How the Big Banks Rigged the Market

heckler73

heckler73

Well-Known Member
Padawanbater2 said:
It's about manipulating foreign exchange rates

"The forex scandal (also known as the forex probe) is a financial scandal that involves the revelation, and subsequent investigation, that banks colluded for at least a decade to manipulate exchange rates for their own financial gain. Market regulators in Asia, Switzerland, the United Kingdom, and the United States began to
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I'm sorry, Pada. It turns out you are correct. I thought this was strictly involved with the LIBOR scandal.
It seems in the process of investigating that, the ForEx ripoff was uncovered.
That definitely brings damage to everyone.
Carry on with your electro-rampage against them. It is just.

I guess it does show a side-effect of technology. The ability for oligopolies to develop in anything involving information is increased by orders of magnitude thanks to social-media.
 
Fogdog

Fogdog

Well-Known Member
heckler73 said:
I'm sorry, Pada. It turns out you are correct. I thought this was strictly involved with the LIBOR scandal.
It seems in the process of investigating that, the ForEx ripoff was uncovered.
That definitely brings damage to everyone.
Carry on with your electro-rampage against them. It is just.

I guess it does show a side-effect of technology. The ability for oligopolies to develop in anything involving information is increased by orders of magnitude thanks to social-media.
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I was glad to see another viewpoint expressed that encouraged debate so thanks for that. Pada beat me to it but what the heck, I'm tired of arguing back and forth with reading comprehension challenged conservatives that can only string a few exclamatory sentences together before they need to rest, so let me add to what he said or "carry on with the electro rampage" as you so amusingly put it. I'll not engage in debate with our pin headed conservatives.

The video you posted had a really laid back guy saying damning things in it . What he said is paraphrased in italics:
1) The LIBOR rate setting scandal allowed weak banks appear as though every thing was fine.
2) The artificially low rates that came out of this fixing scheme fed into the derivatives fraud that precipitated the recession in 2009. Banks made huge profits selling packages of sliced and diced loans that were based on fraudulently set interest rates. The people at the top skimmed profits from this fraud in the terms of bonuses larger than the GNP of some nations. This was the lower layer of the tower of cards that collapsed in 2009.
3) Setting a fraudulently low interest rate hid a bank's weakness, allowing massive and weak banks to continue longer than they should have. By doing so, these banks eventually made the final result worse. Bank managers made off with the profits in the form of bonuses. The shareholders and taxpayers were stuck with the bill because of government guarantees for banks that were too big to fail. Those managers knew what was going on. They were careful to enshroud it all with deniability but I'm sure that a vigorous investigation will find enough evidence to convict them. Our regulatory agencies didn't do this.

End result was massive economic collapse across the globe. Diminished wages that affect us today. Increased govt debt that affect the lives of the next generations. Schools, programs that aid the poor, small businesses, middle class and working poor all are under financial pressure either from pressure by the same malefactors to cut taxes that should go up on the wealthy so we can pay down this debt or from diminished wages that reduce the ability of customers of small business to pay for their services.

I'm glad this came to light and that the regulatory agencies were able to slap the hands of the big banks. The criminals got off with the loot, however. One good thing might come out of all this...the next administration has a judgement against the big banks that gives them leverage into ending LIBOR and supplanting the setting of interest rates with a better method. Its important to note that by and large this scandal grew into monstrous size under the regulatory averse Bush administration. I believe that people now running big banks are at this time working to hamstring regulatory agencies even more so they can engage in new and potentially worse fraud.
 
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Fogdog

Fogdog

Well-Known Member
schuylaar said:
i've stopped watching any live feed news; it's nothing but an infomercial of political voyuerism.

life is less stressful without that shit.
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Sometimes when I can't get a work out, I put Rush Limbaugh on. For me, he provides the equivalent of cardiovascular exercise. :razz:
 
ttystikk

ttystikk

Well-Known Member
Fogdog said:
Sometimes when I can't get a work out, I put Rush Limbaugh on. For me, he provides the equivalent of cardiovascular exercise. :razz:
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I'd do the same, but I prefer to get my blood moving via laughter. THAT clown just isn't funny.
 
desert dude

desert dude

Well-Known Member
Padawanbater2 said:
I am impressed by the amount of digging you've done to pull this up!

LOL!

Thanks for confirming my beliefs!

I'll see you soon my friend!
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So, did you solve your impotence problem? Are you now able to achieve an orgasm with a woman? Were you just jacking it too much?
 
ttystikk

ttystikk

Well-Known Member
heckler73 said:
Perspective:
This isn't about banks using "your hard-earned money" :lol: for nefarious schemes.
It's about a handful of desk-traders colluding over LIBOR.
It happened two years ago. So perhaps this might help bring the perspective back. If anything, the LIBOR manipulation helped people with mortgages :lol:
It's the banks that were fucked over, which are bearing the greatest grievances.
But the man is trying to hold us down...yadda yadda yadda
Not in this case. It really was more of crime unto themselves (whereas the derivatives debacle screwed the globe).

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Even if this were true- it's not- who do you think has to pay for these crimes? That's right, the taxpayer!
 
desert dude

desert dude

Well-Known Member
ttystikk said:
Typical pathetic non answer. I know you can do better than that.
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Do you know what LIBOR is? Do you know how one might manipulate it? I only vaguely understand it.

On the other hand, of course we have big businesses and banks in collusion with government. How do you think the federal tax code got to be ten trillion pages long?

What is the solution? More laws to control business? Who would write those laws? Lobbyists would draft them and elected flunkies would pass them. Round and round we go.
 
ttystikk

ttystikk

Well-Known Member
desert dude said:
Do you know what LIBOR is? Do you know how one might manipulate it? I only vaguely understand it.

On the other hand, of course we have big businesses and banks in collusion with government. How do you think the federal tax code got to be ten trillion pages long?

What is the solution? More laws to control business? Who would write those laws? Lobbyists would draft them and elected flunkies would pass them. Round and round we go.
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So this is a reason not to bother? Seriously?
 
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