"LIBOR Scandal: The Crime of the Century?"

[WhiskeyGirl]

A good explanation of the crime in this article -

Scheer, for instance, pulled no punches in his polemic:
 

“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.”

Obama's $250,000 'millionaires' are chump change, a rounding error...

However, when all the chump change is added together, I think the bankers want to fool people into thinking the 'rich' can afford to pay more.

Who is rich?  A small business making $250,000, or an elitist controlling TRILLIONS.  A family making $1 million or an elite global player making money in dark pools, high frequency trading, or with a direct line/tapper to the Treasury?  (TPP)

Need new markets for mortgage and exotic products?  Sell mortgages to bad risks!  Taxpayer pick up all the losses...

The more pernicious charge is that derivatives traders Barclays, along with several other as-yet-unnamed banks, colluded to influence LIBOR, not so that investors would have confidence in them, but so that they could reap profits on derivatives trades. According to a report in the Economist:
 

“The sums involved might have been huge. Barclays was a leading trader of these sorts of derivatives, and even relatively small moves in the final value of LIBOR could have resulted in daily profits or losses worth millions of dollars.”

IIRC - derivate contract values I've seen are in thousands of trillion dollars.. $1,000 TRILLION.  How many trips to the moon if pennies were stacked?

read more here - http://business.time.com/2012/07/09/libor-scandal-the-crime-of-the-century/

Where do the TRILLIONS the Fed prints and hands out go?  Who's pocket do they end up in?  At what expense?  Massive inflation, stolen savings on Main Street?

[WhiskeyGirl]

Yes, according to even the Associated Press, way too many people knew about this.
 
“Let’s think about this all from a different vantage point. Let’s think about this as taxpayers. Let’s think about the government and lack of due diligence,” Santelli continued.
 
“So, when we had that vote in October for TARP, where Congress was basically giving a green light to a program that was ill-fated, ill-designed,” he added, “How much due diligence did they do for our role as taxpayers in basically bailing out the banking system? Obviously zero.”

“Here you have regulators like the Federal Reserve Bank of New York highly aware there were issues. Did they put stipulations in that from this point forward this behavior has to be modified as part of the conditions for those checks?” he asked. “No, they didn’t.”

read more and watch video here - http://www.theblaze.com/stories/where-is-the-press-with-the-outrage-this-major-financial-scandal-has-santelli-up-in-arms/

Any chance Obama will audit and abolish the Fed?