Home Mail MemberMap Chat (0) Wallpapers
Go Back   ChiefsPlanet > The Ed & Dave Lounge > D.C.

Reply
 
Thread Tools Display Modes
Old 04-26-2013, 09:44 AM  
bevischief bevischief is offline
....
 
bevischief's Avatar
 
Join Date: Apr 2009
Location: North Dakota
Casino cash: $1018288770
VARSITY
Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

Everything Is Rigged: The Biggest Price-Fixing Scandal Ever
The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix

By Matt Taibbi
April 25, 2013

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.

You may have heard of the Libor scandal, in which at least three and perhaps as many as 16 of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."

That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.

It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland that serve on the Libor panel that sets global interest rates. In fact, in recent years many of these banks have already paid multimillion-dollar settlements for anti-competitive manipulation of one form or another (in addition to Libor, some were caught up in an anti-competitive scheme, detailed in Rolling Stone last year, to rig municipal-debt service auctions). Though the jumble of financial acronyms sounds like gibberish to the layperson, the fact that there may now be price-fixing scandals involving both Libor and ISDAfix suggests a single, giant mushrooming conspiracy of collusion and price-fixing hovering under the ostensibly competitive veneer of Wall Street culture.

The Scam Wall Street Learned From the Mafia

Why? Because Libor already affects the prices of interest-rate swaps, making this a manipulation-on-manipulation situation. If the allegations prove to be right, that will mean that swap customers have been paying for two different layers of price-fixing corruption. If you can imagine paying 20 bucks for a crappy PB&J because some evil cabal of agribusiness companies colluded to fix the prices of both peanuts and peanut butter, you come close to grasping the lunacy of financial markets where both interest rates and interest-rate swaps are being manipulated at the same time, often by the same banks.

"It's a double conspiracy," says an amazed Michael Greenberger, a former director of the trading and markets division at the Commodity Futures Trading Commission and now a professor at the University of Maryland. "It's the height of criminality."

The bad news didn't stop with swaps and interest rates. In March, it also came out that two regulators the CFTC here in the U.S. and the Madrid-based International Organization of Securities Commissions were spurred by the Libor revelations to investigate the possibility of collusive manipulation of gold and silver prices. "Given the clubby manipulation efforts we saw in Libor benchmarks, I assume other benchmarks many other benchmarks are legit areas of inquiry," CFTC Commissioner Bart Chilton said.

But the biggest shock came out of a federal courtroom at the end of March though if you follow these matters closely, it may not have been so shocking at all when a landmark class-action civil lawsuit against the banks for Libor-related offenses was dismissed. In that case, a federal judge accepted the banker-defendants' incredible argument: If cities and towns and other investors lost money because of Libor manipulation, that was their own fault for ever thinking the banks were competing in the first place.

"A farce," was one antitrust lawyer's response to the eyebrow-raising dismissal.

"Incredible," says Sylvia Sokol, an attorney for Constantine Cannon, a firm that specializes in antitrust cases.

All of these stories collectively pointed to the same thing: These banks, which already possess enormous power just by virtue of their financial holdings in the United States, the top six banks, many of them the same names you see on the Libor and ISDAfix panels, own assets equivalent to 60 percent of the nation's GDP are beginning to realize the awesome possibilities for increased profit and political might that would come with colluding instead of competing. Moreover, it's increasingly clear that both the criminal justice system and the civil courts may be impotent to stop them, even when they do get caught working together to game the system.

If true, that would leave us living in an era of undisguised, real-world conspiracy, in which the prices of currencies, commodities like gold and silver, even interest rates and the value of money itself, can be and may already have been dictated from above. And those who are doing it can get away with it. Forget the Illuminati this is the real thing, and it's no secret. You can stare right at it, anytime you want.

Read more: http://www.rollingstone.com/politics...#ixzz2RaJQXsAx
More at the link.
Posts: 24,193
bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.bevischief is obviously part of the inner Circle.
  Reply With Quote
Old 05-01-2013, 10:22 AM   #31
loochy loochy is offline
That's what she said.
 
loochy's Avatar
 

Join Date: Oct 2008
Location: TECKSIS
Casino cash: $440835457
Quote:
Originally Posted by suzzer99 View Post
Chick-Fil-A says something homophobic: 800 posts

Obama has a slip of the tongue: 500 posts

Sandy hook parents were actors: 400 posts

The financial world is actually rigged against all of us: 26 posts

This is why we're all ****ed. Special-interests from both sides of the aisle, aided by a sensationalistic news media that has no interest in real stories, keep us distracted and at loggerheads with each other over bullshit, while they rob us blind.
No, it's because everyone already knows that they are all crooked robbers. There's really nothing to argue about so the thread doesn't take off.
__________________
Quote:
Originally Posted by big nasty kcnut View Post
yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
Posts: 18,038
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
  Reply With Quote
Old 05-01-2013, 10:28 AM   #32
KC native KC native is offline
a toda madre o un desmadre
 
