The truth of the reality of our economy and financial collapse is flooding out into the main stream media. The corruption of the Bankers and their controllers is finally being discussed in "The News" and the people of the world are being abruptly woken up to the fact that everything in our banking system, and personal and global finances, is a complete scam - a SCAM of epic proportions. From the very top to the very bottom and every level in between, the entire system is corrupt.
"What we need is to wipe out the entire generation of so called banking leaders who apparently have no ethics or integrity... " - Financial Times
"This means they have stolen money from everybody - you, me, humanity. this is a crime against humanity. they fake their own credit score. so if the cops don't go get them... we will. they know we are coming and they know what we bring. - anonymous
Viewpoint - host Eliot Spitzer, Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate--rigging scandal engulfing the banking industry.
Barclays CEO Bob Diamond recently resigned after the bank was fined $453 million for its part in the scandal, which involved manipulating the London Interbank Offered Rate (Libor), a key global benchmark for interest rates, by essentially "faking their credit scores," according to Taibbi. And as Taibbi explains, Barclays couldn't have acted alone.
"It can't just be Barclays and the Royal Bank of Scotland. In fact, it can't even be four banks or even five banks," he says. "Really, in the end it's probably going to come out that it's going to be all of them ... involved in this. And that's what's critical for people to understand: that this is a cartel-style corruption."
Kelleher argues that the Libor scandal is proof that the financial industry "is corrupt and rotten to its core." "The same executives [using] the same business model that crashed the entire financial system in '08 are still running these banks," he says."
This blog article outlines the basic information of Libor and how it effects to ALL of us:
The Biggest Financial Scam In World History
Why Is the Libor Scandal So Important to You?
There have been numerous big banking scandals recently.
The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis .
Professor of economics and law Bill Black notes:
It is the largest rigging of prices in the history of the world by many orders of magnitude.
Indeed, the scandal effects an $800 trillion dollar market – 10 times the size of the real world economy.
Matt Taibbi explains that this is the “mega scandal of all mega scandals”, because Libor is the “sun at the center of the financial universe”, and manipulating Libor means that “the whole Earth is built on quicksand.”
Local governments, credit card holders, students, small businesses, small investors, homeowners and virtually everyone else in the entire world has been impacted by the manipulation.
Credit card debt – almost a trillion dollar market – is pegged to Libor. So are student loans – a trillion dollar market.
Mortgages are a bigger market: around $10 trillion dollars in the U.S. The Washington Post notes today:
60 percent of prime adjustable rate mortgages, and nearly 100 percent of subprime ones, were indexed to LIBOR.***That means that when LIBOR rises, so do the prices ordinary consumers pay to, say, get a mortgage.***So how did the manipulations by Barclay’s affect this rate? First, from 2005 and 2007, the bank allegedly varied the rates it reported to the BBA and Thomson Reuters so as to improve its margins on internal trades. For example, it could have placed bets that the LIBOR rate would increase, and then reported artificially high rates which in turn artificially increased the LIBOR averages, so that the bets were likelier to pay off. This … bumped up mortgage rates – however infinitesimally – for consumers even when the risk of the loans hadn’t changed at all.
Other loans – like small business loans – are usually based on Libor as well.
But that is all small potatoes compared to the $350 trillion in swaps tied to Libor. Virtually every single local government in the United States has been scalped by Libor manipulation.
The big banks have robbed the whole world.
Indeed, the scandal is so big that it will further destroy trust in our financial system and drive many people from investing in the capital markets altogether.
The original article can be read HERE- and I highly recommend reading the comments below it.
Do you see? Do you understand the "Occupy" movements outrage over the Wall Street and Banker Scams? Wake up people! The Cabal have stolen your future. Do you really need any more reasons to stand up and tell them "NO"?
... The Alarm clock is ringing and we're almost out of time.
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