40 votes

The Biggest Financial Scandal In History?


We always knew that the financial markets were rigged, but this is getting ridiculous. It is now being alleged that 20 major banks have been systematically fixing global interest rates for years. Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate). But Barclays says that a whole bunch of other banks were doing this too. This is shaping up to be the biggest financial scandal in history, and criminal investigations have been launched on both sides of the Atlantic. What those investigations are likely to uncover could shake the financial markets to their very core. In the end, this scandal could absolutely devastate confidence in the global financial system and it could potentially bring down a number of major global banks. We have never seen anything quite like this before.

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

? Why such they big fuss ?

Why such they big fuss?

The Fed, the BoE and the ECB have all been openly fixing the base interest rate for over four years, and screwing over every saver in the world.

What is the difference?

The People's President
Ron Paul R[̲̅ə̲̅٨̲̅٥̲̅٦̲̅]ution 2012

The difference is that the sheeple understand this.

Actually there are 3 differences:

1. Sheeple in multiple countries have mortgages and credit cards based on LIBOR rates directly. Unlike other crimes that seem arcane to the masses, when they find that LIBOR literally means "whatever the banks want to charge this week" they'll want their elected officials to investigate criminal proceedings.

2. There are rules against this, so it can be criminally defined.

3. The scope of this thing is bigger than ever. I'm pretty sure you haven't heard of a credit card or a mortgage loan from any reputable financial institution that wasn't based on the LIBOR baseline rate. Almost all bank-issued lending in the USA does so.

This basically means that the vast majority of wealth on this planet is artifically & unlawfully inflated by the lenders!


You got it all wrong

It's not LIBOR. It's LieMore..

i don't get why this is news for some people, quite frankly

what's a bigger shock than revealing federal reserve prints money out of thin air? nothing comes out of it there. the point is what does the population care? if they passed money away from helicopter right this hour tomorrow and caused hyperinflation, if nobody complains or not enough of them, STILL nothing would happen.. and what is this tiny pea compared to that?

ultimately it comes down to whether the general population has a problem with it or they continue putting on their nail polish and watching some hot guy on a reality show.. the rest is all accounting trick, which is just as far as imagination can go.. and i'm not sure why some people are stunned by where imagination can go.. people "stunned" and those simply not caring, quite frankly they sound almost equally as stupid

All of this coming to light

seems controlled to me. Hegelian Dialectic...create the problem as well as the (desired) solution. Add to this the global enviromental issues, the global democracy issues, the global terrorist issues...

Possible scenario --> global oversight, global centralized control.

One World, New World Order.

The most disturbing thing is that all of this purposeful chaos will cause people to beg for peace and safety. Anything done to bring this about will gladly be embraced.

The law cannot make a wicked person virtuous…God’s grace alone can accomplish such a thing.
Ron Paul - The Revolution

Setting a good example is a far better way to spread ideals than through force of arms. Ron Paul

Yes the move to make all problems global in scope is part of the

effort to push people to demand world government.

Mind you, the same assholes are going to run it as they run individual countries now, so nothing will change, except they will have more power and wealth and the rest of us will have less.

Where there doesn't need to be a zero sum game in economics, they will force one. They can't handle not being all powerful, so they are artificially creating the scenario where economics is a fixed pie that they own and control.

Nothing is new under the sun. These are the same people (well, technically their descendants) who were the feudal lords and kings of old. They never accepted not being in charge of others and they never accepted the idea of popular sovereignty.

Their aim is to crush us. They are in for a rude awakening.

SteveMT's picture

Who watches the watchmen? Not a peep out of our banks?

UK Serious Fraud Office To Begin Criminal Probe Into Lieborgate
And in the meantime, not a peep about any bank in the US, which is ironic considering JPM, Citi and BofA are BBA member banks, and had among the lowest fixing rates during the period in question, and as Bob Diamond himself said, "everyone did it." One may almost get the impression that US regulators and politicians, gasp, have a motive to not investigate banks for not only criminal but civil malfeasance. And why should they: after all there is unlimited taxpayer money. And if that ends, the US can just print some more.

SteveMT's picture

$800T = about 50% of the known derivatives market.

and of course the Federal Reserve knew about and was in on the deal.

And Now The Fed Gets Dragged Into LiEborgate
Translating the bolded: the Fed knew all along that Barclays self-reported levels were impossible. And did nothing. Which of course was not an issue until 2 days ago. Now that heads are rolling, it is.


Much more information and wrong doings will be disclosed.


Is this part of the plan to usher in IMF control?

They need a collapse (chaos) so they can rush in with the solution; Central control of the world money supply. The IMF is on standby to rescue us with the new *currency*. Some say it is already in place - the Bancor. Next step is to go digital.

RP R3VOLution

This is just the tip of the iceberg.

The entire global central banking system is a criminal enterprise and it is based upon a philosophy and practice that is evil at its core.

It is now being brought down and people will begin to understand why God instructs His people not to charge usury, to cancel debts at set intervals, to set their slaves free at the same times and give the land a rest every seven years and in the fiftieth year of Jubilee when everyone returned to their inheritance. The main reason He rejected the ancient Israelites and cast them out of the land was because they ignored these commandments.

Because Christians have believed that the Law did not apply to them they have similarly ignored the principles taught in these commandments that display most fully God's nature of love, mercy and forgiveness. This is why they embrace wholeheartedly the blasphemous doctrine of eternal punishment in hell fire for unbelievers. It is all connected.

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

These bankster practces are

These bankster practices are scandalous, but the Federal Reserve is the biggest financial scandal in history.

I must be willing to give up what I am in order to become what I will be. Albert Einstein