s skippy the bush kangaroo: where is the outrage?

skippy the bush kangaroo



Thursday, July 05, 2012

where is the outrage?

libor. no, not a country. a major, massive banking scam/manipulation. while our press covers the tomkat divorce drama...serious news about financial criminality is being brought to light overseas.
investment banking is an organised scam masquerading as a business. it is defined by endemic conflicts of interest, systemic amoral behaviour and extreme avarice. many of its senior figures should be serving prison sentences or disgraced – and would have been if british regulators had been weaned off the doctrine of “light touch” regulation earlier and if the serious fraud office’s budget had not been emasculated by mr osborne. it is a tax on wealth generation and an enemy of honest endeavour – the beast that is devouring british capitalism.- guardian via naked capitalism

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posted by Cookie Jill at 11:54 AM |

2 Comments:

America has already slipped into the next dark age, there will be no news of that sort here because the population no longer has the ability to process it...only the priests understand Latin
commented by Anonymous Anonymous, 11:41 AM PDT  
Err, Anonymous, LIBOR is a British scandal, not an American scandal.

Cookie Jill, LIBOR isn't a big deal here in America because it didn't cost Americans any money. See, the deal is, the UK banks *UNDERSTATED* their LIBOR rates -- meaning that we Americans paid LESS interest on our loans. The reason it's a scandal in the UK is twofold: 1) the reason why the UK banks were understating LIBOR was to understate their interest expense to make it look like they were making money when they actually weren't, which meant that when the too-big-to-fail banks couldn't keep the scam going anymore, they were too sick to get well also, and 2) the banks are claiming that they were pretty much ordered to do this by the current Conservative government in order to make the banks look healthier than they really were. But see, this costed UK citizens money (when they had to bail out the banks), not U.S. citizens' money, so that's why it's a big scandal in the UK and nada here.

- Badtux the Helpful Finance penguin
commented by Blogger BadTux, 10:31 PM PDT  

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