Latest Breaking News

DeSwiss

(27,137 posts)

48. Sure they were ''supporting'' their balancesheets....

Sat Jul 14, 2012, 12:42 AM

Jul 2012

...with criminal behavior, based on what I've read of the emails thusfar.

The LIBOR is supposed to reflect the ACTUAL interest rates that the banks charge each other. It is from this collection of rates from which the median of all bank rates are used to set (or ''fix'' as the Brits call it) the base point from which all other credit instrument's rates are set.

Barclays lied about their rates in order to favor investors in their credit instruments, stocks, bonds, etc. who requested Barclays see that the rates were at a specific level so that they could met their nut or make a killing using borrowed cheap money. There are emails showing on-going convos between brokers and traders on the floor of the FTSE asking for specific rates levels!!!

That. Is. A. Crime. Not. Supporting. Their. Balancesheets.

I'm through with this subject for now. I'll wait for the arrests and lawsuits.

Then we'll see........

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

51 replies

= new reply since forum marked as read

Highlight:

Geithner drawn into Libor scandal [View all] MrMickeysMom Jul 2012 OP

Why are you implying he did something wrong? pnwmom Jul 2012 #1

Maybe it's this passage... MrMickeysMom Jul 2012 #6

Geither had just been appointed in 2008, and it sounds like he gave reasonable advice. There is no pnwmom Jul 2012 #14

Was it his role to "give advice"? MrMickeysMom Jul 2012 #20

Absolutely. pnwmom Jul 2012 #22

I guess I see the banking industry as having no national boundaries... MrMickeysMom Jul 2012 #24

I totally agree... SkyDaddy7 Jul 2012 #34

Agreed. I'm no fan of Geithner, but that's a sloppy headline. bluesbassman Jul 2012 #8

1) NY Fed knew for at least a year before any sort of memo was sent. 2) Nothing was said publicly. leveymg Jul 2012 #51

Um, that headline is a bit misleading tularetom Jul 2012 #2

''....he proposed remedies that would end those manipulations...'' DeSwiss Jul 2012 #9

If you know that he knew of specific crimes, when did you know? muriel_volestrangler Jul 2012 #13

For fuck sake... MrMickeysMom Jul 2012 #16

I think I can; but others here are making up their own facts muriel_volestrangler Jul 2012 #31

Disagree.. I think that is a narrow understanding of Geithner's role... MrMickeysMom Jul 2012 #39

Good point. Psephos Jul 2012 #26

Lately it's become the ''standard defense''...... DeSwiss Jul 2012 #30

He wasn't the Libor police, he was head of the NY Federal Reserve tularetom Jul 2012 #28

I wasn't aware I was making anything sound like anything other than the facts. DeSwiss Jul 2012 #29

Where have you pulled "he discovers that Barclays is not giving accurate information" from? muriel_volestrangler Jul 2012 #32

Excellent quote from "Waltzing at the Doomsday Ball"..Joe Bageant KoKo Jul 2012 #42

De Nada. DeSwiss Jul 2012 #45

The general movements were down : not up. dipsydoodle Jul 2012 #33

The LIBOR rates where illegally fixed downward because..... DeSwiss Jul 2012 #44

The movements were down to support their balance sheets dipsydoodle Jul 2012 #46

Sure they were ''supporting'' their balancesheets.... DeSwiss Jul 2012 #48

And by the way dipsydoodle Jul 2012 #47

I got that impression too Enrique Jul 2012 #21

how dare he try to solve the problem years before it became a scandal! unblock Jul 2012 #3

Is that Justice I hear knocking??? DeSwiss Jul 2012 #4

Justice?? Never in our lifetime.n/t truth2power Jul 2012 #11

shitty headline n/t maddezmom Jul 2012 #5

Hey, I have to put the headline that the WaPo used... MrMickeysMom Jul 2012 #7

hehe...there are no mods anymore just hosts maddezmom Jul 2012 #10

Well, to that, I'll just say that we should all keep following this... MrMickeysMom Jul 2012 #18

But the OP gives the distinct impression that you think the article indicates he did something wrong drm604 Jul 2012 #12

I am and always have been suspicious of Timmy... MrMickeysMom Jul 2012 #15

Just to repeat, totally bullshit headline BeyondGeography Jul 2012 #17

What would your headline have been? MrMickeysMom Jul 2012 #19

Not playing BeyondGeography Jul 2012 #23

"Drawn in".... MrMickeysMom Jul 2012 #25

The $200 billion bail-out for predator banks and Spitzer charges are intimately linked midnight Jul 2012 #27

Geithner has cost Obama a ton of votes, IMHO. Hubert Flottz Jul 2012 #35

Trollish misleading headline notwithstanding.... scheming daemons Jul 2012 #36

new WaPo headline: Geithner made recommendations on Libor in 2008, documents show maddezmom Jul 2012 #37

It suggests more... MrMickeysMom Jul 2012 #40

The New York Times has a non-shit headline for this story WilliamPitt Jul 2012 #38

Yep, that was a better headline, more information with the same conclusion... MrMickeysMom Jul 2012 #41

Agree...those readers here who are informed on the financial KoKo Jul 2012 #43

Barclay's received hundreds of billions in US taxpayer bailout money... Octafish Jul 2012 #49

That was quite an article... MrMickeysMom Jul 2012 #50