At least three banks seen central to Libor rigging

Comments (26)
mulholland wrote:

Barclays
Royal Bank of Scotland
United Bank of Switzerland
JPMorgan
Deutsche Bank
Federal Reserve Bank
Bank of England

That’s a rich list. All the big banks needed to lower the cost of dipping into your savings account. Bernanke and Geithner say they knew and looked the other way. That makes them part of the fraud.

Jul 28, 2012 4:57am EDT  --  Report as abuse
AZWarrior wrote:

Well past the time to do a major perp walk, break up the big banks, and pass laws prohibiting government bailouts of any bank or financial institution. No one will ever trust these banks again without those three actions.

Jul 28, 2012 4:59am EDT  --  Report as abuse
Woltmann wrote:

You as a taxpayer, under Rove/Cheney/W/Paulson/Geithner, bankrolled this sluice job and all the thief indicators said this was going on and everybody said “so what”! Everybody who voted for Rove gets to enjoy this slice of “we’ve just gotten started, wait til you’ve gotten screwed by Romnoid…”

Jul 28, 2012 5:28am EDT  --  Report as abuse
usa.wi.vet.4q wrote:

So when can we expect all the central and ancillary conspirators to be arrested? Note to elites; we can not take you pigs any longer. Have fun in jail.

Jul 28, 2012 9:08am EDT  --  Report as abuse

Is this surprising? Private banks have no business making or influencing monetary policy. Most “national” banks are privately owned corporations.
As Thomas Jefferson, one of the Founding Fathers of the U.S. said,

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.”

Jul 28, 2012 10:12am EDT  --  Report as abuse
Suchindranath wrote:

Strictly speaking, has not the the LIBOR, by design and since inception, been “rigged” by a cartel of Banks under the “moral” suasion of the Bank of England.

Jul 28, 2012 10:30am EDT  --  Report as abuse
CMEBARK wrote:

“…federal prosecutors in Washington have begun reaching out to lawyers for some of the individuals under scrutiny…”. Once again instead of bringing indictments, DOJ tries to sidestep their responsibility by trying to reach “a deal” with the potential defendants so they don’t have to go to trial. They are afraid to go to trial or even get indictments because DOJ has no trial attorneys just a bunch of photogenic pretty boys giving news conferences. We need to clean out DOJ and hire some trial attorneys.

Jul 28, 2012 11:00am EDT  --  Report as abuse
windsurf wrote:

The Libor bid rigging is only part of the scandal. The other part is why the benchmark moved from the Federal funds rate to Libor in the first place. Which banks and politicians were behind the change originally? This was simply banks who decided to regulator shop by moving the benchmark to London where the rules are more lax and the oversight was by an industry group rather than a government regulator.

Jul 28, 2012 11:28am EDT  --  Report as abuse
windsurf wrote:

The Libor bid rigging is only part of the scandal. The other part of the scandal is what politicians and banks moved the benchmark from the Federal Funds rate to the Libor rate? Obviously the banks were regularor shopping so they wanted to move the benchmark from the U.S. to London where the regulation is lax and the oversight is by an industry group rather than by government regulators.

Jul 28, 2012 11:38am EDT  --  Report as abuse

Do the actions that these individuals on behalf of their employers constitute grounds to declare the banks to be criminal organizations under the RICO act? If so, does the U.S. have the intestinal fortitude to make an example of at least one on them as well as individual criminal prosecutions rather than fines that just get baked into the next round of fraud in which they engage?

Jul 28, 2012 12:14pm EDT  --  Report as abuse
neahkahnie wrote:

All the banks and the FED that are involved: ROTTEN TO THE CORE. The FED is up to it’s eyebrows in this. JP Morgan knew in 1913 he could manipulate the world and he and his progeny have. If our government (outside of the FED) doesn’t take some action, they are ALL complicit. Legislature and Executive. Andrew Jackson was right. He was right in 1832 and he’s right on the money now.

