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Old 07-05-2012, 08:18 AM   #21
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British government leaning on the Bank of England, who in turn were leaning on Barclays to have lower LIBOR rates to make things seem not as bad back in 2008...

http://www.rollingstone.com/politics...nment-20120704

http://www.businessinsider.com/barcl...england-2012-7

http://www.rollingstone.com/politics...andal-20120703

"This email amazes for a few reasons. One, it suggests that Barclays, which is currently carrying the standard in the LIBOR-manipulation scandal, was actually bringing up the rear -- that all of the other banks were in on it, and Barclays only attracted the government's notice because they were last."

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Old 07-05-2012, 09:49 AM   #22
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Sounds like Mr. Diamond was crafty enough to document the exchange in an email for posterity.

What I don't understand is how this investigation got started in the first place. If the BOE and Gov spearheaded a conspiracy on this, why did they allow this media circus to get off the ground?
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Old 07-05-2012, 10:34 AM   #23
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...DCFusor might be up for something, saying that it might be orchestrated... It very well might be, that things up above our heads are getting really nasty, and as my great-grand dad used to say, "you think they are your good friends? OK, I'll keep you lot locked in one room without food for seven days, and you will all learn if you really are!". In short, they might start biting each other for scraps, these "old boys" club members.
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Old 07-05-2012, 12:58 PM   #24
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quote from DCF -

Could it be (as I've said here recently) that with world governments finally realizing how they are truly broke and business as usual simply cannot go on, they're finally turning on the old source of bribes for the real money now? In other words, are they finally finding a way to get some of that banker money back? Have they realized that even though they aren't competent to exercise it, they really do have the rule of law on their side, and the ability to make and enforce same, now that they actually need it (having ignored our need for it for however long)?

I mean, I have my doubts, but were I a gov idiot finally and truly backed into a corner, and looking for someone else to get the rope or blade before me, what would I do?

Could get interesting. Let's promote the meme at any rate - maybe they'll pick up on it.


banksters trump pols .......... dont they ?
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Old 07-05-2012, 01:46 PM   #25
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In good times, bankers DO trump pols. In bad times, perhaps not so much...in bad enough times, most power flows from the barrel of a gun...and the organization best set up to use them, with the closest-in control over the military/police.
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Old 07-05-2012, 02:12 PM   #26
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Love this chart:
http://www.silverdoctors.com/lieborg...th-1000-words/

"Rather damning chart, is it not? In the midst of the 2008 financial panic, with LIBOR rates spiking over 7%, they collapse overnight to practically zero, where they remained for the next 4 years.
LIBOR ranged between 2-4% in 2005 for goodness sakes! Does any rational market observer believe JP Morgan and Bank of America are less of a credit risk in 2012 than they were at the height of the bubble in 2005!?!?!"

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Old 07-05-2012, 07:20 PM   #27
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I write up everything I have been able to dig up on LIBOR, what it is and what is happening.

Also, a NEW financial scandal had just hit the wires, the PIIGS governments and banks are running a NICE scam: buying up their discounted debt and using it as collateral to borrow even more!

http://robertmixblog.blogspot.com/20...er-larger.html
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Old 07-07-2012, 03:36 PM   #28
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Quote :
The harsh light of the Libor rate-fixing scandal has crossed the Atlantic, with both Citigroup and JPMorgan Chase saying regulators and investigators have requested information from them in a so-far preliminary probe of the case.
...
Citigroup and JPMorgan also acknowledged private civil and class-action lawsuits filed against the Libor-setting banks beginning in April over the issue.

The suits have been assembled together into one action proceeding in the New York federal district court.
...
More: http://www.rawstory.com/rs/2012/07/0...citi-jpmorgan/
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Old 07-07-2012, 06:24 PM   #29
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how long before savers realise theyve been shafted by artifically low LIBOR rates ?

And hopefully, collectively, start a class action ?
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Old 07-10-2012, 08:43 AM   #30
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Was Gold Manipulated Like Libor Rates?
http://finance.yahoo.com/news/gold-m...111608428.html

'The scandal surrounding the fixing of the Libor has opened markets up to "more scrutiny and more investigation," Naylor-Leyland said.

He expects to see revelations over the next few months that the price of gold (Exchange:XAU=) was also manipulated because "gold and silver reflect the true value of money the same way interest rates do."'



Wow, are people actually waking up and taking a hard look a the world?!

