LIBOR, MULTI – LAYERED CAKE OF FRAUD, BAKED IN THE CITY OF LONDON,
GLOBALLY DISTRIBUTED
update 4th.July 2012…of course dramatic resignations have been happening first Agius, then Bob Diamond was nudged out, then Agius came back, none of which is good for the image of british banking whatsoever. Today in front of an enquiry Mr.Diamond is likely to take some bodies with him from the previous labour government and also pointing fingers at Whitehall. Suffice to say gov is in disarray and they just don’t know how much more shit is going to hit the fan, unfortunately, a lot more, hopefully uncovering the global bankster collusion, to this point of debt armageddon in the anglosphere. MOre and more scandals to come across the pond, watch out for JPMorgan lawsuits piling up….meltdown coming.
watch Max….http://rt.com/programs/keiser-report/episode-309-max-keiser/
Sir Mervyn Allister King GBE FBA says he watches the Max Keiser (E195) show but doesn’t have enough financial literacy to understand what is being said on the show.This statement alone is cause for great concern in the light of the multi-layered cake of fraud now acknowledged, but has been ongoing for years, within the City of London, causing the demize of what used to be a world-renowned financial sector, no more.
Since the recent NatWest Glitch, (aka bank holiday) a symptom of bank systemic failure, repercussions of which are still ongoing, and now the further revelatins of Barclays fixing the LIBOR rate to be of benefit to the derivative trading market ?valued? into the trillions globally,the banking sector are reaching ever new lows, as any kind of a valued sector within our society.
/story/2331/576/DERIVATIVES:_Bank_downgrades_trigger_billions_in_collateral_calls.html
could this be the reason for the RBS glitch,
will things be brought to a head by september !
Recently, London has suffered multiple “shots-in-the foot” from the selling of the LME to China (brokered by the Rothschilds) to the alternative to SWIFT set up by opposers of the EU/UK.USA foreign policy such as embargoes against Iran, also using our insurance sector as a weapon of self-destruction, resulting in re-insuring elswhere. STRIKE STRIKE STRIKE! Once you start using “services” as weapons, you can kiss it goodbye as an earner. (a russian ship was turned back from british waters when the british insurers informed the ship it would be uninsured if it carried on with it’s journey to Syria)
For a fuller explanation of the fallout of the LIBOR scandal, this link is a must read,
http://finance.fortune.cnn.com/2012/03/23/the-wall-street-multibillion-scandal-no-one-is-talking-about/
quote;
Consider what went on here. Banks took a rate that they artificially set themselves, and then went out and convinced municipalities and pension funds and others to bet against them on the rate. LIBOR rates were supposed to be set by bank treasurers reflecting what it cost them to borrow from other banks. But reportedly a number of bank treasurers consulted traders when deciding what rate to report to the organization in London that collected and posted the rates. (LIBOR stands for the London InterBank Offered Rate) What’s more, traders at a number of banks were given access to the systems that bank officials used to enter the rate so they could overwrite the rates with ones that would better suit them. When the rate went the way Wall Street traders programed it to do, the banks cashed in millions.
The LIBOR rate also affects what many of us pay on our adjustable mortgage, home equity loans, car loans and others. But that is a little bit of an aside. The real, clear damage is in the contracts that banks set up with municipalities and others to bet on their own manipulated rates. Baltimore was sold as much as $300 million in LIBOR contracts. The city is the lead plaintiff in the class action against the banks. The suits say the LIBOR market is as large as $90 trillion. Though some have put the market of things the rates affects as much as $350 trillion in loans and derivatives. The suit says on average over the period it was manipulated the banks artificially held the LIBOR rate down by 0.87%. Go with the smaller figure and by back of the envelope math, you get that the banks could have made as much as $750 billion on their scheme, but it probably wasn’t that much since banks were probably asked to long and short on the rate…..see full article
Interesting note that the new competitor to LIBOR called QIBOR was launched a couple of months ago out of Qatar in conjunction with Bloomberg, making it a direct challenge to London,
coincidental scandals?
Whilst Cameroon wants to keep any kind of investigation “narrow” and we know what that means,
Milliband is calling for a Leveson-type enquiry.