Jul 28, 2012 1:03pm EDT  --  Report as abuse
neahkahnie wrote:

It’s interesting that the FED and JPMorgan are the only U.S. financial institutions involved. That’s more than enough, but the English, the Swiss (Knights Templar) and the Germans are involved. The Germans and the Brits helped to created Central Banks and the Swiss have long been the “money” people for crime, corruption and the like in the world.

Jul 28, 2012 1:07pm EDT  --  Report as abuse
libertadormg wrote:

Corporate rigging of the game has become epidemic. Antitrust violations have become common practice. Not just LIBOR, bid rigging is everywhere, just look at the recent allegations of bid rigging in leasing land by Chesapeake Energy and Encana. It is pathetic. There is no such thing as free market capitalism any longer.

Jul 28, 2012 2:17pm EDT  --  Report as abuse
Dave1968 wrote:

Trust the free market! it will solve everything.

Jul 28, 2012 2:44pm EDT  --  Report as abuse
emu wrote:

UBS. Again. My, oh my.
I have not much of a problem with banks being creative now and again. At best, it’s legal until legislation catches up, at worst one should be able to claim a misunderstanding or similar peccadillo.

But getting caught in someting illegal AS OFTEN AS YOU ist just plain ridiculous.
Either get better at not getting caught or, if you are too stupid for that, get honest.
Right now you’re a sorry spectacle and an embarrassment to swiss banking.

What’s next? Filing the rims off Kinebars? Freeriding on the tram?
How low can one sink?

Jul 28, 2012 3:11pm EDT  --  Report as abuse
oldguy19 wrote:

I find this totality insane. The big banks do this time after time, they pay the fines, and no goes to prison for it, why?

Jul 28, 2012 3:41pm EDT  --  Report as abuse
Asterix1985 wrote:

Well, it is funny that people who created nothing, never committed anything other than notional value & speculation, have been some of the highest paid ones. And the money that they made for themselves was result of unethical practises and gross manipulation of their clients, regulators & governments. Yet, now they are now off holidaying in some island with the bonuses made in greener times.

In Banking, it is nothing more than jokers playing poker. The only reason industry survives in it’s current form is because arrogant fools deals only with the likes of themselves. We need to throw these people out of the system and get some sane heads to handle our money. The banking culture in it’s entirety needs a massive overhaul. It has been a case of grossly wrong type of personalities handling one of the most critical jobs in an economy.

Anyways, if fair investigations are conducted,there is much more to come (perhaps even more than one could imagine). Look at derivatives bomb just ticking in some corner about to explode (valued at God knows how many times the GDP of the plant). If valuations are rationalized, one would realize that none of the investment banks (who happen to hold most of these precious products) actually have equity valued at anything greater than 0.

But the funny thing is valuation of JP Morgan is estimated by likes of GS, Barclays, Llyods etc. Idiots valuing idiots, idiots dealing with idiots and idiots dealing idotic products with idiots. Creating misinformation in the whole system.

Jul 28, 2012 3:46pm EDT  --  Report as abuse
Meta4Rick wrote:

At the risk of seeming naive:

What were the top 2 major goals and the 2 lesser goals? Is Europe’s descention into history now assured?

Meta4Rick

Jul 28, 2012 3:57pm EDT  --  Report as abuse
Chrigid wrote:

Iceland put the bankers in jail, worked out the mortgages and apparently that country’s economy is back to normal.

Jul 28, 2012 5:26pm EDT  --  Report as abuse
freediverx wrote:

Wow, sounds like an industry in need of some more de-regulation. Wooo, Romney 2012!

Jul 28, 2012 6:50pm EDT  --  Report as abuse
willit wrote:

Supply sider told the new capitalist, ” I’ll teach you”.To keep people that can’t produce
new products like scratch phones, burn all the money so that theyh doln’

Jul 28, 2012 8:00pm EDT  --  Report as abuse
swissymissy wrote:

UBS claims Merchant committed no illegal activity while he was at UBS. They may want to investigate his dealings and interactions with the various swap brokers that UBS has paid millions of dollars to over the past few years.

Jul 28, 2012 9:24pm EDT  --  Report as abuse
Janeallen wrote:

I am so disappointed with our economic leaders. In fact, this is SO embarrassing.

