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REAL WORLD EVENT DISCUSSIONS
One of Romney's Top Ten Donors Quits Amid Scandal Involving Rate-Fixing at Barclays (not PN)
Tuesday, July 03, 2012 5:21 PM
"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)
Tuesday, July 03, 2012 6:28 PM
Friday, July 06, 2012 8:25 AM
Quote:British bank Barclays (LSE: BARC.L - news) is dead centre of a storm involving the manipulation of inter-bank lending rates, particularly Libor (the London Inter Bank Offered Rate).
What is truly breath-taking is the sheer scale of this fraud.
According to one estimate, around $350 trillion (£223 trillion) of lending and derivatives is priced off Libor. That’s enough to pay for the whole of UK Government spending for around three centuries at current levels. Thus, if misconduct by banks caused Libor to increase by a mere one tenth of one basis point (0.001%), this amounts to $35 billion (£22 billion) a year in extra interest – that’s roughly the UK’s annual budget for transport and close to as much as council tax brought in last year.
Friday, July 06, 2012 8:39 AM
Gettin' old, but still a hippie at heart...
Friday, July 06, 2012 5:16 PM
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