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Old 07-10-2012, 09:32 AM   #31
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Originally Posted by benjamen View Post:
Was Gold Manipulated Like Libor Rates?
http://finance.yahoo.com/news/gold-m...111608428.html

'The scandal surrounding the fixing of the Libor has opened markets up to "more scrutiny and more investigation," Naylor-Leyland said.

He expects to see revelations over the next few months that the price of gold (Exchange:XAU=) was also manipulated because "gold and silver reflect the true value of money the same way interest rates do."'



Wow, are people actually waking up and taking a hard look a the world?!

Interview on CNBC discussing this idea:
http://www.silverdoctors.com/ned-nay...ed-like-libor/
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Old 07-10-2012, 10:41 AM   #32
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http://finance.yahoo.com/news/insigh...051658815.html

"The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed. Following an inquiry with British banking group Barclays Plc in the spring of 2008, it shared proposals for reform of the system with British authorities."

"More than a dozen banks are being investigated for their roles in setting Libor, including Citigroup, JPMorgan Chase & Co, Deutsche Bank, HSBC Holdings Plc, UBS and Royal Bank of Scotland."

"According to the calendar of then New York Fed President, Timothy Geithner, who is now U.S. Treasury Secretary, it even held a "Fixing LIBOR" meeting between 2:30-3:00 pm on April 28, 2008. At least eight senior Fed staffers were invited."

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Old 07-10-2012, 12:28 PM   #33
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...you better shut up, you sorry bunch of conspiracy theorists

Who's the conspiracy theorist now?
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Old 07-10-2012, 12:53 PM   #34
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Theory becomes fact after enough successful predictions and testing, is all.

So, conspiracy theorists become conspiracy fact-finders (and prophets) in the transition, if their theories were actually correct.

Some remain theories or are proved wrong in the end, as well, perhaps the bulk of them. The good 'ol scientific method works in a lot of cases other than finding sub atomic particles and new proteins and DNA sequences and meta-materials and on and on.

I think it's pretty cool.
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Old 07-10-2012, 01:30 PM   #35
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Great graphic that depicts the situation and who it affects:
http://www.silverdoctors.com/libor-m...e-infographic/

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Old 07-15-2012, 06:55 PM   #36
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Rob Kirby has done some digging and identifies some interesting connections

http://www.marketoracle.co.uk/Article35581.html
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Old 07-16-2012, 08:32 AM   #37
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Over 4 years ago, the FED and the Bank of England knew that LIBOR was being manipulated:
http://www.independent.co.uk/news/bu...d-7942451.html

"An unnamed Barclays employee told a New York Fed analyst, Fabiola Ravazzolo, on 11 April 2008: "So we know that we're not posting, um, an honest Libor."

The New York Fed said that, immediately after the call, Ms Ravazzolo informed her superiors of the information, who then passed on her concerns to Tim Geithner, who was head of the New York Fed at the time. Mr Geithner investigated and drew up a six-point proposal for ensuring the integrity of Libor which he presented to the British Bankers Association, which is responsible for producing the Libor rate daily.

Mr Geithner, who is now US Treasury Secretary, also forwarded the six-point plan to the Governor of the Bank of England, Sir Mervyn King."

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Old 07-16-2012, 10:37 AM   #38
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Sounds like Geithner was clueless and out of the loop on the collusion that was happening. The Bank of England didn't want a six point plan. They wanted the dishonest Libor.
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Old 07-19-2012, 08:33 AM   #39
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Good, simple breakdown of the LIBOR issue
http://www.marketwatch.com/story/ign...isk-2012-07-17

"1. Regulators, worried that the financial crisis was seizing up the credit markets, asked the banks to make it look as if credit was more plentiful and cheaper than it really was (something the industry may have been doing on its own prior to the request).

2. Banks fudged Libor, one of the key corporate interest rates, making the rate look lower. In reality, the banks weren’t really offering those rates, or more likely, offering credit at all.

3. Because Libor was a benchmark, the banks that colluded on the rate now had inside information on which direction the rate could go. That means they could bet on a corporate-debt derivative knowing that the underlying rate would go higher, lower or stay flat."

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Old 07-21-2012, 04:41 PM   #40
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Just read David Wilcocks latest update

I know hes a bit whacky for many but hes been pretty accurate so far

http://divinecosmos.com/start-here/d...reat-revealing

Some fascinating stuff here ..........
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