The world is reacting in “shock” at the LIBOR-fixing flap at Barclays. The truth is that this manipulation has been happening for years. I first heard stories about interest rate fixing as far back as 2007. Hell the world’s central banks have been doing it unabashedly now for a couple of decades. Bankers have been rigging markets and taking unfair advantage of clients, countries and taxpayers forever. Rarely has there been a period as prolific as the last 15 years however, when technology and globalization have aided and abetted a revolving door between government, regulators and finance that has richly rewarded its key participants while widely tolerated and celebrated by naive masses. If society is truly ready to face facts now and root out this evil, then there is an endless body of evidence that will confirm the cesspool culture that is global investment banks.
The problem is that they have not acted in a vacuum. It is both credit(crack)-dealers and credit-addicts that have caused our present carnage. When everyone is “on the take”, no one is protecting vital principles and integrity and ethics descend into anarchy. Pretty much where we stand today. No one should be surprised to hear the gory details. The whole culture of banks must be up for a complete overhaul and hand in hand with this process, the proceeds of crime must be taken back from the principals and executives that have profited from it.
JPMorgan Chase was downgraded to “hold” by Meredith Whitney, founder/CEO of the Meredith Whitney Advisory Group. “This was the only large cap bank stock we had recommended, and now it is more in line with our negative stance on the group,” she says. Here is a direct link.
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Money lenders (bankers) and their servants (politicians & therefore regulators) are scum. Always have been, always will be. Trust neither.
Danielle,
The internet has been screaming about this problem for YEARS! Max Keiser, Jim Pulava, Eric King, Eric Sprott, Jim Willie and many, many others! Canadian banks were also involved in the LIBOR mess to boot! Our perfect little Canadian banking angels! Anyway, nothing new here.
Society is clearly not ready to face facts…..shamefully the overwhelming mass, the herring ball of society is blissfully distracted, lost in a mid ocean island of toxic flotsam. Content in their sugar fueled mindless obescity to watch the latest happenings on Chelsey Lately or Piers Morgan or Entertainment tonight or any of the network programs masquerading as news.
The greed, the madness, the disease that has become the fabric of ourworld will intensify unrestrained. Their simply is no will t change the status quo.
http://youtu.be/-Gf8NK1WAOc
Will we see an ipo from Ms. Whitney within a year?
tufdVcGSawAu
Code name for the fact that the gold bullion markets have been manipulated alongside the interest rate markets (LIBOR ahem). Cover yourself in solid gold plated armor, not paper (ahem). Gold will be the last man standing, or is it woman?