Monday, August 27, 2012

Libor Suits Mount But Fraud, Corruption and Predation Continue

Suits Mount in Rate Scandal: Billions of Dollars at Stake in Claims by J. Eaglesham Aug 27, 2012 pp. A1, A8

"Banks being probed for interest-rate manipulation face potentially tens of billions of dollars in claims from dozens of lawsuits in the US from cities, insurers, investors and lenders who say they were hurt by the allegedly fudged rates...

...Barclay PLC's settlement with US and UK regulators in June for about $450 million triggered a burst of new lawsuits against the British bank and other financial institutions now under investigation, including Bank of America Corp., Citigroup Inc. and J.P.Morgan Chase & Co...

...Macquarie Research estimated that banks face potential legal liability of about $176 billion, based on the assumption that Libor was 'understated' by 0.4 percentage points in 2008 and 2009....
[end excerpt]

Majia here: For background on the Libor scandal, please see my post here that explains what it is and how it occurred:

Majia here: The Libor scandal dramatizes the fraud at the very heart of the financial system.

The financial system contributed significantly to producing our current monopolistic corporate oligarchy that is stripping public and private assets because there are no criminal consequences for theft and fraud:

Plus, our elected officials are only too happy to sell off public services and assets that belong to tax payers:

Here is an example from Food and Water Watch:

Wall Street Took Our Homes, Now Our Water By Kate Fried, Food & Water Watch 27 August 12

Food & Water Watch Analysis Reveals Wall Street's Hold on Municipal Water Systems

Washington, D.C.-Following its disastrous foray into the housing market, Wall Street's latest earnings scheme is as close as your kitchen sink: the finance industry is increasingly targeting public water systems. A new report released today by the national consumer advocacy group Food & Water Watch, Private Equity, Public Inequity: The Public Cost of Private Equity Takeovers of U.S. Water Infrastructure reveals that as of January 2012, private equity players had raised $186 billion through 276 infrastructure funds and were seeking another $93 billion to take over infrastructure worldwide.

"Like Wall Street's manipulation of the housing market in the previous decade, private equity firms and investment bankers are increasingly looking to cash in on one of our most essential resources-water," said Food & Water Watch Executive Director Wenonah Hauter. "These deals are ultimately a bum deal for consumers, who will end up paying the price through increased water bills and degraded service."

Majia here: It seems that the financial parasites will attempt to control every productive asset on the planet and that the commons will be stripped bare and poisoned. . . .
Majia here: This link is an index for a series of articles on water privatization

Updates on Libor and Related Scandals

More Links on Financial Crimes

On the Use of High Frequency Trading and Naked Short Selling to Manipulate Markets and as Tools for Financial Warfare 

On Hedge Funds and Other Financial Institutions Conspiring to Take Down Companies and Countries

On financial conspiracies

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