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In reply to the discussion: ''Looking Forward'' not only cleared war criminals Bush and Cheney, but the Banksters, as well. [View all]Octafish
(55,745 posts)31. Invisible Death Star
Meet the Unseen Bullwhip of the New Slavemasters...
LIBOR
Their Profit is Our Loss
The Dark Heart of the Libor Scandal
by MARK VORPAHL
CounterPunch, August 07, 2012
Though, for most, the London Inter-Bank Offer Rate (Libor) interest rate fixing scandal appears to be distant and far too complex to understand, its potential consequences may be as economically devastating as a world war.
The Libor is used to set payments on $800 trillion worth of financial instruments. It sets the prices that people and corporations pay for loans and receive for savings. Given that the fraud impacted $10 trillion in consumer loans, the Libor scandal will likely leave a long list of previous financial scandals that contributed to the Great Recession look like childs play.
It also pulls back the curtain on the mechanisms behind the world economy, its anti-social priorities, its willingness to gamble away the future of billions of people, and the governments collusion in these operations. The Libor scandal reveals that the invisible hand Adam Smith spoke of in explaining how a capitalist economy regulates itself has been transformed into the trained hand of a swindler.
SNIP...
Barclays Bank is just the tip of the iceberg. In several countries, 20 big banks are under investigation, including such behemoths as Citigroup, Deutsche Bank, HSBC, JPMorgan Chase, RBS and UBS.
Current Treasury Secretary Timothy Geithner and former president of the Federal Reserve Bank of New York, and Chairman Ben Bernanke have had to defend the Feds response when it first became aware of the fraud in 2008. While Geithner said he was aggressive in expressing his concerns, this on-going scandal did not come to light until four years later.
CONTINUED...
http://www.counterpunch.org/2012/08/07/the-dark-heart-of-the-libor-scandal/
Here in Detroit, since 2008, many of my friends have lost their homes. Almost always, their jobs went first.
Now that I think of it, the only ones who've moved up in the world are the ones in the financial services sector -- and not necessarily the honest ones.
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''Looking Forward'' not only cleared war criminals Bush and Cheney, but the Banksters, as well. [View all]
Octafish
Mar 2014
OP
Excellent post. I just mentioned the devotion of the Neocons, Ledeen in particular, to Machievellian
sabrina 1
Mar 2014
#72
Of course it's a metaphor. I was following from Obama's use of that metaphor.
Jackpine Radical
Mar 2014
#33
Maybe he doesnt have a choice. He appears to have been given some leeway on social issues
rhett o rick
Mar 2014
#12
And the banksters are still at it. There is at least examples of that in our history so it would not
jwirr
Mar 2014
#7
Remember how the passed a law to retroactively protect telecoms from prosecution? Let's do the
grahamhgreen
Mar 2014
#19
That's one of the positive things to keep in mind. There seem to be more and more
sabrina 1
Mar 2014
#82
They put children out on the streets so they could hoard billions they will never use.
grahamhgreen
Mar 2014
#18
When the SC appointed Bush. When Bush invaded Iraq. When we were forced to...
polichick
Mar 2014
#24
"They are dogged in their defense of their guy." Because you folks are dogged in your persecution...
phleshdef
Mar 2014
#28
Wish it weren't so, but it's Year Six and there's no Justice for Banksters, even on the horizon.
Octafish
Mar 2014
#34
Hey buddy, can you spare a newb a kick and tell him what the "Safe Zone" is? n/t
fleabiscuit
Mar 2014
#38
No, there were many crimes of fraud. These were even exposed on right wing liars 60 Minutes.
Enthusiast
Mar 2014
#66
Then that is what they are being told. Because anything less isn't justice at all.
Solly Mack
Mar 2014
#80