Thursday, March 8, 2012

LIBOR Fraud Signals Beginning-of-the-End For Banksters

(snippet)
The bankers steal.
This event was followed by two even more recent developments. First of all we have had the $60+ trillion fraud known as the credit default swap market exposed as nothing but a gigantic sham of pretend-insurance by the Wall Street Vampires. I’ve written about this in much greater detail previously, so I’ll summarize the largest single scam in the history of humanity as the Wall Street banksters writing-up over $60 trillion in pseudo-insurance contracts – which they obviously never intended to honour, and which they have now openly refused to honour. The perception this is leaving in the minds of the general public is simple.
The bankers cheat.
The third event in this trilogy of mammoth, banker fraud is (finally) the uncovering of the even more absurd fraud known by the acronym of “LIBOR” (London Inter-Bank Offer Rate). What is almost equally “criminal” here is that the vast majority of the general public is still completely oblivious to a blatant sham which the bankers have used for years to rig prices on (today) $360 trillion in financial transactions.
Behind closed doors (with absolutely zero public scrutiny), a group of anonymous bankers set the official interest rate on this $360 trillion mountain of paper – based upon the bankers (claiming they were) honestly disclosing what they are being charged on their own debt instruments. In other words, the interest rate on $360 trillion of banker paper is set by a group of bankers operating on “the honour system”. (I’ll give regular readers some time to recover from their laughter.)
Belatedly, this system for “fixing” interest rates (literally) is being investigated by authorities on both sides of the Atlantic. Even the see-no-Evil, hear-no-Evil, speak-no-Evil U.S. Department of Justice has brushed the cob-webs off of some of its own investigators and assigned them to a criminal investigation dissecting this obvious fraud. With the bankers’ association which has been producing this fraud now publicly backing away from its own responsibility in perpetrating the sham, the perception being created in the eyes of the general public is crystal-clear.
The bankers lie.
For most readers, seeing/hearing that bankers are lying, cheating, and stealing is no more newsworthy than reports of dogs chasing cats. However, what makes the exposure of these gigantic banker-frauds (arguably) pivotal events is the combination of the size of the crimes involved, and the audacity and utter lack of integrity which seems to be conclusively demonstrated by the facts in each example.
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