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New York Times, Gretchen Morgenson Applaud British, Issue Challenge To American Regulators Over LIBOR Scandal

Submitted by: wendy davis 2012-07-11 02:27:00

Via Matt Taibbi, Gretchen Morgensen nails the US for regulators letting crime pass due to pervasice 'everyone's doing it' culture on Wall Street.

THE unfolding story of how Barclays — and, in all likelihood, other big banks — rigged interest rates is full of telling tidbits about the way Wall Street works. It also represents yet another teachable moment. [...]

“Dirty clean” versus “clean clean” pretty much sums up Wall Street’s view of cheating. If everybody does it, nobody should be held accountable if caught. Alas, many United States regulators and prosecutors seem to have bought into this argument.

British authorities have not.


[-] juliania 2012-07-20 13:08   (permalink)
I've put a new post on your Taibbi video thread, wendy, about an article by Ellen Brown that I think is very helpful in explaining that yes, this is a hair on fire moment with respect to Libor. She explains that the big banks don't profit from lending but from derivatives, and that's where the 'aha' moment was for me, so it might be helpful to others as well.

Some additional stuff there about MERS, so I hafta go back and read again.
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[-] wendy davis 2012-07-20 15:04   (permalink)
Replying to: juliania
Gah! I'm short-circuiting, juliania. This is the Ellen Brown link for now. She pretty much IS the Institute for Public Banking, although their site always freezes my laptop.

I've spent interminable time trying to find a video explaining how interest rate swaps have damaged all kinds of cities, nations, schools...I was even to clip a video.

Never found what I was looking for, although I watched many, include Wm. Black, Paul Craig Roberts, even Dennis Kucinich. ;o)

I'll stick up more things either In the News or some place when I get a chance. And none of the pieces reported what Obey discovered: actual traders getting the banks and the NYFed to help their trades.

Interesting Ellen named the banks. (???) And Goldman Sachs wasn't in the list? No comprende.

Taibbi on Democracy Now was fairly good... Gotta run for now.
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