Will the Barclays scandal spread to US banks?
William Cohan talks about the British bank's rate rigging and its implications for other institutions.
In the video below, William Cohan, a Bloomberg columnist and the author of "Money and Power: How Goldman Sachs Came to Rule the World," explains that many U.S. banks are involved in the Libor market, including Citigroup (C), JPMorgan Chase (JPM) and Bank of America (BAC). U.S. regulators, he says, are looking into their involvement.
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Why is this important? Because the Libor helps determine many consumer interest rates, such as those for mortgages and credit cards. Rigging the rate directly affects all of us. "When you start manipulating something as sacred as the Treasury bond market or the Libor market," Cohan says, "you're really messing with fire here. And this could be a wildfire that would spread."
What can be done? Cohan says politicians can do much but seem not to want to. While there have been many hearings, laws and regulations, Cohan doesn't see anything "sticking in a painful way" to Wall Street executives.
This is a SERIOUS WAKE-UP CALL, people! We MUST demand term limits, vote out incumbents and demand jail time for ALL politicians who let crap like this happen on their watch! This is sickening! ENOUGH IS ENOUGH! I will be e-mailing my senator - anyone who values this country should be doing the same!
'Will it spread to US?' ...
Hahahaha! Of course! Do you know of any taxpayers in any other Country who will allow their money to be stolen and used to replace lost money from Bankers illegal misuse of funds? They still need their multi-million dollar bonuses...don't they?
Not only will it spread to banks, it will spread to brokerage firms, government officials in Washington, many large corporations with financial divisions and media companies.
The Federal Reserve and the Central banks around the world have been pumping and dumping this market since 2008.........Anyone here think that's not manipulation?
Take a course in World Economics and Business. You will find manipulation, greed, scams, favoritism, and much more as many want to have or keep the POWER they have over others.
Politicans and Banks work for the Wealthy including (Mafia, War Lords, Drug Lords, Terrorist, MEDIA and others that fit the category) as money laundering services to funnel monies/ wealth from one's hands to another while the rest work or stay the working poor.
In reality it's Blood Money.
As long as we fight among ourselves , the Rich are happy. That is what the Media is for ... to stir up problems to bicker, fight and kill our own brothers and sisters.
NEWS isn't new ... ..feed us lies and make everything in the world as gloomy as it comes.
Don't vote for OBAMA. He has given everything what America stood for down the toilet and giving our livelihood away. ( Obama equals FREE COUNTRY come and get it..... take from the American people what's theirs is now yours)
Vote for ROMNEY ... we might not be rich (only his friends) but at least America will be Strong
and you'll have a life.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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