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View Diary: Libor --- OUTRAGE .... Please!!!! (210 comments)

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  •  Bankers own the Senate, (12+ / 0-)

    I think that's how. I'm about to nod off, so take my memory with a grain of salt. First, then-Senator Phil Gramm (later of Credit Suisse) took bankers to an urgent meeting with the SEC execs (year?) and got approval for risky practices.

    I'm pretty sure Dodd-Frank requires new rules and regs for derivatives. Trouble is, the banksters have been using the legal system to delay implementation going on two years now (?), so problems continue. (Delay = Profit).

    Nonetheless, the CFTC and DOJ are part of the "global cartel" investigation. Any bank doing business in London is subject to the LIBOR investigation, so it must come to our shores.

    Surely it must.

    "Let each unique song be sung and the spell of differentiation be broken" - Winter Rabbit

    by cotterperson on Wed Jul 04, 2012 at 08:38:34 PM PDT

    [ Parent ]

    •  Thanks for your take. (7+ / 0-)

      I personally believe that Dodd was part of the deal in Obama gaining Wall Street support. He is, after all, the man who delivered the corrupt bankruptcy bill, which brought down residential real estate.

      I figure they knew before 2006 that the US economy was going to ultimately collapse. 2008 was just a blip on the path.

      Ironically, at this point, nationalizing the banks doesn't matter. We can't cover the non-hedging swaps in any event. Without printing.


      The US is the only industrialized nation where gun ownership is a right, health care is a privilege, where poverty and infant mortality are rising, and where the constitution appeases slave-holders instead of benefiting citizens.

      by Pluto on Wed Jul 04, 2012 at 09:15:20 PM PDT

      [ Parent ]

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