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PostPosted: Thu Jul 12, 2012 11:27 am 
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And it was done by the banks! In regards to the latest libor rate tampering scam where the only fine levied out so far has been a paltry $453 million from Barclays, one of many banks to have participated. If they can get comparative small fines for perpetuating these frauds, they'll continue to do it.

At $100/month per family X about 100 million families = $10 billion stolen per month in the United States alone!


As the investigation into the LIBOR interest rate-rigging in the United Kingdom becomes a financial scandal of tsunami-like proportions, some analysts are openly wondering whether 16 of the world's largest banks have perpetrated the biggest fraud in history.
With the public coming round to the global significance of banks potentially colluding like a cartel to favourably set the LIBOR, those same analysts predict lawsuits worth tens of billions being brought against the Western world's largest financial institutions by average consumers.
Early analysis suggests that for a period of several years before and after the 2008 financial crisis, the London interbank offered rate (LIBOR) was manipulated to such an extent that a family with a $100,000 mortgage would have been $50 to $100 worse off a month because of the fixing.



http://www.dailymail...l#ixzz20Q8Q2VHk

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PostPosted: Fri Jul 13, 2012 3:13 am 
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So: a bunch of really, really rich people got together and got even richer at the expense of really poorer people.

They seem to be getting really good at that....


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PostPosted: Fri Jul 13, 2012 4:24 am 
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Iowanic wrote:
So: a bunch of really, really rich people got together and got even richer at the expense of really poorer people.

They seem to be getting really good at that....


I believe that is the way the rich people got that way in the first place. They or their ancestors took the resources of a bunch of poorer people and made themselves richer.

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PostPosted: Fri Jul 13, 2012 7:47 am 
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Ah, I see. So that is something that you all just have a general apathy towards. Sorry to bother you and I'll not be posting any further posts of this sort.

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PostPosted: Fri Jul 13, 2012 9:58 am 
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Thanx, Siber.
How's the neck doing?


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PostPosted: Fri Jul 13, 2012 11:20 am 
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SiberD wrote:
Ah, I see. So that is something that you all just have a general apathy towards. Sorry to bother you and I'll not be posting any further posts of this sort.


No, just waiting to see how the needed regulation of the industry would be supported by those who claim goivernment screws up business and should let business do what it does best ... make money.

http://www.dailymail.co.uk/news/article ... z20W4Eh6xx

'So long as big finance will do almost anything to goose its own profits and bonuses, 'self-regulation' is a dangerous myth.

'It should give way to sound law enforcement, which in economic terms is government regulation.'

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PostPosted: Fri Jul 13, 2012 7:04 pm 
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Wayne Stollings wrote:
SiberD wrote:
Ah, I see. So that is something that you all just have a general apathy towards. Sorry to bother you and I'll not be posting any further posts of this sort.


No, just waiting to see how the needed regulation of the industry would be supported by those who claim goivernment screws up business and should let business do what it does best ... make money.

http://www.dailymail.co.uk/news/article ... z20W4Eh6xx

'So long as big finance will do almost anything to goose its own profits and bonuses, 'self-regulation' is a dangerous myth.

'It should give way to sound law enforcement, which in economic terms is government regulation.'


Well hey there Wayne! How ya doin'? Thanks a bunch for correcting my error posting the link to that article. I always forget to proof look at by posts and links!

Hey, here's a really nice youtube video that is relevant to your reply. And to introduce you to the main speaker in this video, he is William Black, who Bill Moyers had to say about him;

Quote:
According to Bill Moyers,

"The former Director of the Institute for Fraud Prevention now teaches Economics and Law at the University of Missouri, Kansas City. During the savings and loan crisis, it was Black who accused then-house speaker Jim Wright and five US Senators, including John Glenn and John McCain, of doing favors for the S&L's in exchange for contributions and other perks. The senators got off with a slap on the wrist, but so enraged was one of those bankers, Charles Keating — after whom the senate's so-called "Keating Five" were named — he sent a memo that read, in part, 'get Black — kill him dead.' Metaphorically, of course. Of course."




http://www.youtube.com/watch?v=hHcMKxp30gs

So, do you think going we're still in a recovery? Just curious.

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PostPosted: Fri Jul 13, 2012 9:21 pm 
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Iowanic wrote:
Thanx, Siber.
How's the neck doing?


My neck is still occupying the space between my head and shoulders, thanks.

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PostPosted: Sat Jul 14, 2012 8:33 am 
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SiberD wrote:
Wayne Stollings wrote:
SiberD wrote:
Ah, I see. So that is something that you all just have a general apathy towards. Sorry to bother you and I'll not be posting any further posts of this sort.


No, just waiting to see how the needed regulation of the industry would be supported by those who claim goivernment screws up business and should let business do what it does best ... make money.

http://www.dailymail.co.uk/news/article ... z20W4Eh6xx

'So long as big finance will do almost anything to goose its own profits and bonuses, 'self-regulation' is a dangerous myth.

'It should give way to sound law enforcement, which in economic terms is government regulation.'


Well hey there Wayne! How ya doin'? Thanks a bunch for correcting my error posting the link to that article. I always forget to proof look at by posts and links!


Doing well, how about yourself? Still recovering or have you reached a plateau?