That is fair enough Milliband, because the public will be reminded in technicolour, the part Blair and Brown played in this whole ruinous debacle. The full-scale ramping-up of unfettered fraud was on Tony Blair’s watch, going back at least until 2005 on the LIBOR fixing, if not even before. The greatest transgressions were initiated under a Labour Government, hell-bent on communizing us within the United States of Europe. Let’s just say there is not a hair between the lot of them.
Anyhow, in response to Cameron’s proposed “narrow” view, I would like to “expand” on that.
Let’s “personalize” the cost at street level to you and me.
Now, due to official recognition of the “fixing” of LIBOR, court action to sue Barclays is under way, by institutions that have been affected going back to 2005. This now will set a precedent.
There is cause and reason for any private individual, either singly or collectively to also take action to sue for losses.
Anyone who duly pays their bills, set at rates by “the powers-that-be” who we now know are fraudsters and criminals, should STOP PAYMENTS. There should be a BILL PAYMENT STRIKE coupled with claims for compensation. LIBOR affects everything to do with bill payments in your daily life, mortgages, telecomms, energy, petrol,food, council tax, car loans, overdrafts, credit card rates, compounded, year after year. Over the “manipulated” years people have lost businesses, become bankrupt, lost opportunities due to lack of funds, student debts, think about it, rather than narrow limited damage, this is very wide indeed, insurance, shipping, pensions pensions pensions
where all the dross is parked, on and on.
Feeling poor? Well LIBOR ate your money.
Try to add up how much that could be per family based on the bills you are constantly paying, because the wide implications of this fraud layer-cake is how insidiously it affects every part of your existence, compounded over the years.
The banksters have stolen and stolen and stolen, then after deregulation, stole and gambled some more to the point of bankruptcy, only to become the biggest welfare cheats of modern day history, where they get to steal some more off the backs of the “working man” they consider indentured slaves. The various CEOs come on TV smug and smiling, saying alternatively that it’s “just a glitch” and “we’ve apologiz
ed enough”
At no time in the history of the world have banksters been more loathed, and NO, Mr.Diamond,
you have not apologized enough, nowhere near it, you need to be held accountable for being a lawless destructive cancer in our midst. The cure for cancer is normally to kill it or cut it out with a blunt knife.
This fraud is not limited to the UK, it is global, stretching from Rome to London to New York.
There is a global criminal bankster cabal ruining global ecomonics and personal wealth, especially in the anglosphere.
It is time for TRUTH it is time for prosecutions, it’s time to cut the cancer out.
Radical Soutions ? Yes there are, to be addressed in a follow-up article,
this is a global conversation for freedom from bankster occupation.
NO COPYRIGHT, FEEL FREE TO USE, please linkback, thank you.
♫♪ְֱː ∘☃*LIBERTY* ♫♪ְֱ ˚˛·★☃*TRUTH*ː˚˛· ☆˙˚★☃* ✩FREEDOM* ː ☆ ✩ ❤ ~HOPE† ✩ ː˚˛· ☆
read in conjunction with background articles;
/story/1931/596/Innovation_Pays,_Currencies,_The_Alternative_Way.html
/story/1915/779/Banksters_Outlawing_Cash,_part_2,_Beware,Be_Prepared,_Sweden_Leads_the_Way.html
/story/1193/088/Technocracy_Global_New_World_Order_Smartgrid.html
supportive links
http://www.zerohedge.com/contributed/2012-06-30/libor-4-1-9
http://www.nagradio.com/news/qibor-bloomberg-and-qatar-central-bank-launch-interbank-rate/
http://www.bbc.co.uk/news/business-18622907
http://www.fow.com/Article/3053878/Analysis-What-did-Libor-manipulation-cost-you.html
http://www.marketoracle.co.uk/Article35356.html
http://www.marketoracle.co.uk/Article35394.html
/story/2331/576/DERIVATIVES:_Bank_downgrades_trigger_billions_in_collateral_calls.html
could this be the reason for the RBS glitch,
will things be brought to a head by september !
umbilicalgun 