Over across the pond, the British banksters have been fixing the Libor rates. Libor is used to determine the interest rates for a lot of loans, especially variable rate loans. Barclays Bank has paid about $450 million in fines to settle charges that they were manipulating the Libor. The CEO of the bank eventually offered to forgo his bonus to show his contrition, but instead, he lost his job.
Boo fucking hoo. When are some of these guys going to start going to jail?*
______________________
* And not just for good old insider trading, either.
A blog by a "sucker" and a "loser" who served her country in the Navy.
If you're one of the Covidiots who believe that COVID-19 is "just the flu",
that the 2020 election was stolen, or
especially if you supported the 1/6/21 insurrection,
leave now.
Slava Ukraini!
Thursday, July 5, 2012
3 comments:
House Rules #1, #2 and #6 apply to all comments. Rule #3 also applies to political comments.
In short, don't be a jackass. THIS MEANS YOU!
If you never see your comments posted, see Rule #7.
All comments must be on point and address either the points raised in the blog post or points raised by commenters in response.
Any comments that drift off onto other topics are subject to deletion.
(Please don't feed the trolls.)
中國詞不評論，冒抹除的風險。僅英語。
COMMENT MODERATION IS IN EFFECT UFN. This means that if you are an insulting dick, nobody will ever see it.
Thing is, ordinary people actually *benefited* from the fixing. See, the interest rate was being fixed *lower* to understate the bank's actual cost of getting money (LIBOR was/is an inter-bank interest rate, so the lower LIBOR went, the lower the bank's expenses looked like on paper). Of course, the end result was by disguising the fact that banks were actually losing money hand over feet, it made too-big-to-fail banks too-sick-to-succeed banks once the game of musical chairs stopped, but (shrug). It was a good ride for ordinary consumers while they were spinning the LIBOR, anyhow.
ReplyDelete- Badtux the Libored Penguin
It's almost funny. I will never make even a million dollars in what life I may have(I am 58 now). If I ever did it would only be by criminal activity. I have no doubt if I made 'just' a million I would go directly to jail. These guys make millions unto billions illegally and they will Never Go To Jail.
ReplyDeleteFile under "life just ain't fair"
w3ski
w3ski's comment reminds me of a Legal Aid lawyer friend who used to upbraid his criminal clients who committed armed robberies, typically of a corner bodega for the nine dollars in the cash register.
ReplyDelete"Idiot!" he said, "For the same 25 years in jail you're facing now, you could have knocked over a bank for five million bucks."