REAL WORLD EVENT DISCUSSIONS

Libor

POSTED BY: NIKI2
UPDATED: Wednesday, July 11, 2012 07:02
SHORT URL:
VIEWED: 1136
PAGE 1 of 1

Tuesday, July 10, 2012 7:40 AM

NIKI2

Gettin' old, but still a hippie at heart...


For those who don't know, "Libor (London Interbank Offered Rate) is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks."

and heeere we go...
Quote:

Four years ago, the Federal Reserve of New York asked Barclays about how it submitted its suggested Libor rates -- and that has spurred Congress to question what U.S. regulators knew about manipulation of a key financial indicator during the financial crisis.

Lawmakers want to learn more after a New York Fed statement released Monday. The bank said it had received "occasional anecdotal reports from Barclays of problems with Libor."

Hah! Big surprise to exactly whom?

And:
Quote:

Maybe you've heard about the Libor scandal involving Barclays bank and thought "Well, that's a British problem." But, it could influence all of us - anywhere and everywhere in the world. Libor is an interest rate that can affect everything from the interest you pay on your credit cards to the rate on your home mortgage. And if a bank falsifies the numbers it can make people nervous about the integrity of the entire banking system.

"We no longer trust Libor," says bank analyst Dick Bove of Rochdale Securities. "You just don't like what you're hearing, and you just keep hearing it over and over and over again. And after a while, you just cannot develop faith and confidence that the system is being run properly. (3:07)

"I think this is a catalyst, and it is one of those key signposts," says investment manager Justin Urquhart Stewart of Seven Investment Management. "We'll look back and actually say maybe it was that moment when banks realized that they had to look at their mission statement and start including two words, 'client' and 'service,' and make sure that's actually primary in what they're doing, and not 'profit' and 'shareholder.' "(3:54)Audio at http://cnnradio.cnn.com/2012/07/09/libor-not-a-science-fiction-monster
/?hpt=hp_t2

Good luck on that last one!

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Tuesday, July 10, 2012 1:27 PM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


Anyone who thinks this is just a "British problem" and doesn't affect them is nuts. This is being talked about in terms of HUNDREDS OF TRILLIONS OF DOLLARS being dicked around with. At these levels, nudging the interest rates a tenth of a point this way or that results in tens of billions of dollars of fraud every time it's done.


But by all means, go back to watching the Kardashians. I'm sure this will all blow over. Mitt Romney's sure as hell hoping so, since Barclays CEO is one of his top donors and bundlers!



"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero


"I've not watched the video either, or am incapable of intellectually dealing with the substance of this thread, so I'll instead act like a juvenile and claim victory..." - Rappy

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Wednesday, July 11, 2012 1:55 AM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


The affected loans and securities impacted by this are now said to total more than $800 trillion. For a sense of the scale of that number, the US GDP is around $15 trillion, and the GDP of the whole planet is around $70 trillion.



"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero


"I've not watched the video either, or am incapable of intellectually dealing with the substance of this thread, so I'll instead act like a juvenile and claim victory..." - Rappy

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Wednesday, July 11, 2012 6:55 AM

NIKI2

Gettin' old, but still a hippie at heart...


Makes me shudder every time I thinka about it. To have Romney and Obama, and everyone else, focused on just our economy and how to fix unemployment, while the results of the Libor bullshit will be SO catastrophic, just leaves me shaking my head. How head-in-the-sand we are about it is perfectly reflected by how little attention it's getting right here, among people who are so interested in conspiracy theories! This may be the biggest conspiracy theory of our time, but they're not interested...

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Wednesday, July 11, 2012 7:02 AM

ANTHONYT

Freedom is Important because People are Important


Hello,

I think you underestimate how difficult it is to conceptualize this kind of problem, much less envision any solution for it.

--Anthony



Note to Self:
Raptor - woman testifying about birth control is a slut (the term fits.)
Six - Wow, isn't Niki quite the CUNT? And, yes, I spell that in all caps....
Wulf - Niki is a stupid fucking bitch who should hurry up and die.

“The stupid neither forgive nor forget; the naive forgive and forget; the wise forgive but do not forget.” -Thomas Szasz

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

YOUR OPTIONS

NEW POSTS TODAY

USERPOST DATE

OTHER TOPICS

DISCUSSIONS
Punishing Russia With Sanctions
Sun, November 24, 2024 17:31 - 564 posts
Russia Invades Ukraine. Again
Sun, November 24, 2024 17:13 - 7497 posts
human actions, global climate change, global human solutions
Sun, November 24, 2024 17:06 - 952 posts
Elections; 2024
Sun, November 24, 2024 16:24 - 4799 posts
US debt breaks National Debt Clock
Sun, November 24, 2024 14:13 - 33 posts
The predictions thread
Sun, November 24, 2024 13:15 - 1189 posts
The mysteries of the human mind: cell phone videos and religiously-driven 'honor killings' in the same sentence. OR How the rationality of the science that surrounds people fails to penetrate irrational beliefs.
Sun, November 24, 2024 13:11 - 18 posts
In the garden, and RAIN!!! (2)
Sun, November 24, 2024 13:05 - 4762 posts
Sweden Europe and jihadi islamist Terror...StreetShitters, no longer just sending it all down the Squat Toilet
Sun, November 24, 2024 13:01 - 25 posts
MSNBC "Journalist" Gets put in his place
Sun, November 24, 2024 12:40 - 2 posts
Is Elon Musk Nuts?
Sun, November 24, 2024 10:59 - 422 posts
The Islamic Way Of War
Sun, November 24, 2024 08:51 - 41 posts

FFF.NET SOCIAL