British Banks: We Are Crooks. Dont Trust Us.
Wonder what lessons James Crabtree has for British business and political elites! What SEC claims Rajat Gupta did, cost the market less than US$1 mn. What the LIBOR scandal has done has cost global consumers trillions? No one goes to jail?
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Banks have told us they cannot be trusted. The character of the State we know | Pugh of dailymail.co.uk on the Barclays bank LIBOR scandal; Friday, Jun 29 2012 | Click for image.
Ba, ba Black Sheep
Wonder what lessons British captains of industry, commerce and business have learned?
By asking the State to take over, they are admitting they are a untrustworthy lot.
As for the British State, you can take the opinion of millions of Indians that the British State can definitely be trusted.
Only as far as you can throw it.
Baby wants more …
That leaves us with the Common Brit.
Stripped of all control and power over his life, the Common Brit whimpers for more of the State. Dependent on the State for food, shelter, education, jobs, medical assistance, the Common Brit no longer knows, whether he is coming or going.
What independent opinion, judgement can you expect from those who are dependent on a Criminal State and Klepto-Elite?
Wonder what lessons British media has for British business? | Cartoonist David Simonds on February 11, 2012; source & courtesy – guardian.co.uk | Click for image.
The British Bankers’ Association has asked the UK government to consider regulating and supervising the setting of the London interbank rate offered rate at the heart of Barclays’ £290m penalty for rates manipulation.
Under a historical quirk, the process of setting Libor has always been considered a private activity run by the banking trade body, although the banks who participate in the rate-setting process are regulated by the Financial Services Authority.
Barclays admitted Wednesday that its submissions to the Libor process were improperly affected by requests from traders to move the rate to the benefit of their derivative positions, as well as by a desire to make the bank look stronger during the financial crisis.
The BBA is currently reviewing the way Libor, which is the basis for $350tn in contracts world wide, is set amid probes that have swept in nearly 20 banks and a dozen regulators on three continents. (via BBA urges government to oversee Libor – FT.com).
What Peter says about Paul, says more about Peter than about Paul.
Related Articles
- Libor explained: the real cost of money or just a fix? (telegraph.co.uk)
- DealBook: Barclays Said to Pay Big Penalty in Regulatory Deal (dealbook.nytimes.com)
- Barclays: how does Libor affect my mortgage? (telegraph.co.uk)
- Barclays is fined record £290m for fixing Libor (standard.co.uk)
- Barclays fined for attempts to manipulate key bank rates – BBC News (bbc.co.uk)
- A Rate-Setting Mechanism of Far-Reaching Effects (dealbook.nytimes.com)
- Barclays chief Bob Diamond gives up 2012 bonus over £290m fine (guardian.co.uk)
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Who’s amung us
Banks need to be regulated, what happened again is a crime!
Matt Taibbi: “…We know that American officials in 2008-2009 were extremely concerned about the appearance of weakness in the financial markets, so much so that they may have resisted pursuing criminal prosecutions against big banks, and we also know that they spent a lot of time commiserating with Wall Street figures before and during the crisis.
If Bob Diamond and Paul Tucker were having these talks about LIBOR, is it fair to wonder what else Hank Paulson and Lloyd Blankfein were talking about in the 24 discussions they had in the six days following the AIG disaster? When Paulson had a secret meeting with the entire board of Goldman Sachs in, of all places, his hotel suite in Moscow, in June of 2008? Or what other material nonpublic information was exchanged when Paulson met with a gang of hedge fund chiefs at the offices of Eton Park management in July 2008…”
http://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703?print=true
Taibbi seems to agree that there is a deliberate attempt by MSM to increase the noise to bury the signal:
“…Anyway, the LIBOR story is leading the front pages of most of Britain’s dailies, it’s on TV, and it’s producing blistering editorials and howls of outrage amongst politicians and activists. But as compadre Yves Smith at Naked Capitalism put it, where’s the outrage here in America?
The big story on our shores in the last few weeks has been the health care ruling, which makes sense, but then after that… what? The heat? Tom and Katie? (There’s actually a story about how Katie can wear heels again, now that she’s not married to a short person). Joe Sandusky? Nightline’s big story tonight, which is already being hyped on the net, is about how fat Chris Christie is …
Glad to be informed! The New York Times, meanwhile, did chime in with a house editorial yesterday, and it was appropriately somber. And there has been some coverage in the financial press.
But to me what’s missing from all of this is the “Holy Fucking Shit!” factor…”
Wonder what makes Nobody hide behind nobody?
That mewing sound you heard some time back? Was me!
Asking that Hank Paulson be investigated.
You could not have missed that loud clucking? Me again!
Pointing out how censorship works very well with more noise. redface
It is monsoons in India. Soon my chirping will be drowned by the chirping of crickets. These crickets will become louder as they rub their wings. Or is it legs? It could be their gonads for all I care …
What am I chirping about?
“Holy Fucking Shit!”
“Holy Fucking Shit!”
“Holy Fucking Shit!”
“Holy Fucking Shit!”
“Holy Fucking Shit!”
Nobody is hiding. I know you have my IP address
Nobody is tired of having to use names and email ids.
Yes, I posted the Taibbi blog link, because I know you wrote about these as well
Nobody seems to have special skills on word-play!
Nobody does wordplay better than nobody, it seems.
Dare I say, Nobody again?