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Thread: Libor Scandal "Crime of the Century"?

  1. #1

    Default Libor Scandal "Crime of the Century"?

    I think it's too late for anyone to trust anyone in authority.

    Meet the Man Cracking Down on the LIBOR Scandal

    By Rana ForooharDec. 13, 2012
    "...In all, LIBOR underlies some $350 trillion worth of derivatives contracts and $10 trillion in loans.

    So the notion that someone has played games with LIBOR doesn’t sit well with Gensler, to say the least. From pro investors making giant bets to homeowners considering a refinancing, practically everyone in the market relies on the assumption that the LIBOR benchmark reflects reality. “These rates are at the absolute core of our global financial system,” he says. If they are falsely reported, “that goes to the integrity of markets and how much trust the public has in them.”

    LIBOR Scandal: Yep, It’s as Bad as We Thought
    By Christopher MatthewsDec. 20, 2012

    LIBOR Scandal: The Crime of the Century?
    By Christopher MatthewsJuly 09, 2012

    “Modern international bankers form a class of thieves the likes of which the world has never before seen. Or, indeed, imagined … It reveals that behind the world’s financial edifice lies a reeking cesspool of unprecedented corruption. The modern-day robber barons pillage with a destructive abandon totally unfettered by law or conscience and on a scale that is almost impossible to comprehend.”
    Last edited by KC; 29-12-2012 at 03:24 PM.

  2. #2


    Wake me up when someone involved in all these banking scandals goes to jail instead of the bank being fined.

  3. #3


    "He who has he gold,..."

  4. #4


    So I guess there is a bit more to the "evil-banker" theory then tinfoil hats jokes eh?

  5. #5


    Since when did the banks and the stock market become the ultimate high stakes gambling game? Banks have gone from definition #1 to #2

    bank n.
    1. Business
    a. A business establishment in which money is kept for saving or commercial purposes or is invested, supplied for loans, or exchanged.
    b. The offices or building in which such an establishment is located.
    2. Games
    a. The funds of a gambling establishment.
    b. The funds held by a dealer or banker in some gambling games.
    c. The reserve pieces, cards, chips, or play money in some games, such as poker, from which the players may draw.

    stock exchange n
    1. Also called stock market
    a. a highly organized market facilitating the purchase and sale of securities and operated by professional stockbrokers and market makers according to fixed rules
    b. a place where securities are regularly traded
    Advocating a better Edmonton through effective, efficient and economical transit.

  6. #6


    The whole system is a massive pile of puke. Read "The Big Short" by Micheal Lewis and by the time you put it down you'll have lost all remaining faith in the banking system, at least as far as the US goes.

    In my personal opinion, the best we can hope for at this point is for one of the massive emerging economies (China, India) to establish incredibly strict and well regulated financial sectors, and then overtake the US as the global financial leader so all other nations follow in their steps to keep up and play ball. I doubt that'll happen though.
    "Men never do evil so completely and cheerfully as when they do it from religious conviction" - Blaise Pascal

  7. #7


    Last edited by KC; 16-01-2018 at 07:55 AM.

  8. #8


    More. The CDORs

    Canada’s six biggest banks accused of rigging rate benchmark to boost profits | Financial Post

    “Economic analyses show that defendants consistently made CDOR submissions well-below prevailing Canadian dollar money market rates, inexplicably offering to lend for less than what it cost them to borrow funds.”

    Pension Sues Canadian Banks Over Key Rate -- WSJ | Fox Business


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