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Old 07-13-2012, 11:23 AM
 
Location: Great State of Texas
86,052 posts, read 84,222,269 times
Reputation: 27718

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This is going to get pretty interesting here.

The Bank of England is now saying that Geithner, head of the NY Fed at the time, asked them to make changes to the LIBOR benchmark. This was back in 2008..when our financial firms/banks were falling apart.

The DOJ has been asked to look into this. Well we know where this will go, don't we ?
The government is going to see if the government did anything wrong in global financial markets.

Bank of England says Geithner pushed for Libor changes - Yahoo! News
The Bank of England confirmed on Friday it had received U.S. recommendations to overhaul the Libor benchmark at the heart of a global rate-rigging scandal, saying it had passed them on to the banking group responsible for the rate.
..
During the 2007-2009 financial crisis, the borrowing costs of many banks soared as counterparties worried about their health. Some banks may not have wanted their high borrowing costs to become public out of fear it may have fueled concern about their viability.

It is not clear how far the New York Fed pressed any concerns it may have had. The New York Fed declined to comment.
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Old 07-13-2012, 11:27 AM
 
79,907 posts, read 43,952,085 times
Reputation: 17189
The DOJ can try and dismiss this but it will be covered by many sources. Geithner was one of the biggest financial whores that Obama could have possibly picked. But pick him he did.

Then the left wonders why the rich continues to get richer at the expense of main street.
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Old 07-13-2012, 12:30 PM
 
29,981 posts, read 42,818,857 times
Reputation: 12828
Quote:
Originally Posted by HappyTexan View Post
This is going to get pretty interesting here.

The Bank of England is now saying that Geithner, head of the NY Fed at the time, asked them to make changes to the LIBOR benchmark. This was back in 2008..when our financial firms/banks were falling apart.

The DOJ has been asked to look into this. Well we know where this will go, don't we ?
The government is going to see if the government did anything wrong in global financial markets.

Bank of England says Geithner pushed for Libor changes - Yahoo! News
The Bank of England confirmed on Friday it had received U.S. recommendations to overhaul the Libor benchmark at the heart of a global rate-rigging scandal, saying it had passed them on to the banking group responsible for the rate.
..
During the 2007-2009 financial crisis, the borrowing costs of many banks soared as counterparties worried about their health. Some banks may not have wanted their high borrowing costs to become public out of fear it may have fueled concern about their viability.

It is not clear how far the New York Fed pressed any concerns it may have had. The New York Fed declined to comment.

I just posted this in another thread. It does deserve its own though.

Now, a bit of a correction as The FED is not government but a privately held banking cartel which controls the monetary policy of the USA.

Don't recall to whom this needs to be attributed: "Give me control of the money of a country and I care not for its laws."

The more appropriate questions might be why did then NY FED Head "tax cheat Timmy" Geithner get a promotion to head of the US Treasury after standing witness to the largest banking debaucle in our nation's history and now this disclosure from London that Geithner knew about the LIBOR manipulation and didn't inform Congress or the DOJ.

Corruption is deep and their are many in our governement working hard to protect the perpatrators (clue: see DOJ connections to law firms defending big Banks from mortgage fraud prosecution).
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Old 07-13-2012, 04:11 PM
 
Location: Texas
5,872 posts, read 8,070,145 times
Reputation: 2971
As much as I hate Geithner and think he was the absolute worst pick not only for BofNY pres, but TreasSec was pressing for a more open and transparent way of showing how LIBOR was calculated. Suggesting that the BBA randomly choose from all 16 banks vs. a steady 2-3 of the 5 they use.

Barclay's has admitted they were not quoting accurate rates. They also entered into a "non-prosecution" agreement w/ Treasury (Hank Paulson) and DOJ. What we don't know is, were American banks also manipulating their own borrowing statements as well.
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Old 07-13-2012, 04:15 PM
 
29,981 posts, read 42,818,857 times
Reputation: 12828
Quote:
Originally Posted by txgolfer130 View Post
As much as I hate Geithner and think he was the absolute worst pick not only for BofNY pres, but TreasSec was pressing for a more open and transparent way of showing how LIBOR was calculated. Suggesting that the BBA randomly choose from all 16 banks vs. a steady 2-3 of the 5 they use.

