Thursday, 9 May 2013

No Arrests: Rigged "London Inter-Bank Offered Rate" (LIBOR) July 2012

This post is made in reference to the OPPT Freedom Radio interview that I posted yesterday, which points up that the bankers have never been made to be accountable for rigging the LIBOR rate in their favours...  which in turn effected bank interest rates world wide.

Inside Story - Rigged bank rates: Is there more to come?

Published on Jul 4, 2012

In the wake of the bank rate-rigging scandal, Bob Diamond, Barclays chief executive, announced his resignation from the post with immediate effect, on Tuesday.

In a statement, Diamond, who faced mounting calls to step down, said he made the decision as the external pressure on the bank has reached a level that risks "damaging the franchise".

Barclays Bank was fined a record $450m last week, for attempting to manipulate the London Inter-Bank Offered Rate (LIBOR) during the financial crisis between 2005 and 2009. Libor is a measure of how much banks have to pay to borrow from their rival and is worked out every day from estimates submitted by the major banks of their own interbank lending costs.

12:25  -  Max Keiser can't hold it in any longer.
16:40  - "very few heads have seemed to rolled"
20:40 -  800 trillion dollars in derivatives and other contracts are all effected by LIBOR

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