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The Clock is Ticking! Is it a Financial Time Bomb
It seems that getting water out of the rock is coming to an end soon!
serf
http://blogs.wsj.com/economics/2015/01/20/feds-powell-says-rate-rigging-undermines-trust-in-banking/
Mr. Powell stressed that activities in these financial markets have widespread effects on the broader economy.
"Bad conduct, weak internal firm governance, misaligned incentives, and flawed market structure can all place this trust at risk," Mr. Powell said.
Dealers at major Wall Street firms are alleged to have manipulated interest rates to benefit their trading positions, and banks were accused of reporting artificially low rates in the financial crisis to conceal their problems. Seven banks and brokerages have settled with regulators over alleged manipulation, and some of their employees have been criminally charged.
In November, Citigroup Inc. and J.P. Morgan Chase & Co. agreed to pay more than $1 billion each to resolve allegations that they tried for years to manipulate the foreign-currency market, the biggest fines wrung from a group of six banks by regulators in the U.S., U.K. and Switzerland.
serf
http://blogs.wsj.com/economics/2015/01/20/feds-powell-says-rate-rigging-undermines-trust-in-banking/
Mr. Powell stressed that activities in these financial markets have widespread effects on the broader economy.
"Bad conduct, weak internal firm governance, misaligned incentives, and flawed market structure can all place this trust at risk," Mr. Powell said.
Dealers at major Wall Street firms are alleged to have manipulated interest rates to benefit their trading positions, and banks were accused of reporting artificially low rates in the financial crisis to conceal their problems. Seven banks and brokerages have settled with regulators over alleged manipulation, and some of their employees have been criminally charged.
In November, Citigroup Inc. and J.P. Morgan Chase & Co. agreed to pay more than $1 billion each to resolve allegations that they tried for years to manipulate the foreign-currency market, the biggest fines wrung from a group of six banks by regulators in the U.S., U.K. and Switzerland.
Comments
I'm confident that those named did fix LIBOR. And I'm also confident that any fine they pay will pale in comparison to the profits they made.
Personally, I'd like to see criminal charges for the traders who did it and the senior leadership that allowed a culture of cheating to exist and flourish.
But I believe at their core, they are megalomaniacs. I believe that they are sociopaths. If you tore off their thumbs and threw them in a pit, they would still think that they were just cheating the public as part of "good business practices" and an abundance of attention to their obligation to their shareholders. Nevermind that they are their own biggest shareholders.
Offensive to common decency?
Ok.
But a harbinger of global financial collapse?
Nope. In fact, the economy and the markets have done amazingly well since this scandal came to light.
Well, it happened a long time ago.
I'm confident that those named did fix LIBOR. And I'm also confident that any fine they pay will pale in comparison to the profits they made.
Personally, I'd like to see criminal charges for the traders who did it and the senior leadership that allowed a culture of cheating to exist and flourish.
But I believe at their core, they are megalomaniacs. I believe that they are sociopaths. If you tore off their thumbs and threw them in a pit, they would still think that they were just cheating the public as part of "good business practices" and an abundance of attention to their obligation to their shareholders. Nevermind that they are their own biggest shareholders.
Offensive to common decency?
Ok.
But a harbinger of global financial collapse?
Nope. In fact, the economy and the markets have done amazingly well since this scandal came to light.
A time will come with all the derivatives trade scaffolding will collapse the fiat money system. To defend our money system and our politicians is a folly many will never see here most don't care to know and are blind sheep.
serf
http://ireport.cnn.com/docs/DOC-643327
What happened to the teeth in the Dodd Frank act? The OCC's Quarterly Derivatives Report Q1 for 2011 shows the corrupt and incompetent banks have racked up $244 TRILLION dollars in derivatives! That is roughly 20x all the money in the world markets! These financial WMD's were the fuel that burned the stock market in 2008. If even a fraction of these collapses, the next crash will be game over. Have you learned nothing? I personally have lost all faith in the politicians in Washington DC. You are public servants, not exalted kings. Lastly I ask you to do what is best for this country, set term limits for Congress.
During the great depression the US:
* Was the largest creditor nation in the world
* The largest producer and exporter of goods
* Operated on a 40% gold exchange standard
* US Dollar didn't permeate the entire world as it does today
* Didn't have 75 million retiring baby boomers
* Didn't have $14,000,000,000,000 in debt
* Didn't have $60,000,000,000,000 in unfunded programs coming due.
Link: http://www.ar500armor.com/?gclid=CMyd27vsqcMCFZABaQodpyAA7g