Barclay's has admitted they were not quoting accurate rates. They also entered into a "non-prosecution" agreement w/ Treasury (Hank Paulson) and DOJ. What we don't know is, were American banks also manipulating their own borrowing statements as well.
It is highly likely Geithner knew about these manipulations while he was head of the NY FED, before becoming Sec. of the Treasury. And yes, if the London banks were doing this you know the largest US banks/investment houses were doing it as well. Too many equity lines of credit out there based on the LIBOR which were incredibly low; much lower than going through a traditional bank for a home equity loan (read 1.7%).
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Old 07-13-2012, 04:18 PM
 
29,409 posts, read 21,939,618 times
Reputation: 5455
Nothing to see here folks. Probably Bush's fault anyway.
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Old 07-13-2012, 04:24 PM
 
Location: Wisconsin
37,862 posts, read 21,950,328 times
Reputation: 13695
Quote:
Originally Posted by HappyTexan View Post
This is going to get pretty interesting here.

The Bank of England is now saying that Geithner, head of the NY Fed at the time, asked them to make changes to the LIBOR benchmark. This was back in 2008..when our financial firms/banks were falling apart.

The DOJ has been asked to look into this. Well we know where this will go, don't we ?
The government is going to see if the government did anything wrong in global financial markets.

Bank of England says Geithner pushed for Libor changes - Yahoo! News
The Bank of England confirmed on Friday it had received U.S. recommendations to overhaul the Libor benchmark at the heart of a global rate-rigging scandal, saying it had passed them on to the banking group responsible for the rate.
..
During the 2007-2009 financial crisis, the borrowing costs of many banks soared as counterparties worried about their health. Some banks may not have wanted their high borrowing costs to become public out of fear it may have fueled concern about their viability.

It is not clear how far the New York Fed pressed any concerns it may have had. The New York Fed declined to comment.
Ask holder, and his response will be to uhhhh.... to ignore it, like any other law he and the 0bama regime don't feel like enforcing
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Old 07-13-2012, 04:34 PM
 
Location: Great State of Texas
86,052 posts, read 84,222,269 times
Reputation: 27718
Quote:
Originally Posted by Wapasha View Post
Ask holder, and his response will be to uhhhh.... to ignore it, like any other law he and the 0bama regime don't feel like enforcing
Yup that's right. Only this is bigger than just the US so even if he buries it won't matter.
LIBOR is global.

The Bank of England is the Rothschilds family.
Citi, BofA and JPM are all involved as well.
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Old 07-13-2012, 04:40 PM
 
29,981 posts, read 42,818,857 times
Reputation: 12828
Shhh... Don't Tell Anyone; Central Banks Manipulate Rates | ZeroHedge
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Old 07-13-2012, 09:31 PM
 
1,535 posts, read 1,629,853 times
Reputation: 385
In The News Today « Jim Sinclair's Mineset

Libor rigging is the tip of the iceberg--

The fact that gold prices and interest rates were so highly “inter-related” was first publicized in the alternative media by Reg Howe in 2001. Howe alerted the world to academic accounts of the special relationship between gold and interest rates. He highlighted the body of economic law and observation associated with “Gibson’s Paradox” – something Lawrence Summers [later, U.S. Treasury Secretary and current senior economic advisor to Obama] wrote about with Robert Barsky while he was a professor at Harvard in the 1980’s.
The upshot of this Gibson’s Paradox economic theory goes something like this: real interest rates and the gold price are causal and inter-related with each other.
This is why Professor Lawrence Summers was summoned to Washington as assistant Secretary of Treasury under Robert Rubin [Clinton Admin. / 1993]. It was to implement HIS THEORETICAL WORK under the auspices of Treasury Secretary Robert Rubin’s mythical “Strong Dollar Policy”.
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