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Libor Lies Revealed in Rigging of $300 Trillion Benchmark

by MoneyMagnetMagnate
6 replies
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The benchmark rate for more than $300 trillion of contracts was based on honesty. New evidence in banking's biggest scandal shows traders took it as a license to cheat.

Libor Lies Revealed in Rigging of $300 Trillion Benchmark - Bloomberg
  • Profile picture of the author SandraLarkin
    Banned
    Well, we all know nothing will happen. he whole banking system is based off pure fraud.
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    • Profile picture of the author seasoned
      Originally Posted by SandraLarkin View Post

      Well, we all know nothing will happen. he whole banking system is based off pure fraud.
      YEP!

      In the US, we have FICO, etc... It is now supposedly illegal to do what I am about to describe, but it still happens ALL THE TIME!

      You go into a bank or something and get some variable loan. People STILL do this, but most, if not all, credit cards are variable.

      If you even use a little too much of one card, or have too much on a number of cards, or use too many cards, etc... They will lower your fico score.

      OK, that is just STUPID and technically illegal... But on to the illegal part.

      Another bank seeing this may boost THEIR rates and all up and their data is aggregated with the first bank and could have and will affect them. This is called "universal default" I would cite wikipedia as a source except default in this case means nothing of the sort. Even if you pay on time, never go over the limit, and make enough to pay off your credit cards, they STILL do this.

      The bulk of the consumer protections -- limiting when interest rates can be increased, banning universal default and double-cycle billing, and restricting credit cards for minors, among others -- take effect Feb. 22, 2010. The timing of the law was a major point of contention during Congressional debate on the bill. Consumer advocates argued families struggling in the recession needed help sooner while banking lobbyists pushed for more time to implement changes in billing, operations and computer systems required by the law.

      Read more: Obama signs credit card reforms into law
      Compare credit cards here - CreditCards.com
      Anyway, US bank rates may be driven by libor, and libor is driven by, in effect, in the UK, the UNIVERSAL DEFAULT RATE! As the equivalent of the FICO drops for people with loans in the UK, the LIBOR goes up!

      Steve
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  • Profile picture of the author David Maschke
    I don't think NOTHING will be done. Something has to happen.

    Probably some high-fives and a round of drinks for everyone who really profited from the rate manipulation

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    I

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  • Profile picture of the author HeySal
    HOLY LMAO. Wow - these people must find us funny as hell while their drinking their rounds, too. If SOMETHING isn't done I'm going to just be damned embarrassed for us. Iceland was able to squash this crap. So what's wrong with us? Damned - quit drinking the fluoride people.
    Signature

    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

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    • Profile picture of the author Jeff Williams
      Well, I guess that's the problem with international banking. Not the actual scamming of the people. But creating a universal scam that all countries can mutually agree upon. :rolleyes:
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  • Profile picture of the author MoneyMagnetMagnate
    ttm_source=usrca-foofighters&utm_campaign=email-usrca-foofighters-20130201-nl5http://buy.soundcitymovie.com/?cid=nl%3A530543785&utm_medium=email&u30543785&utm _content=nllink-1fa075c0-Watch%20Sound%20City%20Now#/trailer

    Yes - This may Have Nothhing to Do wiith LIBOR, but read the LIBOR story, will ya?
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