ALL THESE YEARS, WE KEEP HEARING ACCUSATIONS FROM GEITHNER, BERNANKE AND OBAMA ABOUT ASIA.

NOW THE TRUTH IS OUT: ACTUALLY WE AND EUROPE HAVE NO CASE AGAINST ASIA.

ASIANS HAVE A CASE TO ASK THE TOP EUROPEAN AND AMERICAN COUNTRIES FOR COMPENSATION FOR OUR FRAUD THAT DRAGGED DOWN THE WORLD’S ECONOMY IN 2008. I KNEW THAT THE COVERUP OF LEHMAN BY PAULSON WAS IN BUSH ADMINISTRATION. NOW, I KNOW THAT GEITHNER WHO WAS THE CHAIRMAN OF THE FEDERAL BANK WAS EQUALLY IN BED WITH THE CROOKS WHO COVERED UP, AND SOLD OUT THE WORLD.

NO WONDER GEITHNER KEPT TELLING OBAMA TO SCAPEGOAT ASIA.

ALL THESE YEARS I THOUGHT THAT THE SCAPEGOATING WAS A RESULT OF THE FEROCIOUS NATURE OF THE DEM-REPUB BANTERING. THEY HAD TO POINT THE FINGERS TO SOMEBODY OUTSIDE THE CONGRESS, THE SENATE, OR BOTH THE BUSH OR OBAMA ADMINISTRATION, SO THAT POINT THEIR FINGERS TO ASIA.

NOW I KNOW THAT THE FINGER POINTING WAS TO COVER UP THE PERSONAL RESPONSIBILITY OF BERNANKE AND GEITHNER. THEY WERE DEFENDING THEIR OWN GUILT, AND MADE AMERICA BELIEVE THAT THEY WERE DEFENDING AMERICA.

THIS Is MAKING ME SICK TO MY STOMACH.

I’M ALMOST READY TO SAY I AM EMBARRASSED TO BE AMERICAN.

Jul 28, 2012 10:04pm EDT  --  Report as abuse
PPlainTTruth wrote:

The truth is depressing.

Jul 28, 2012 10:05pm EDT  --  Report as abuse

No wonder we are earning near-zero interest in our bank accounts!

All those on fixed income, relying on interest for income are nearly starving!

CONGRESS AND SENATE SHOULD DRAFT LEGISLATION TO MAKE IT ILLEGAL TO LET INTEREST RATE DROP BELOW A REASONABLE AMOUNT.

THE BIG FAT LIAR BERNANKE KEPT INTEREST RATE NEAR ZERO, IN THE NAME OF STIMULATING INVESTMENT. WHAT HAPPENS WHEN ORDINARY INVESTORS, WITHOUT INSIDER INFO INVEST? E.g., in to Facebook?

Goldman ripped everybody off by selling at $40, because they know that the $38 is overpriced. Then many hard working Americans’ 401K got ripped off.

We were forced to take our money out of savings account and put into investment.

Before 2008, bonds with triple A rating were supposed to be the safest investment. Since Lehman tanked, nothing is safe.

We are getting screwed more and more year by year by Bernanke, and he has the gall to pose for magazine cover as if he’s the savior.

THE TRUE IDENTITY OF BERNANKE ‘THE SAVIOR’ IS FINALLY REVEALED — HE IS ONE OF THE CROOKEST OF THE CROOK, ALONG WITH PAULSON, GEITHNER.

TO BE FAIR: THEIR BANK ACCOUNT SHOULD BE COMPLETELY EMPTIED INTO A FUND FOR COMPENSATION ORDINARY CITIZENS LIKE USE, & ALL THOSE RIPPED OFF BY GEITHNER, BERNANKE AND THEIR BACKROOM & UNDER-THE-TABLE BUDDIES.

Jul 28, 2012 10:13pm EDT  --  Report as abuse
Hank_M wrote:

Here’s where all the pension plans lost money! Every plan administrator needs to sue forthwith.

Jul 29, 2012 1:27am EDT  --  Report as abuse
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