudge here.

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Response to Ichingcarpenter (Original post)

Thu Jul 5, 2012, 08:01 AM

7. Where is Holder on this?

 

They rigged our interest rates for years and nobody noticed? What about Ben Bernanke? What about Timmy Geithner? They were/are working for the government when/while this was going on. Why didn't they notice?

Most mortgages in the US were tied to the Libor. When the Libor goes higher, your ARM goes higher. All those people who got kicked out of their homes because they couldn't meet the payments when their ARM readjusted higher, they have these thieves to thank for it. collusion on a grand scale and nobody goes to jail????

These thieves should be hunted down and locked away to protect society.

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Response to fasttense (Reply #7)

Thu Jul 5, 2012, 08:11 AM

8. What you see being reported now

was the initial result of 2 years of investigation. Now that these banksters have been flushed out, others are sure to follow as they start squealing on their co-conspirators.

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Response to fasttense (Reply #7)

Thu Jul 5, 2012, 09:27 AM

9. Libor was artificially LOWERED

In an attempt to appear healthier than they really were, banks were reporting Libor rates that were LOWER than the actual lending/borrowing rates.

Nobody wanted it to appear that counterparties were nervous about their actual riskiness and hence they reported Libor to be lower than it really was.

So...people with mortgages and other loans tied to Libor would be paying LESS than they otherwise would.

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Response to econoclast (Reply #9)

Thu Jul 5, 2012, 10:38 AM

10. I don't think you get it.

you make it sound like it was a happy time place.

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Response to Ichingcarpenter (Original post)

Thu Jul 5, 2012, 06:39 PM

13. Horrible writing.

He declined to say that the regulators “were asleep at the wheel”


If he declined to say it then why put it in quotes as if he did?

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