New Testimony And More Questions In The Interest Rate Rigging Scandal
http://thedianerehmshow.org/shows/2012-07-17/new-testimony-and-more-questions-interest-rate-rigging-scandal
Regulators in at least seven countries are looking into the Libor interest rate scandal. New testimony and what it may mean on both sides of the Atlantic.
Guests
Simon Johnson
professor of entrepreneurship at MIT's Sloan School of Management, senior fellow of the Peterson Institute for International Economics, former chief economist of the International Monetary Fund, and author of "White House Burning: The Founding Fathers, Our National Debt, and Why It Matters To You."
Joshua Gallu
reporter, Bloomberg News.
David Enrich
reporter, The Wall Street Journal.
Comments
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Oh hell.....
The next thing you're going to know, all this regulation will come down and no body will be allowed to get away with anything! Damn them, damn them to hell!
How are we supposed to make any money if they are going to constantly be going over our paperwork, looking in our books and watching everything that we do?
Almost everyday you can find an article about a Corporation being found guilty of fraud. They accept a financial settlement as long as they don`t have to publicly admit wrongdoing. That is how right wing extremists can paint the picture of Corporate America can do no wrong. It`s your government that`s bad.Hand government over to 'privatizers',who will run government efficiently.Run government like a business. That is the BIG LIE !! NO SIR ! Run government like government,because it`s NOT allowed to fail.
The wrongwingers may be correct that even mild reforms would destroy late stage predatory capitalism. What we must remember is that even this sick, eater of its own excrement Capitalism, is working exactly as intended to maximize the income stream of the less than 1% who are our owners. At some juncture we have to shake off debt peonage and wage slavery because they are strangling productive behaviors. It is no mystery why the Banker makes all the rules in a Monopoly game, but it is a mystery why the people don't invent a better game.
Notice how slow the no-nothings are to comment on what they assume are complex affairs of their betters overseas. Some people find it challenging comparing interlaced superstate corporate dominated governments with dynamic finance structuring to their household budget. Obama is a little short on grocery money this pay period from pumping the septic tank, and they didn't even really pump it because sludge is still running down the lawn. He's even afraid of offending the Oligarchs by using Rid-X and switching off the Charmin for biodegradeable wipes.
Pancake Rankin wrote: "Notice how slow the no-nothings are to comment on what they assume are complex affairs of their betters overseas"
The know nothings have commented 4 times !
"Federal Reserve Chairman Ben Bernanke, to be prepared to answer questions at a Congressional hearing later this month about allegations of global interest rate manipulation"
What's to comment on, corrupt interest rate manipulators being asked about corrupt interest rate manipulators?
End The Fed!
Talk to us about the fear that the Obama administation and congressional Dems have about Obama finanacial appointees being implicated in this economic scandal
The big banks have been given the message they are too big to fail. Therefore, they naturally conclude that they can continue to engage in any behavior they choose. Free market and Darwinian theory requires failure to work.
As we have already seen, if an institution is deemed "too big to fail", then the free market system will be abused/skirted/manipulated to facilitate the greed of a few. When will we take some action?
As long as the top officials charged with oversight or regulation or prosecution are so connected to the companies involved, from Eric Holder to Larry Breuer to Tim Geitner - nothing real will be done. It is blatent corruption, and why many democrats, such as myself, have lost faith in my leaders.
Watch for qe3, lowing the debt ceiling and screwing the american public until they're pounded into the serfdom they're aiming for.....damn the foreign bankers, they are going for total control over the whole world.
A little tangential to the conversation; however, while the elite are arguing over interest rates, the rest of us, who DO NOT want our retirement funds in the stock market cannot safely save money in a CD or savings account at a reasonable rate (+5%). Will anyone speak to this issue. Or perhaps you could do an entire show on this!!
Whatever happened to the traditional concept of one person's long term savings being (responsibly) loaned to someone else? Makes sense to me. The problem is that the financial gurus decided to highly risk and gamble other peoples' money. Something needs to change and soon.
How do these corporate 'giants' expect to continue indefinitely produce their services and products with the labor of the people they harm most; and do they believe customers will not revolt against their corrupt business practices eventually? Are they naive enough to believe that the masses will not stop being their emotional and financial slaves?
PLEASE continue this discussion for a stretch of shows, perhaps a week or several weeks. You are performing a public service that is sorely needed in this country. I am so sad for my son and the young people who will be in the middle of this mess 30 years from now --- and the grim future they may endure when healthcare and quality of life seems so doomed and they have lost complete control to their own happiness. And if they ARE to survive, will they have to become self-serving and as evil as those they must fight? These people who are screwing up our world and bringing it to its end....they will corrupt everyone and they have no morals to see anything but their own immediate gratification!
Ms. Rehm,
I am deeply moved by your courageous and aggressive commitment to the truth. Please, continue to do so. There aren't many journalists left up to this important task. This story is of utmost importance and we rely on people like you to open the eyes not just of the politicians and people in power, but also of the people who prefer to keep their eyes and hears closed.
Bottom Line:
Elitists abhor and refuse to follow any rules........even the ones they establish themselves.
The HBO special "Too Big To Fail" showed in rapid fire how the bankers took the whole world to the brink, literally devoured TARP and bailout bucks, and then shrugged off any efforts to get them to perform the meager functions they were asked to do.......e.g. actually lend that money to businesses.
Like playing Euchre while drunk as a skunk.......reneg, use illegal signals, and slip in extra cards during the deal. First rule of banking: trust NO one, including yourself.
Hi, in an ideal world, nobody should be able to get away with whatever harms other people, financially or otherwise. In our world, a lot less than ideal, things still have to be tough for those who hurt people. I myself was hurt very badly when I lost my home in GA due to mortgage fraud and predatory lending. Since then, I have been poor, humiliated, sad and unemployed. it has been just too, too much. I would like to see those responsible for what happened in my case punished and i would like to get my money--all of my money--back with interest.Eugenia Renskoff