The Revolution Will Not Be Televised (U.S Protests)

[PotVsKtl]

I'm beginning to suspect you're actually a landscaper or some such profession that would allow you to know fuckall about the financial industry.

[PlayaDelWes]

I'm beginning to suspect you're actually a landscaper or some such profession that would allow you to know fuckall about the financial industry.

At this point it is all just speculation

[PlayaDelWes]

Have you started looking at girdle purses for when we do return to a more medieval system? or are you thinking a draw-string style is more your type?

[PotVsKtl]

[jackstraw94086]

I'm beginning to suspect you're actually a landscaper or some such profession that would allow you to know fuckall about the financial industry.

as opposed you who knows in intimate detail every single transgression and the inner workings of the evil brains that conspired to keep Pot and the plebes in perpetual squallor.

Some of us fail to jump up and scream in horror at the 10,489th bullshit regurgitation of this shit, and you charge us with either being ignorant or complicit.
You're awesome.

The fact that you were swayed by that blog post speaks more about your critical thinking about financial industries than mine.

[jackstraw94086]

You have an overdeveloped sense of being fucking stupid about this topic. I'm not the one saying it's a big deal Jack. The entire god damn financial world is. You can piss and puff all you want but you're just being dumb here.



Tell it to the bankers about to be dragged in front of every regulatory body in the Western world.

Point to one damn place where I denied that this was a big deal. All I've ever said is that stupid blog post says absolutely nothing useful.
In fact I've ADMITTED exhaustively that it is a big deal in order to avoid that idiotic retort, but you're just so incensed that someone could find fault in the argument that you cannot mentally separate these ideas.

It's as if your brain is on autopilot.

Actually the pattern is all too obvious whether we're talking about protesters or financial news bloggers. Say one bad thing about an idiotic messenger and you're automatically indicting the whole fucking movement or defending the whole fucking institution.

[jackstraw94086]

Meet jackstraw. He'll say something ambiguous and then lash out once you ask him to expound.

lash out. right.
Your parents did you wrong by never introducing you to humans.

[PotVsKtl]

To say whether Barclay's illegal attempts to manipulate it affected markets, to which direction, or to attempt to quantify it is complete speculation.

It's not just Barclay's, it's the entire industry, and there's no debate on whether or not it affected markets. It's impossible for LIBOR not to affect markets. Quibbling over a particular Zerohedge article is just an attempt to avoid the actual substance of the issue. This is the same derivatives market that fucked us in 2008 which you assured us was all a terrible mistake. Couldn't possibly have been intentional. Couldn't possibly have been planned. Couldn't possibly have been collusion. Day after day this bullshit unwinds and people are still defending these corrupt institutions. We're being preyed upon and it does no good to be coy about it.

[PotVsKtl]

Point to one damn place where I denied that this was a big deal.

...

Banks did something dishonest, story at 11.

[PlayaDelWes]

It's not just Barclay's, it's the entire industry, and there's no debate on whether or not it affected markets. It's impossible for LIBOR not to affect markets. Quibbling over a particular Zerohedge article is just an attempt to avoid the actual substance of the issue. This is the same derivatives market that fucked us in 2008 which you assured us was all a terrible mistake. Couldn't possibly have been intentional. Couldn't possibly have been planned. Couldn't possibly have been collusion. Day after day this bullshit unwinds and people are still defending these corrupt institutions. We're being preyed upon and it does no good to be coy about it.

Beyond Barclays attempting to affect the market, I have yet to see any of the claims you mention gather substance beyond speculation.

Did the manipulation affect the rate on ARM loans?
It's unlikely Barclays' attempt to manipulate the Libor affected U.S. mortgage borrowers, McBride says.

That's because of the way the Libor is calculated.

Each day, the 16 banks surveyed provide the rate they would need to pay to borrow money on that particular day. Of the rates provided, the top and bottom four are discarded. The final numbers are based on the average of the eight remaining figures.

So what if the investigation finds that several banks were providing artificial rates?
McBride says that unless several banks were part of the manipulation scheme and agreed to bid on the same side, it is unlikely that the Libor indexed to ARM mortgages would be affected.