KC native's Avatar
 

Join Date: Feb 2009
Location: Fort Worth, TX
Casino cash: $1072140
Quote:
Originally Posted by loochy View Post
Oh, it's from rolling stone....credibility gone
Taibbi has actually been really good with regards to the financial crisis and associated scandals.
__________________
The diameter of your knowledge is the circumference of your actions. Ras Kass

Quote:
Originally Posted by Iowanian View Post
I'm just a little pussy from Iowa
Posts: 17,175
KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.
  Reply With Quote
Old 05-01-2013, 10:29 AM   #33
Prison Bitch Prison Bitch is offline
The Bitch is back
 
Prison Bitch's Avatar
 

Join Date: Nov 2012
Location: Lees summit
Casino cash: $83770
Quote:
Originally Posted by Bump View Post
If it's not on Fox news, it's not real

/cp

See? This is what I'm referring to in the Virginia coverage thread. This exact type of thinking by liberals.
Posts: 13,019
Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.
  Reply With Quote
Old 05-01-2013, 10:31 AM   #34
KC native KC native is offline
a toda madre o un desmadre
 
KC native's Avatar
 

Join Date: Feb 2009
Location: Fort Worth, TX
Casino cash: $1072140
Quote:
Originally Posted by Prison Bitch View Post
See? This is what I'm referring to in the Virginia coverage thread. This exact type of thinking by liberals.
Because Faux News is shit and has zero integrity. They are a mouthpiece for the gop.
__________________
The diameter of your knowledge is the circumference of your actions. Ras Kass

Quote:
Originally Posted by Iowanian View Post
I'm just a little pussy from Iowa
Posts: 17,175
KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.
  Reply With Quote
Old 05-01-2013, 10:31 AM   #35
loochy loochy is offline
That's what she said.
 
loochy's Avatar
 

Join Date: Oct 2008
Location: TECKSIS
Casino cash: $440835457
Quote:
Originally Posted by KC native View Post
Taibbi has actually been really good with regards to the financial crisis and associated scandals.
I cannot vouch for the credibility of individual articles or authors. I was making a blanket statement of the magazine's political bias based on a random sampling of articles over time.
__________________
Quote:
Originally Posted by big nasty kcnut View Post
yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
Posts: 18,038
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
  Reply With Quote
Old 05-01-2013, 10:34 AM   #36
Baby Lee Baby Lee is online now
Cake Boss!!
 
Baby Lee's Avatar
 

Join Date: Aug 2000
Location: 456 Lick My Butthole Lane
Casino cash: $142736
Quote:
Originally Posted by suzzer99 View Post
Chick-Fil-A says something homophobic: 800 posts

Obama has a slip of the tongue: 500 posts

Sandy hook parents were actors: 400 posts

The financial world is actually rigged against all of us: 26 posts

This is why we're all ****ed. Special-interests from both sides of the aisle, aided by a sensationalistic news media that has no interest in real stories, keep us distracted and at loggerheads with each other over bullshit, while they rob us blind.
I'll agree it's tragic, but it's also a function of easily understood controversies and controversies it would take an MBA and years of experience to understand. Bad things are happening in dark corners of the economy through employment of elaborate and constantly evolving schemes. It's not like we're going to sit here on CP and unravel them.

This isn't even like human rights abuses in dark corners of the world, where if we are just presented the facts, we can start to form judgments. We could be presented a Oxford English Dictionary of facts with regards to a lot of this and still say OK, what's going on?

Cut us a little slack.
__________________
SNL Standards and Practices - "you can't say 'midget,' It's just like saying the N-word.'

John Mulaney - "No it isn't, because you JUST SAID midget."
Posts: 41,366
Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.
  Reply With Quote
Old 05-01-2013, 10:36 AM   #37
Prison Bitch Prison Bitch is offline
The Bitch is back
 
Prison Bitch's Avatar
 

Join Date: Nov 2012
Location: Lees summit
Casino cash: $83770
Quote:
Originally Posted by KC native View Post
Because Faux News is shit and has zero integrity. They are a mouthpiece for the gop.
You're a mouthpiece at the local bathhouse.
Posts: 13,019
Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.Prison Bitch is too fat/Omaha.
  Reply With Quote
Old 05-01-2013, 10:37 AM   #38
Baby Lee Baby Lee is online now
Cake Boss!!
 
Baby Lee's Avatar
 

Join Date: Aug 2000
Location: 456 Lick My Butthole Lane
Casino cash: $142736
Quote:
Originally Posted by loochy View Post
No, it's because everyone already knows that they are all crooked robbers. There's really nothing to argue about so the thread doesn't take off.
And while we know this, we don't understand exactly how, or what specifically separates them from honest brokers.
__________________
SNL Standards and Practices - "you can't say 'midget,' It's just like saying the N-word.'

John Mulaney - "No it isn't, because you JUST SAID midget."
Posts: 41,366
Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.Baby Lee is obviously part of the inner Circle.
  Reply With Quote
Old 05-01-2013, 01:44 PM   #39
The God Hypothesis The God Hypothesis is offline
Veteran
 
The God Hypothesis's Avatar
 

Join Date: Dec 2010
Location: Lenexa, KS
Casino cash: $29844
The problem is that no one likes to feel helpless and powerless.

