Libor Scandal: Is it a big deal?

[jtur88]

Originally Posted by treasurekidd

The greed you should REALLY be complaining about is GOVERNMENT greed - the kind that takes down banks in Europe when the value of their government bonds (supposedly the safest investments in the world, right?) collapse, and STILL these countries refuse to live within their means. Forget the bankers, governments are where you really need to start cleaning house. !

When my congressman or president or supreme court justice or cabinet secretary is richer than the CEO of a multinational bank or industrial corporation, I will agree with you that government greed is greater than corporate greed. Until that happens, I think you ought to seriously rethink your position.

[andywire]

Yup, history has come full circle. What's worse is our elected officials are going to be walking eggshells trying to handle this. Our biggest industry is this country, and the U.K. as well is fake... Financial services, propped up by who knows what. One can only imagine this libor scandal is just one of many. Most people have NO CLUE how this stuff works. I'm sure even our elected officials have a VERY limited idea. They will appoint people to "investigate"... You know, the same "experts" who were once on the inside of these scams.

But at any rate, if anyone goes after this propped up sector, they risk tumbling the house of cards. Kinda scary to think about how much power and control these crooks and psychopaths have managed to muscle.

Originally Posted by jtur88

When my congressman or president or supreme court justice or cabinet secretary is richer than the CEO of a multinational bank or industrial corporation, I will agree with you that government greed is greater than corporate greed. Until that happens, I think you ought to seriously rethink your position.

The amount of capital one acquires is not an accurate measure of their greed. It just means the congressmen can be bought off on the cheap. Aside from that, it may also mean the congressman was too stupid to rise to the level of riches of the corporate pig. So we have a worse case scenario... The elected officials we put our trust into are greedy, can be bought off by the economic equivalent of a gumball, and stupid. Yes, it makes a strong argument for GAME OVER.

[treasurekidd]

When my congressman or president or supreme court justice or cabinet secretary is richer than the CEO of a multinational bank or industrial corporation, I will agree with you that government greed is greater than corporate greed. Until that happens, I think you ought to seriously rethink your position.

Well, lets see. The last five presidents we've had - Ronald Reagan, George Bush, Bill Clinton, George W Bush, and Barack Obama, all multi millionaires while serving as president, and all worth 8+ figures. As for the Supreme Court, five of the nine justices are multi millionaires, several of them well into 8+ figures as well. As for Congress, 261 members, all miilionaires. The real mind boggling part of it is how many of them WERE NOT millionaires when the were first elected. And I'm sure you'd be shocked at how many of them increase their fortunes even more when they leave office and hire on as lobbyists. And I'd be remiss if I didn't at least mention the name Kennedy in reference to multi millionaires in government.

Number of Millionaires in Congress: 261 - Political Hotsheet - CBS News

This is only their personal fortunes, and many of them rival bankers and corporate CEOs. What I was actually talking about was not their personal bank accounts, but the beauracratic greed and corruption manifested in the governments actions. Don't like a product? Tax it! Cigarettes, fast food, sugary drinks all bad for you? Tax it! The people don't want it, like mandatory health insurance? Cram it down their throats and bury 15 new types of taxes into the bill and hire hundreds of new IRS agents to enforce the new rules. They abuse their powers of taxation to control so many aspects of our lives that people don't even realize just how suppressed they've become, and this suppression grows greater by the day. THIS is the greed that I am refering too, not the personal fortunes of our elected representitives. Although having seen where so many of those fortunes stand, it's no wonder they all want to rush to Washington to "serve". Come to think of it, maybe I'll run for office!

[Malloric]

New York Fed Says It Knew Barclays Underreported Libor - Bloomberg

Not much to say. This is the banking system we bailed out rather than fail like it should have.

[HappyTexan]

16 banks called the shots for the world. Citi, BofA and JPM among them.

Yeah, letting the banks self-regulate and dropping all barriers did a world of good didn't it ?

[modeerf]

America; Land of injustice.

[dragonflymoon123]

Why is this story not being trumpeted from the rooftops?

[mysticaltyger]

Originally Posted by jtur88

A cartel of bankers have been systematically and methodically cheating the Libor scores on a global scale, affecting almost every financial market in the entire world.

Libor scandal global corruption exposed: game over for the banking cabal

Yes, it's a big deal and it's really just the tip of the iceberg in my opinion.

[mysticaltyger]

Originally Posted by modeerf

i'm a conservative douche bag..

I think you meant: "I'm a conservative, douchebag!"

This is one of those instances where grammar and punctuation make a big difference, Modeerf. You just called yourself a "douchebag" because you didn't us a comma. It looks like this ",". I had to read your statement several times before I understood what you were talking bout.