Say the Libor was affected. It's difficult to say whether borrowers were helped or hurt by the mess.

Depending on when a loan reset, a borrower could have been overcharged or undercharged for the interest. That's because during the financial crisis of 2008, when media started to question Barclays' financial stability, Barclays suppressed its rates and reported artificially lower rates to make it look like the bank was doing well.

In theory, if the Libor was affected by the manipulation, borrowers who had loans resetting during that period probably got cheaper rates than they should have.

Read more: The Libor scandal and you | Bankrate.com http://www.bankrate.com/financing/mo...#ixzz20HTd6vkf

Barclays did something illegal, they paid a fine, we all know that. Now get some sleep.

[PotVsKtl]

It wasn't just Barclay's. If you were paying attention you would know this.

[PotVsKtl]

Plus your kids are ugly.

[PlayaDelWes]

The Russian judge as well

[jackstraw94086]

...

are you kidding me? "story at 11" means it's boring. You've completely sidestepped the context. But I understand how you could make that mistake because I only just laid it out explicitly for you several times. You get sloppy when you realize you've stepped in, but it's cute. You posted an embarrassingly stupid blog post as if it actually said something of interest, that wasn't out there already. What it amounts to is basically "Banks did stuff wrong, in a big way, they lied to protect themselves". ya thanks for that. And when folks point out the obvious fact that your article offers no new information, and in fact foolishly bandies about irrelevant numbers to no effect (and you should read the flood of comments below which basically say the same thing), you flip and hurl insults.

Get this (but you wont get this): YES there was clearly some collusion and underhanded dealings, and they were huge. Some people conspired to misrepresent values and inflate ratings and indexes. Everyone has taken a bite out of this to some extent. We get it. There actually are some people focused on improving governance on this this. If you have so little faith as to not accept this then go investigate it yourself.

You take ANY criticism of your boring articles as defense of banks, and that's incomprehensibly tedious and stupid.
And what if EVERYONE was evil and conniving and complicit? What's your point? What are you getting at? What the fuck is the response to these "new discoveries" that would satisfy you? If you're so enraged go bird-dog the regulators and tell them you wont stand for any sloppiness or leniency. Better yet why not just get an assault rifle and hop on the 4 train. Anything but more "aha" articles confirming that banks are evil.

[theresalwaysone]

http://www.zerohedge.com/contributed...-world-history

Nothing to see here. Move along.

Having been unaware of this, I'd like to thank you for bringing this issue to my attention. This article and it's sources were enough to get me interested in the issue and seek out further information to better understand what is happening. Thank you.

[jackstraw94086]

you just discovered the "sun at the center of the financial universe". Put on your sunscreen.

[RotationSlimWang]

I like how these dipshits pretending to be so worldly and knowledgeable about macroeconomics are positing that it would actually be possible for these institutions could have lied about projections for something this crucial to the world's financial structure and it NOT had an effect.

[faxman75]

Maybe this link with lots of graphics and charts will make this easier for you to understand Wes. You see , it's already been proven that traders at Barclay's have worked with traders at other banks who set LIBOR. The investigations are still underway so official charges haven't been filed against any of the other financial institutions yet but they are coming and there isn't much doubt about that. Saying things like 'get some sleep, they've been fined' and acting like nothing else will come of this is where you sound as though you don't know or understand very much about this at all.

http://www.nytimes.com/interactive/2...r-scandal.html

Listening to Diamond squirm under Parliament inquisition the other day was pretty enjoyable.

http://www.bloomberg.com/news/2012-0...g-culture.html

Here’s an e-mail about the three- month rate from a senior Barclays trader in New York to the London banker who submitted the rates: “Hi Guys, We got a big position in 3m libor for the next 3 days. Can we please keep the lib or fixing at 5.39 for the next few days. It would really help. We do not want it to fix any higher than that. Tks a lot.”