So I want to change the system, where do I start? My vote is my voice right? Dems, pubs, they are essentially the same when it comes to big financials. My vote, and therefore my voice, don't mean anything. No voice = powerless.

Pass me a boulevard wheat and my remote, back to oblivion I go.
__________________
"When I touch that field again, you're going to feel my pain,you're going to go through what I went through. It's going to be that way for me the rest of my career." - Jamaal Charles
Posts: 1,580
The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.The God Hypothesis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
  Reply With Quote
Old 05-01-2013, 01:48 PM   #40
LiveSteam LiveSteam is offline
All aboard the crazy train
 
LiveSteam's Avatar
 

Join Date: Dec 2009
Location: homeof43conferencetitles
Casino cash: $78623
Quote:
Originally Posted by Prison Bitch View Post
You're a mouthpiece at the local bathhouse.
Posts: 16,742
LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.LiveSteam is obviously part of the inner Circle.
  Reply With Quote
Old 05-01-2013, 02:07 PM   #41
KC native KC native is offline
a toda madre o un desmadre
 
KC native's Avatar
 

Join Date: Feb 2009
Location: Fort Worth, TX
Casino cash: $1072140
Quote:
Originally Posted by Prison Bitch View Post
You're a mouthpiece at the local bathhouse.
The RWNJ's hyper focus on penis and gay sexual activities is as sharp as ever.
__________________
The diameter of your knowledge is the circumference of your actions. Ras Kass

Quote:
Originally Posted by Iowanian View Post
I'm just a little pussy from Iowa
Posts: 17,175
KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.
  Reply With Quote
Old 05-01-2013, 02:11 PM   #42
Cephalic Trauma Cephalic Trauma is offline
Permitted
 

Join Date: Jul 2011
Casino cash: $61853
Quote:
Originally Posted by KILLER_CLOWN View Post
This is just like a cure for cancer, you hear about it and then nothing ever comes from it.
Cure for cancer? Where? Better let all the researchers at top institutions know that their hard work in finding better treatments is pointless.
Posts: 4,095
Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.Cephalic Trauma is too fat/Omaha.
  Reply With Quote
Old 05-01-2013, 02:21 PM   #43
KC native KC native is offline
a toda madre o un desmadre
 
KC native's Avatar
 

Join Date: Feb 2009
Location: Fort Worth, TX
Casino cash: $1072140
Quote:
Originally Posted by loochy View Post
I cannot vouch for the credibility of individual articles or authors. I was making a blanket statement of the magazine's political bias based on a random sampling of articles over time.
Taibbi is good (a little over the top sometimes but good) on the financial nonsense. I don't read anything else from Rolling Stone.
__________________
The diameter of your knowledge is the circumference of your actions. Ras Kass

Quote:
Originally Posted by Iowanian View Post
I'm just a little pussy from Iowa
Posts: 17,175
KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.KC native wants to die in a aids tree fire.
  Reply With Quote
Old 05-01-2013, 02:47 PM   #44
Saul Good Saul Good is offline
Supporter
 

Join Date: Jul 2005
Casino cash: $187004
Quote:
Originally Posted by suzzer99 View Post
Chick-Fil-A says something homophobic: 800 posts

Obama has a slip of the tongue: 500 posts

Sandy hook parents were actors: 400 posts

The financial world is actually rigged against all of us: 26 posts

This is why we're all ****ed. Special-interests from both sides of the aisle, aided by a sensationalistic news media that has no interest in real stories, keep us distracted and at loggerheads with each other over bullshit, while they rob us blind.
...he said while offering nothing in response to the article.

Next time, save yourself some time and just say, "somebody should do something".
__________________
Quote:
Originally Posted by J Diddy View Post
Saul 2014
Posts: 30,534
Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.Saul Good is obviously part of the inner Circle.
  Reply With Quote
Old 03-15-2014, 01:03 PM   #45
planetdoc planetdoc is offline
Veteran
 

Join Date: Apr 2012
Casino cash: $25264
U.S. regulator sues 16 banks for rigging Libor rate

The Federal Deposit Insurance Corp sued 16 of the world's largest banks on Friday, accusing them of cheating dozens of other now defunct banks by manipulating the Libor interest rate.

The global financial institutions broke certain swaps contracts they had entered into with the now-closed banks, by separately colluding to rig the Libor rate to which the contracts were tied, the FDIC said.

The banks named as defendants include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, and Royal Bank of Scotland Group PLC.

Libor, which is the average rate that a panel of banks say they can borrow unsecured funds, has become a key rate globally, underpinning more than $550 trillion in financial products, from home loans to derivatives.
Posts: 1,989
planetdoc has disabled reputation
  Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump




All times are GMT -6. The time now is 09:04 PM.


Powered by vBulletin® Version 3.8.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.