08 Jul 12
How serious is the LIBOR banking scandal? Some say it is a vast conspiracy to fix rates and should be the #1 news story. Is the news media giving proper coverage of this scandal?
http://www.fool.com/retirement/general/2012/07/05/the-libor-scandal-is-bigger-than-you-think.aspx#.T_mORaa8hJF
08 Jul 12
Originally posted by Metal BrainWhen do we bail them out?
How serious is the LIBOR banking scandal? Some say it is a vast conspiracy to fix rates and should be the #1 news story. Is the news media giving proper coverage of this scandal?
http://www.fool.com/retirement/general/2012/07/05/the-libor-scandal-is-bigger-than-you-think.aspx#.T_mORaa8hJF
09 Jul 12
Originally posted by Metal BrainErr.....in the UK it was the top news story!
How serious is the LIBOR banking scandal? Some say it is a vast conspiracy to fix rates and should be the #1 news story. Is the news media giving proper coverage of this scandal?
http://www.fool.com/retirement/general/2012/07/05/the-libor-scandal-is-bigger-than-you-think.aspx#.T_mORaa8hJF
As to seriousness, it relates to a fraud that probably affects, directly or indirectly, everyone posting on this forum, possibly everyone in the world. By institutions that nearly brought the world economy down, the consequences of which is threatening democracy in some European states, who have been granted trillions of $ of taxpayer support, and are run by individuals who still believe that they are worth millions in terms of pay and bonuses.
So, pretty important, yeh.
10 Jul 12
Originally posted by Rank outsiderLIBOR got more attention in the UK than here even though Barclays does business in the USA. It looks like the NY Fed Reserve Bank under Geithner knew about the questionable rates as early as 2007.
Err.....in the UK it was the top news story!
As to seriousness, it relates to a fraud that probably affects, directly or indirectly, everyone posting on this forum, possibly everyone in the world. By institutions that nearly brought the world economy down, the consequences of which is threatening democracy in some European states, who have been gra ...[text shortened]... believe that they are worth millions in terms of pay and bonuses.
So, pretty important, yeh.
http://www.reuters.com/article/2012/07/10/us-markets-credit-barclays-idUSBRE86907120120710
Other banks had to have been involved to fix interest rates in LIBOR.
http://theinternationalforecaster.com/International_Forecaster_Weekly/The_Unravelling_of_the_LIBOR_Lie