Central Banks are the Problem

[rpannier]

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Not only are at least 20 more big banks under investigation as part of a massive fraud to manipulate interbank lending rates that affect some $800 trillion in loans and derivatives, but the Bank of England is about to take center stage in the scandal.

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What's good is that we now know for a fact that the traders (crooks?) were aided and abetted by their co-workers, the submitters (crooks?), who were overseen by managers and top executives who design most of these schemes (crooks?), and were all blessed by the British Banking Association, an illustrious association of 200 some-odd banks, whose many members (crooks?) are panel members submitting crooked (no question mark necessary) data.

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It's also good news because, according to one multinational banking executive, just quoted in The Economist, it's "the banking industry's tobacco moment."

He was referring to the potential mountain(s) of litigation being drawn up already to claim that gross manipulation of interest rates caused billions, maybe trillions, of dollars of harm to borrowers and financial players of all stripes.

link:
http://moneymorning.com/2012/07/10/central-banks-are-the-problem/

[Enthusiast]

1. Recommended! The following is a related article.

http://www.nationofchange.org/attorney-general-us-nothing-see-wall-street-folks-just-move-along-1344690534

[No Elephants]

2. Rec. Banksters!!