ROLLING STONE : ROTHSCHILD CORRUPTION GOES MAINSTREAM. Jacob Rothschild Rolling Stones ~”Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds, the Masons and the Illuminati, we skeptics owe you an apology”.
You were right. California Cities Sue Banks Over Libor Rates, Law Firm Says. Eight California counties and public entities sued UBS AG (UBSN), Barclays Plc (BARC) and 20 other banks alleging they lost millions of dollars because the financial institutions manipulated the benchmark Libor rate.
The plaintiffs claim they were cheated out of higher interest payments on investments such as interest-rate swaps and corporate bonds tied to Libor. Complaints were filed today in federal court in Los Angeles, San Francisco and San Diego on behalf of the counties of San Diego and San Mateo, the city of Riverside and five other entities against 20 current and former banks that set Libor rates, law firm Cotchett Pitre & McCarthy LLP said in an e- mailed statement. Banks already face 30 lawsuits by U.S. homeowners and other plaintiffs seeking to hold them responsible for alleged manipulation of the rate used as a borrowing-cost benchmark.
The lawsuits filed today allege violations of antitrust laws, negligence and unjust enrichment and seek to recover losses and triple damages. RBS Close to Libor Settlement With US, UK Authorities: Report. Royal Bank of Scotland Group is close to a 500 million pounds ($785.32 million) settlement with U.S. and British authorities over claims that some of its employees submitted false Libor rates, the Wall Street Journal reported, citing people briefed on the negotiations.
No Viable Connection Between Peter Lanza & US Senate LIBOR Hearings. Susanne Posel Occupy Corporatism December 17, 2012.
As Unit Pleads Guilty, UBS Pays $1.5 Billion Over Rate Rigging. Michael Buholzer/ReutersUBS agreed to record fines to settle a rate-rigging case. 11:22 a.m. | Updated UBS, the Swiss banking giant, announced a record settlement with global authorities on Wednesday, agreeing to a combined $1.5 billion in fines for its role in a multiyear scheme to manipulate interest rates. In a sign that officials are increasingly taking a hard line against financial wrongdoing, the Justice Department also filed criminal charges against two former UBS traders and secured a guilty plea from the bank’s Japanese subsidiary, sending a warning shot to other big banks suspected of rate rigging.
Banks Facing Suits as States Weigh Their Libor Losses. States and Localities Take Hit in Libor Scandal. When news broke that the British bank Barclays had rigged the London interbank offered rate, or Libor, it came as no surprise to many in the municipal finance world.
Some, like the city of Baltimore, had already taken action in the form of a lawsuit. Use of interest-rate swap agreements tied to Libor soared beginning in the 1990s as governments sought to hedge against rate hikes and add certainty to budgets, with banks receiving fees. When interest rates plummeted once the recession hit, public agencies were faced with two unattractive options: lose money by failing to refinance floating rate debt or pay hefty contract cancellation fees.
To make matters worse, recent allegations of banks manipulating the Libor rate revealed further losses agencies may have suffered. “It was a bad deal to begin with, and now we also find out that the situation was rigged,” said Sharon Ward, executive director of the Pennsylvania Budget and Policy Center. An extinction. By Rainer Hermann The Hula massacre is a turning point in the Syrian conflict.
Based on UN observers, the Western public blames the Syrian army. There are reports from eye witnesses that doubt this version. According to them, the civilians were killed by Sunni rebels. Facebook. MASS DIVERSION: Father of Colorado Batman Massacre Suspect to Testify in U.S. Congressional Libor Banking Scam Case. By Sorcha Faal, and as reported to her Western Subscribers July 26, 2012 (TSR) - A highly disturbing Ministry of Finance report on the largest bank fraud in history that is circulating in the Kremlin today warns that it is “within the realm of possibility” that the shocking movie massacre in Colorado this past week is but another “integral part” in the deliberate plan put in place by Western banking elites and their allies to collapse the global economy.
Hallmarks of a False Flag: Colorado University Held Identical Drill on Same Day as Aurora Theater Mass Shooting, Mind Control, and Multiple Suspects : Colorado (LIBOR) Massacre Linked To Historic Bank Fraud - Killer Does Not Appear To Be James Holmes. COLORADO MASSACRE LINKED TO HISTORIC BANK FRAUD. Colorado Theater Eyewitness Describes Gunman and Possible Accomplice. LIBOR Scandal: The Smoking Gun Showing The Authorities Knew. The Federal Reserve Was Worried About LIBOR Manipulation As Early As 1998. Www.federalreserve.gov/Pubs/feds/1998/199833/199833pap.pdf. The LIBOR scandal: The rotten heart of finance. Matt Taibbi: Libor Rate-Fixing Scandal "Biggest Insider Trading You Could Ever Imagine" This is a rush transcript. Copy may not be in its final form. LIBOR Scandal Is “Huge”: Eliot Spitzer. LIBOR Scandal Is “Huge”: Eliot Spitzer By Aaron Task By Aaron Task | Daily Ticker – Mon, Jul 16, 2012 9:26 AM EDT.
Libor Scandal May Spread to the US Next. Libor is the world’s most important benchmark interest rate, directly affecting nearly $360 trillion worth of global financial securities.
If you have a car loan, mortgage, credit card, or student loan, Libor affects you. Strangely enough, Libor is unknown to most Americans. For a comprehensive explanation of Libor, check out Jeanne’s article explaining why Libor is such a BFD. Given the tremendous importance of Libor to the loans directly affecting millions of ordinary people from all around the world, many were outraged upon learning that several banking institutions were low-balling the rates they reported for Libor averaging in an attempt to appear more stable and credit-worthy.
Directly at the center of the Liborgate scandal stands Barclays, a U.K. The Emerging LIBOR Scandal. Libor scandal spotlight on Citi, JPMorgan. The harsh light of the Libor rate-fixing scandal has crossed the Atlantic, with both Citigroup and JPMorgan Chase saying regulators and investigators have requested information from them in a so-far preliminary probe of the case.
Share prices for both -- as well as Bank of America, which has not said if it was asked for information -- have fallen sharply this week amid worries they could be in line for the type of heavy fines laid on Britain's Barclays Bank, at the center of the scandal. Barclays has been fined $452 million (360 million euros) by British and US regulators for attempted manipulation of the markets for Libor and Eurobor benchmark interest rates between 2005 and 2009. Three top Barclays executives have resigned and on Friday Britain's Serious Fraud Office said it would formally investigate the case, which has dented London's reputation as a top financial center. Libor manipulation scandal engulfs 16 top banks. As Barclays CEO resigns By Christopher Marsden and Julie Hyland 4 July 2012 The Libor scandal, thus far focused on British-based Barclays bank, has revealed that global capitalism functions not as a free market, but as a rigged market controlled by contending groups of corporations, cartels and multi-billionaire speculators.
Lies, Damn Lies and LIBOR. I’ve been hesitant to write about the LIBOR scandal because what I want to say goes so much further.
We now know that Barclays and other major global banks have been manipulating the calculation of LIBOR through the quotation data they provided to the British Bankers Association. What I suspect is that this is not a flaw but a feature of modern financial markets. Libor.