Bankers submitting rates responded to such requests as if they were routine: “For you, anything,” and “done ... for you big boy,” according to the e-mails. Not that the efforts went unappreciated: “Dude. I owe you big time!” one trader wrote to a Libor submitter. “Come over one day after work and I’m opening a bottle of Bollinger.”

Barclays traders also coordinated with counterparts from other banks. In an instant message, one Barclays trader wrote to a trader at another bank: “If you know how to keep a secret I’ll bring you in on it, we’re going to push the cash downwards. ... I know my treasury’s firepower ... please keep it to yourself otherwise it won’t work.”

[Tubesock Shakur]

Saying things like 'get some sleep, they've been fined' and acting like nothing else will come of this is where you sound as though you don't know or understand very much about this at all.

Nothing else will come of this. Wes was right, they were fined and that will be the last of it. What they did was unethical not illegal.

[marooko]

If we post about it enough on this forum, they'll get dealt with properly.

[faxman75]

Nothing else will come of this. Wes was right, they were fined and that will be the last of it. What they did was unethical not illegal.

Another ridiculous statement. Collusion in banking is most definitely illegal so proving it will be the difficult part but it looks like they have mountains of e-mails and their investigation continues. It seems more likely that illegal activities took place than not so your definitiive statement about this being the last of it isn't really backed up by facts, in fact we know we are going to learn more and whether we just get more silly fines or regulations in the future remains to be seen but the "nothing more will come of this" statement is naive. Lots more is coming. We just don't know what the response to it will be once it's all uncovered.

[PotVsKtl]

The Economist.

What may still seem to many to be a parochial affair involving Barclays, a 300-year-old British bank, rigging an obscure number, is beginning to assume global significance. The number that the traders were toying with determines the prices that people and corporations around the world pay for loans or receive for their savings. It is used as a benchmark to set payments on about $800 trillion-worth of financial instruments, ranging from complex interest-rate derivatives to simple mortgages. The number determines the global flow of billions of dollars each year. Yet it turns out to have been flawed.

Over the past week damning evidence has emerged, in documents detailing a settlement between Barclays and regulators in America and Britain, that employees at the bank and at several other unnamed banks tried to rig the number time and again over a period of at least five years. And worse is likely to emerge. Investigations by regulators in several countries, including Canada, America, Japan, the EU, Switzerland and Britain, are looking into allegations that LIBOR and similar rates were rigged by large numbers of banks.

http://www.economist.com/node/21558281

[marooko]

Nothing significant will come of it. Just look at the two most recent large scandals involving other peoples money. One person will take the fall, everyone will smile and pat themselves on the back. We win.

[jackstraw94086]

I like how these dipshits pretending to be so worldly and knowledgeable about macroeconomics are positing that it would actually be possible for these institutions could have lied about projections for something this crucial to the world's financial structure and it NOT had an effect.

You are the densest moron I could ever even conceive of. Read before saying something you think might be clever. This is about a fucking stupidly written article. Nobody has ever said that bankers didn't lie or their lies had no affect or that it wasn't huge. Go overdose please.

[jackstraw94086]

The Economist.

http://www.economist.com/node/21558281

It's become blatantly clear at this point that your understanding on the subject appears to be limited to how to cut and paste. You don't read these thigns.

[PotVsKtl]

[marooko]

Pretty much what's going on with this bit, except that's all of our collective assholes, not his hand. I'd also imagine they've got much more of a grin on their faces.

[Tubesock Shakur]

Another ridiculous statement. Collusion in banking is most definitely illegal so proving it will be the difficult part but it looks like they have mountains of e-mails and their investigation continues. It seems more likely that illegal activities took place than not so your definitiive statement about this being the last of it isn't really backed up by facts, in fact we know we are going to learn more and whether we just get more silly fines or regulations in the future remains to be seen but the "nothing more will come of this" statement is naive. Lots more is coming. We just don't know what the response to it will be once it's all uncovered.

Not guilty yet, So nothing illegal has occurred. Payed a fine for being unethical and time to move on to the next get rich quick scam. Until Geithner is put on trial nothing will change.

[PotVsKtl]

There are a number of US cities suing implicated banks.

[jackstraw94086]

derp derp derp