Barclays bares it all
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News about the Libor debacle is coming faster and hotter than first tuesday can keep up with. Here’s the latest:
- Barclays CEO, Robert Diamond, has resigned;
- Barclays has agreed to pay a $450 million settlement to U.S. and U.K. regulators;
- the former CEO has admitted to manipulating key interest rates affecting Libor; and
- the former CEO has accused both regulators and other banks of being complicit in the rate manipulation, fueling ongoing inquiries into JPMorgan Chase, UBS and Citigroup.
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Jeffery Marino
is an assistant editor and lead on our first tuesday news alerts, specializing in critical economic analysis and its impact on California’s real estate market.
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![I-will-not-lie[1]](http://firsttuesdayjournal.com/wp-content/uploads/I-will-not-lie1-106x75.jpg)
The incredible manipulation, brazenly and apparently routinely, employed by financial institutions will not cease until politicians are insulated from the corrupting influence of big money.
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What do I tell my clients that had adjustable mortgages that were tied to the LIBOR rate over many years? Will and should the lenders refund all of these illegal gains?
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Finally, the great majority of the American people are awakening to the massive and almost inconceivable fraud that has been perpetrated upon them by the banking elite not only just since 2008, but for centuries!
A group of Swiss scientists have run a super-computer program to ascertain the ties between banks and corporations worldwide. What they came up with is truly startling–a tiny handful of corporations controls–by means of cross-ownership and control–a staggering 80% of all the world’s wealth.
And here is what is even more startling: The most powerful inner group of that small circle of controlling corporations are banks. And, it doesn’t end there. The controlling banks are all owners of the FED. Yes, the FED is NOT and never has been a government agency, but is a privately held corporation whose owners are the big banks.
Information is coming forth from a new book just out (authored by a government official who was there behind the closed doors in 2008) explaining how obsequiously Hank Paulson, Timothy Geithner, and other government officials bowed to the whims of the banking elite during the crisis and ended up serving THEIR needs, not the needs of the American people.
The LIBOR scandal is the shot across the bow. It will continue to expand, as local, state, and federal governments bring lawsuits against the criminal parasites (bankers) that have sucked the life blood of mankind for far too long.
The goal will be to break the back of the Banking Cartel and finally free us all from the immoral and criminal manipulations that it perpetrates.
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Unfortunately, at this time we are unable to provide our readers with any information regarding recourse for a homebuyer who may have been affected by the fraudulent manipulation of adjustable rate mortgages by the major lending institutions. The investigations into BofA, JPMorgan Chase and others are ongoing and it may be some time before a borrower outreach program is developed, if one is developed at all.
In the meantime, we will keep you up to date with all of the most pertinent information regarding the Libor scandal as more news becomes available. Please be on the lookout for the August issue of the journal where we will feature an article on the origins of Libor, its use as a benchmark for ARMs as well as an explanation of exactly how mortgage borrowers and homebuyers were affected by the rate manipulation.
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This cuts right to the truth, thank you for this piece. Shame on Bernanke.
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The whole system needs to be torn down. Only when financing is eliminated (cash only), or 50%+ Down pmts are required will we see price come down and on par with what stagnant wages can truly afford. Our savings rate is near zero wonder why, oh yes, its all going to interest pmts. As currently set up, home financing is nothing more than slavery. 30 years of interest and then you die, all your wages gone to interest.
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