Quote:
Hey, here's a really nice youtube video that is relevant to your reply. And to introduce you to the main speaker in this video, he is William Black, who Bill Moyers had to say about him;

Quote:
According to Bill Moyers,

"The former Director of the Institute for Fraud Prevention now teaches Economics and Law at the University of Missouri, Kansas City. During the savings and loan crisis, it was Black who accused then-house speaker Jim Wright and five US Senators, including John Glenn and John McCain, of doing favors for the S&L's in exchange for contributions and other perks. The senators got off with a slap on the wrist, but so enraged was one of those bankers, Charles Keating — after whom the senate's so-called "Keating Five" were named — he sent a memo that read, in part, 'get Black — kill him dead.' Metaphorically, of course. Of course."




http://www.youtube.com/watch?v=hHcMKxp30gs

So, do you think going we're still in a recovery? Just curious.


Yes, I do. The market is not in a constant fall and the economic indicators are still moving in the right direction. Not as quickly as I would like, but with the actions of Congress that is understandable.

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PostPosted: Sat Jul 14, 2012 9:38 am 
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At least your major body sections haven't begun moving about without premission. I hate when that happens....


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PostPosted: Sat Jul 14, 2012 4:43 pm 
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I'm doing ok Wayne. Getting steroid injections that take all the pain away and I'm completely off pain meds now. Might have to isolate the nerve(s) still acting up and zap em though.

Oh so,
Quote:
The market is not in a constant fall and the economic indicators are still moving in the right direction.


What economic indicators are you talking about that are moving in the right direction?

and so far as
Quote:
just waiting to see how the needed regulation of the industry would be supported by those who claim goivernment screws up business and should let business do what it does best ... make money.


The needed regulation is already in place, we don't need new regulation but need to enforce the laws we have. Its always been a crime to commit fraud and if you had listened to the interview you would have heard how the FBI had a 1,000 agents investigating the savings and loan crisis versus and ended up with over 3,000 convictions in criminal cases. Now? There are only 350 FBI agents investigating the current misdeeds and other than small potato criminals, like Bernie Madoff, the biggest theives, like John Corzine and Jamie Dimon, aren't even getting a look.

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PostPosted: Sat Jul 14, 2012 7:26 pm 
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SiberD wrote:
I'm doing ok Wayne. Getting steroid injections that take all the pain away and I'm completely off pain meds now. Might have to isolate the nerve(s) still acting up and zap em though.


That sounds good, or at least more promising.


Quote:
and so far as
Quote:
just waiting to see how the needed regulation of the industry would be supported by those who claim goivernment screws up business and should let business do what it does best ... make money.


The needed regulation is already in place, we don't need new regulation but need to enforce the laws we have. Its always been a crime to commit fraud and if you had listened to the interview you would have heard how the FBI had a 1,000 agents investigating the savings and loan crisis versus and ended up with over 3,000 convictions in criminal cases. Now? There are only 350 FBI agents investigating the current misdeeds and other than small potato criminals, like Bernie Madoff, the biggest theives, like John Corzine and Jamie Dimon, aren't even getting a look.


If there is a legally defined fraud it would be illegal, but that does not touch on the regulation to prevent the manipulation of interest rates between banks and to expose it when it happens. It seems you missed the part where they were using civil cases rather than criminal cases, which seems to be a logical move to me. The proof to a preponderence of the evidence as opposed to proof beyond a reasonable doubt would seem to be a more economical use of resources and would allow recovery of funds as opposed to spending money to keep people in prison.

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PostPosted: Sat Jul 14, 2012 7:43 pm 
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SiberD wrote:
Oh so,
Quote:
The market is not in a constant fall and the economic indicators are still moving in the right direction.


What economic indicators are you talking about that are moving in the right direction?



Still in the slow growth neutral range.

http://easynomics.com/updates/economic- ... dashboard/

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PostPosted: Mon Jul 16, 2012 8:07 am 
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Wayne Stollings wrote:
SiberD wrote:
I'm doing ok Wayne. Getting steroid injections that take all the pain away and I'm completely off pain meds now. Might have to isolate the nerve(s) still acting up and zap em though.


That sounds good, or at least more promising.


Quote:
and so far as
Quote:
just waiting to see how the needed regulation of the industry would be supported by those who claim goivernment screws up business and should let business do what it does best ... make money.


The needed regulation is already in place, we don't need new regulation but need to enforce the laws we have. Its always been a crime to commit fraud and if you had listened to the interview you would have heard how the FBI had a 1,000 agents investigating the savings and loan crisis versus and ended up with over 3,000 convictions in criminal cases. Now? There are only 350 FBI agents investigating the current misdeeds and other than small potato criminals, like Bernie Madoff, the biggest theives, like John Corzine and Jamie Dimon, aren't even getting a look.


If there is a legally defined fraud it would be illegal, but that does not touch on the regulation to prevent the manipulation of interest rates between banks and to expose it when it happens. It seems you missed the part where they were using civil cases rather than criminal cases, which seems to be a logical move to me. The proof to a preponderence of the evidence as opposed to proof beyond a reasonable doubt would seem to be a more economical use of resources and would allow recovery of funds as opposed to spending money to keep people in prison.


The main problem with that is that the civil punishments don't deter the continued cheating, lying, and outright fraud. Maybe jail sentences for the people in charge of these institutions would get their attention because clearly the civil cases haven't. Or, at least make the fines hurt more than a slap on the wrist.

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PostPosted: Mon Jul 16, 2012 8:10 am 
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Quote:
Still in the slow growth neutral range.


I'll interpret that as a "Flat line". That's better than DOA I guess as there is still time to put the paddles on! :lol:

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Last edited by SiberD on Mon Jul 16, 2012 8:27 am, edited 1 time in total.

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